New Construction
New
For Sale
$459,999
5515 Elm Springs Dr, Houston, TX 77048
Each residence offers open living areas, an island kitchen, walk-in closets, laundry space, and covered front and rear porches.
Property Size2,720 SF
Days on Market4
Property Features for 5515 Elm Springs Dr
General Information
Standard status
Active
Size
2,720 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,172
Amenities
covered front and rear porches
Building Details
Building Size
2,720 SF
Year Built
2026
Buildings
1
Stories
1
Units
1
Construction
modern farmhouse
Listing Agency:
Big Lu Real Estate LLC
(832) 488-8483
Listed By:
Luis Martinez · License #0735341
(832) 488-8483
Source:
Elliman
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 24 at 7:47AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Big Lu Real Estate LLC
Investment Insights
Based on property information with market context.
Built in 2026, this duplex contains two separate three-bedroom, two-bathroom residences, each measuring approximately 1,292 square feet. The interiors use open layouts that connect living and dining areas with kitchens equipped with islands. Each unit also includes walk-in closets, a designated laundry area, and covered porches at both the front and rear.
Exterior construction includes Hardie siding, architectural shingle roofing, private parking, and a modern farmhouse-influenced design. The property is located at 5515 Elm Springs Dr in Houston, with access to major highways, employment centers, shopping, dining, and schools. Walk Score is 34, Bike Score is 27, and Transit Score is 39.
Exterior construction includes Hardie siding, architectural shingle roofing, private parking, and a modern farmhouse-influenced design. The property is located at 5515 Elm Springs Dr in Houston, with access to major highways, employment centers, shopping, dining, and schools. Walk Score is 34, Bike Score is 27, and Transit Score is 39.
Key Highlights
- Two 3‑bedroom, 2‑bathroom units, each approximately 1,292 square feet
- Built in 2026 with Hardie siding and architectural shingle roofing
- Open‑concept interiors with living, dining, and kitchen areas
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$35,626
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.74%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$712,520
$712.5K
Cap Rate 7%
$508,943
$508.9K
Cap Rate 9%
$395,844
$395.8K
Market Conditions
NOI Build-Up for 2,720 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$53.9K $19.80/SF
− Vacancy
−$3.0K −$1.09/SF
EGI
$50.9K $18.71/SF
− OpEx
−$15.3K −$5.61/SF
NOI
$35.6K $13.10/SF
Area
Houston, TX
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$712,520
Cap Rate 7%
$508,943
Cap Rate 9%
$395,844
Alternative Uses
Best Use
Multifamily LT 5
$508.9K
$445.3K – $593.8K
NOI $35,626 @ 7.0% cap · market cap 7.74%
Second Best
Apartment 5plus
$440.2K
$385.2K – $513.6K
NOI $30,815 @ 7.0% cap · market cap 6.70%
Theoretical Best
Office A
$699.4K
$612.0K – $816.0K
NOI $48,960 @ 7.0% cap · market cap 10.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
162
Businesses Nearby
Explore this area
Business Placement
Demographics for 77048, TX
20,536
Population
8,029
Households
2.6
Avg Household Size
33
Median Age
21%
College-Educated
83%
High-School Grad
11.5 sq mi
ZIP Area
1,786
Density / Sq Mi
$54,625
Median Household Income
$36,864
Median Earnings
$1,317
Median Rent
$190,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Each residence offers open living areas, an island kitchen, walk-in closets, laundry space, and covered front and rear porches.
Where is this duplex located?
The property is located at 5515 Elm Springs Dr Houston, TX.
What is the asking price?
The asking price for this property is $459,999.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bathroom units, each approximately 1,292 square feet; Built in 2026 with Hardie siding and architectural shingle roofing; Open‑concept interiors with living, dining, and kitchen areas
