Garden-Style Apartment
For Sale
$3,935,000
611 South Ennis St, Bryan, TX 77803
Thirty-six-unit community with updated interiors and exteriors, in-apartment laundry closets, and a landscaped resident courtyard.
Property Size35,678 SF
Price / SF$110.29
Days on Market42
Property Features for 611 South Ennis St
General Information
Standard status
Active
Size
35,678 SF
Property subtype
Multi-Family
Building Details
Year Built
1969
Listing Agency:
RE/MAX 2020
(979) 383-2020
Listed By:
Chad Hovde · License #0601817
Source:
Doorstephomegroup
Added: Jul 21
Changed: Aug 30
Last Checked: Aug 31 at 7:42PM
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 RE/MAX 2020
Investment Insights
Based on property information with market context.
This 36-unit garden-style apartment community was built in 1969 and includes a mix of apartment layouts. Residences feature laminate wood flooring in central areas, central HVAC, and private laundry closets equipped for washer and dryer use. Select homes retain original brick accent walls, while first-floor apartments open toward the courtyard. The property also includes two on-site maintenance storage rooms.
A landscaped central garden with mature oak trees provides a shared outdoor area for residents. Parking is provided at approximately 2 spaces per apartment, with both covered and uncovered spaces allocated on a first-come-first-served basis. The property is located at 611 South Ennis St in Bryan’s Historic District, within blocks of the Downtown Bryan corridor.
A landscaped central garden with mature oak trees provides a shared outdoor area for residents. Parking is provided at approximately 2 spaces per apartment, with both covered and uncovered spaces allocated on a first-come-first-served basis. The property is located at 611 South Ennis St in Bryan’s Historic District, within blocks of the Downtown Bryan corridor.
Key Highlights
- 36‑unit garden‑style apartment community built in 1969
- Central HVAC and private in‑apartment laundry closets with washer/dryer
- Laminate wood flooring in central areas; select units include original brick accent walls
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
$342,263
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
8.70%
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%
$6,845,260
$6.8M
Cap Rate 7%
$4,889,471
$4.9M
Cap Rate 9%
$3,802,922
$3.8M
Market Conditions
NOI Build-Up for 35,678 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
$655.0K $18.36/SF
− Vacancy
−$32.8K −$0.92/SF
EGI
$622.3K $17.44/SF
− OpEx
−$280.0K −$7.85/SF
NOI
$342.3K $9.59/SF
Area
Brazos County, TX
Vacancy
5.00%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
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%
$6,845,260
Cap Rate 7%
$4,889,471
Cap Rate 9%
$3,802,922
Alternative Uses
Best Use
Apartment 5plus
$4.89M
$4.28M – $5.70M
NOI $342,263 @ 7.0% cap · market cap 8.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.79M
$7.69M – $10.25M
NOI $614,975 @ 7.0% cap · market cap 15.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
691
Businesses Nearby
Explore this area
Business Placement
Demographics for 77803, TX
30,533
Population
10,586
Households
2.9
Avg Household Size
32
Median Age
11%
College-Educated
72%
High-School Grad
13.6 sq mi
ZIP Area
2,245
Density / Sq Mi
$50,953
Median Household Income
$28,651
Median Earnings
$1,106
Median Rent
$141,000
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?
Apartment building - Thirty-six-unit community with updated interiors and exteriors, in-apartment laundry closets, and a landscaped resident courtyard.
Where is this apartment building located?
The property is located at 611 South Ennis St Bryan, TX.
What is the asking price?
The asking price for this property is $3,935,000.
What are key features of this property?
This property features: 36‑unit garden‑style apartment community built in 1969; Central HVAC and private in‑apartment laundry closets with washer/dryer; Laminate wood flooring in central areas; select units include original brick accent walls
