Income Duplex with Two Leased
For Sale
$350,000
6131 Andwood Street, Houston, TX 77087
Duplex built in 2004 with two 2-bedroom, 1.5-bath units, fully leased and generating current rental income.
Property Size2,130 SF
Price / SF$164.32
Days on Market47
Property Features for 6131 Andwood Street
General Information
Standard status
Active
Size
2,130 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,926
Amenities
Laminate,Tile
Yes
1
2
Window Coverings
Washer Hookup,Dryer Hookup
Appraiser
Window Treatments,Ceiling Fan(s),Programmable Thermostat
Subdivision
6600
2130
Building Details
Building Size
2,130 SF
Year Built
2004
Stories
1
Tenancy
Multi
Listing Agency:
Salco Properties
(832) 748-1915
Listed By:
Alec Waller · License #0685740
(832) 748-1915
Source:
Garygreene
Added: Jul 16
Changed: Aug 28
Last Checked: Aug 30 at 1:10PM
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 Salco Properties
Investment Insights
Based on property information with market context.
This income-producing duplex was built in 2004 and contains two separate units. Each unit offers 2 bedrooms and 1.5 bathrooms and is currently leased. Tenants are responsible for their own utilities, supporting a straightforward operating structure with two-unit management.
The property is described as conveniently located near Hobby Airport, I-45, and Loop 610. Roof maintenance documented in 2019 included new underlayment, resealing, vent replacement, and localized repairs. The seller also reports no flooding during Hurricane Harvey or other storms, and there is no HOA.
With two leased units and a manageable duplex layout, the property is positioned for an owner seeking long-term rental operations.
The property is described as conveniently located near Hobby Airport, I-45, and Loop 610. Roof maintenance documented in 2019 included new underlayment, resealing, vent replacement, and localized repairs. The seller also reports no flooding during Hurricane Harvey or other storms, and there is no HOA.
With two leased units and a manageable duplex layout, the property is positioned for an owner seeking long-term rental operations.
Key Highlights
- Duplex built in 2004 with two 1,065‑SF units, each featuring 2 bedrooms and 1.5 bathrooms
- Fully occupied; both units are currently leased and generating rental income, with tenants paying their own utilities
- Convenient access near Hobby Airport, I‑45, and Loop 610
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
$27,898
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
7.97%
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%
$557,960
$558.0K
Cap Rate 7%
$398,543
$398.5K
Cap Rate 9%
$309,978
$310.0K
Market Conditions
NOI Build-Up for 2,130 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
$42.2K $19.80/SF
− Vacancy
−$2.3K −$1.09/SF
EGI
$39.9K $18.71/SF
− OpEx
−$12.0K −$5.61/SF
NOI
$27.9K $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%
$557,960
Cap Rate 7%
$398,543
Cap Rate 9%
$309,978
Alternative Uses
Best Use
Multifamily LT 5
$398.5K
$348.7K – $465.0K
NOI $27,898 @ 7.0% cap · market cap 7.97%
Second Best
Apartment 5plus
$344.7K
$301.6K – $402.2K
NOI $24,131 @ 7.0% cap · market cap 6.89%
Theoretical Best
Office A
$547.7K
$479.3K – $639.0K
NOI $38,340 @ 7.0% cap · market cap 10.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
538
Businesses Nearby
Explore this area
Business Placement
Demographics for 77087, TX
34,654
Population
12,400
Households
2.8
Avg Household Size
35
Median Age
12%
College-Educated
63%
High-School Grad
6.6 sq mi
ZIP Area
5,251
Density / Sq Mi
$53,624
Median Household Income
$32,927
Median Earnings
$1,015
Median Rent
$148,400
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 - Duplex built in 2004 with two 2-bedroom, 1.5-bath units, fully leased and generating current rental income.
Where is this duplex located?
The property is located at 6131 Andwood Street Houston, TX.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Duplex built in 2004 with two 1,065‑SF units, each featuring 2 bedrooms and 1.5 bathrooms; Fully occupied; both units are currently leased and generating rental income, with tenants paying their own utilities; Convenient access near Hobby Airport, I‑45, and Loop 610
