Skyline Villas Condo Investment
For Sale
$119,900
6202 Skyline Dr 22, Houston, TX 77057
2-bedroom condo in gated community, tenant-occupied, great location.
Property Size878 SF
Lot Size2.05 Acres
Days on Market279
Property Features for 6202 Skyline Dr 22
General Information
Standard status
Active
Size
878 SF
Lot size
2.05 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$2,180
Building Details
Building Size
878 SF
Year Built
1979
Stories
1
Listing Agency:
K & T Realty Group, Inc
Listed By:
Karim Tahri
(713) 459-9660
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 31
Last Checked: Sep 1 at 10:14PM
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 K & T Realty Group, Inc
Investment Insights
Based on property information with market context.
This is a 2-bedroom, 1-bath condo located in the gated Skyline Villas community. The second-floor unit is currently tenant-occupied on a month-to-month lease. The interior is in original condition. Features include an open living/dining area and a private balcony. The property includes assigned parking and access to the community pool. The location is near the Galleria, major freeways, shopping, dining, and public transportation.
Key Highlights
- Prime location near the Galleria, major freeways, shopping, dining, and public transportation.
- Immediate rental income potential with tenant already in place on a month‑to‑month lease.
- Excellent investment potential in the gated Skyline Villas community.
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
$9,947
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
8.30%
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%
$198,940
$198.9K
Cap Rate 7%
$142,100
$142.1K
Cap Rate 9%
$110,522
$110.5K
Market Conditions
NOI Build-Up for 878 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
$19.3K $21.96/SF
− Vacancy
−$1.2K −$1.36/SF
EGI
$18.1K $20.60/SF
− OpEx
−$8.1K −$9.27/SF
NOI
$9.9K $11.33/SF
Area
Houston, TX
Vacancy
6.20%
Lease Rate
$21.96 /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%
$198,940
Cap Rate 7%
$142,100
Cap Rate 9%
$110,522
Alternative Uses
Best Use
Apartment 5plus
$142.1K
$124.3K – $165.8K
NOI $9,947 @ 7.0% cap · market cap 8.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$225.8K
$197.6K – $263.4K
NOI $15,804 @ 7.0% cap · market cap 13.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,634
Businesses Nearby
Explore this area
Business Placement
Demographics for 77057, TX
43,669
Population
25,231
Households
1.7
Avg Household Size
36
Median Age
53%
College-Educated
87%
High-School Grad
4.3 sq mi
ZIP Area
10,156
Density / Sq Mi
$66,200
Median Household Income
$40,419
Median Earnings
$1,354
Median Rent
$318,700
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 - 2-bedroom condo in gated community, tenant-occupied, great location.
Where is this apartment building located?
The property is located at 6202 Skyline Dr 22 Houston, TX.
What is the asking price?
The asking price for this property is $119,900.
What are key features of this property?
This property features: Prime location near the Galleria, major freeways, shopping, dining, and public transportation.; Immediate rental income potential with tenant already in place on a month‑to‑month lease.; Excellent investment potential in the gated Skyline Villas community.
