Fourplex on Corner
6223 Lavender Street Houston, TX 77026
For Sale
$350,000
Four-plex on a corner lot with two occupied units, recent plumbing and electrical upgrades, and flexible unit configuration.
Property Size2,560 SF
Price / SF$136.72
Days on Market81
Property Features for 6223 Lavender Street
General Information
- Standard status
- Active
- Size
- 2,560 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1940
Listing Agency:
eXp Realty LLC
(832) 368-4094
Listed By:
Craig Taylor
(832) 368-4094
Source:
Garygreene
Added: May 7
Changed: Jul 23
Last Checked: Jul 26 at 3:35AM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
6223 Lavender Street is a four-plex positioned on a spacious corner lot. Two units are currently occupied, supporting immediate rental income, while one unit is set up as a content creator space and can be converted back to a traditional long-term rental. The seller reports recent plumbing and electrical upgrades, along with cosmetic improvements in three units.
The property is located near the expanding Lyndon B. Johnson Hospital, with quick access to major freeways and Downtown Houston.
With a generous lot size and the seller-stated expansion potential, the site offers flexibility for future development while maintaining current income through the occupied units.
The property is located near the expanding Lyndon B. Johnson Hospital, with quick access to major freeways and Downtown Houston.
With a generous lot size and the seller-stated expansion potential, the site offers flexibility for future development while maintaining current income through the occupied units.
Key Highlights
- Four‑plex on a 2/3‑acre corner lot with expansion potential
- Two units are currently occupied, providing immediate rental income
- One unit is set up as a content creator space and can be converted back to a traditional long‑term rental
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $56.2k | $21.96 |
| − Vacancy | −$3.5k | −$1.36 |
| EGI | $52.7k | $20.60 |
| − OpEx | −$23.7k | −$9.27 |
| NOI | $29.0k | $11.33 |
2,560 SF · lease $21.96/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$479.0K
$419.1K – $558.8K
NOI $33,530 @ 7.0% cap · market cap 9.58%
Second Best
Apartment 5plus
$414.3K
$362.5K – $483.4K
NOI $29,003 @ 7.0% cap · market cap 8.29%
Theoretical Best
Office A
$658.3K
$576.0K – $768.0K
NOI $46,080 @ 7.0% cap · market cap 13.17%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
FAQs
What type of property is this?
Quadplex - Four-plex on a corner lot with two occupied units, recent plumbing and electrical upgrades, and flexible unit configuration.
Where is this quadplex located?
The property is located at 6223 Lavender 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: Four‑plex on a 2/3‑acre corner lot with expansion potential; Two units are currently occupied, providing immediate rental income; One unit is set up as a content creator space and can be converted back to a traditional long‑term rental
