Corner-Lot
New
For Sale
$325,000
6223 Lavender Street, Houston, TX 77026
Four-unit property with recent plumbing and electrical work plus cosmetic updates in three units.
Property Size2,560 SF
Lot Size0.67 Acres
Days on Market7
Property Features for 6223 Lavender Street
General Information
Standard status
Active
Size
2,560 SF
Lot size
0.67 Acres
Property subtype
Multi Family,Quadruplex
Occupancy
50%
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,607
Building Details
Building Size
2,560 SF
Year Built
1940
Buildings
1
Tenancy
Multi
Listing Agency:
Real Broker, LLC
(713) 201-9251
Listed By:
Andrea Ruiz
(713) 201-9251
Source:
Greenwoodking
Added: Jul 30
Changed: Aug 2
Last Checked: Aug 5 at 4:11AM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This four-unit residential income property occupies a 2/3-acre corner lot and was built in 1940. Two units are occupied, while another is arranged as a content creator space and may be converted to a conventional long-term rental. Recent work includes plumbing and electrical upgrades, along with cosmetic improvements across three units.
The property is near Lyndon B. Johnson Hospital and offers access to major freeways and Downtown Houston. Its lot configuration also leaves room for future development, subject to applicable approvals. The combination of existing occupancy, updated building systems, and flexible unit use provides a range of operating considerations for an investor or developer.
The property is near Lyndon B. Johnson Hospital and offers access to major freeways and Downtown Houston. Its lot configuration also leaves room for future development, subject to applicable approvals. The combination of existing occupancy, updated building systems, and flexible unit use provides a range of operating considerations for an investor or developer.
Key Highlights
- Four‑unit property on a 2/3‑acre corner lot
- Two units currently occupied
- One unit configured as a content creator space and convertible 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 10.32%
Second Best
Apartment 5plus
$414.3K
$362.5K – $483.4K
NOI $29,003 @ 7.0% cap · market cap 8.92%
Theoretical Best
Office A
$658.3K
$576.0K – $768.0K
NOI $46,080 @ 7.0% cap · market cap 14.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
610
Businesses Nearby
Explore this area
Business Placement
Demographics for 77026, TX
23,405
Population
9,580
Households
2.4
Avg Household Size
36
Median Age
9%
College-Educated
70%
High-School Grad
6.6 sq mi
ZIP Area
3,546
Density / Sq Mi
$34,835
Median Household Income
$29,339
Median Earnings
$962
Median Rent
$104,800
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?
Quadplex - Four-unit property with recent plumbing and electrical work plus cosmetic updates in three units.
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 $325,000.
What are key features of this property?
This property features: Four‑unit property on a 2/3‑acre corner lot; Two units currently occupied; One unit configured as a content creator space and convertible to a traditional long‑term rental
