Corner-Lot
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 Market56
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
Listed By:
Andrea Ruiz
(713) 201-9251
Source:
Greenwoodking
Added: Jul 30
Changed: Sep 21
Last Checked: Sep 22 at 8:25PM
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
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
$29,003
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
8.92%
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%
$580,060
$580.1K
Cap Rate 7%
$414,329
$414.3K
Cap Rate 9%
$322,256
$322.3K
Market Conditions
NOI Build-Up for 2,560 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
$56.2K $21.96/SF
− Vacancy
−$3.5K −$1.36/SF
EGI
$52.7K $20.60/SF
− OpEx
−$23.7K −$9.27/SF
NOI
$29.0K $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%
$580,060
Cap Rate 7%
$414,329
Cap Rate 9%
$322,256
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open 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
591
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
