Renovated Six-Unit Apartment
For Sale
$1,250,000
6323 Illinois Street, Houston, TX 77021
Three updated buildings offer leased residences with refreshed kitchens, bathrooms, and contemporary interior finishes.
Property Size3,578 SF
Price / SF$349.36
Days on Market141
Property Features for 6323 Illinois Street
General Information
Standard status
Active
Size
3,578 SF
Property subtype
Income
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$5,181
Amenities
Laminate
Yes
3
5
Low-Emissivity Windows
Washer Hookup,Dryer Hookup
Appraiser
Quartz Counters,Ceiling Fan(s),Programmable Thermostat
Near Public Transit
5000
One
Electric Gate,Paved
Private Entrance
3578
Building Details
Building Size
3,578 SF
Year Built
1950
Buildings
3
Stories
1
Listing Agency:
Caldwell Companies
(281) 486-1900
Listed By:
Nichole Kolkmeier · License #0827182
(713) 899-3828
Source:
Garygreene
Added: Apr 15
Changed: Sep 2
Last Checked: Sep 1 at 4:09PM
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 Caldwell Companies
Investment Insights
Based on property information with market context.
This multifamily property comprises three renovated buildings with six units across two legal descriptions and four separate addresses: 6323, 6325, 6327, and 6403 Illinois Street. The buildings total 3,578 square feet and were constructed in 1950. Interior updates include laminate flooring, refreshed cabinetry, quartz countertops, updated appliances, contemporary bathroom tile, fresh paint, low-emissivity windows, ceiling fans, programmable thermostats, and washer and dryer hookups. All six units are currently leased.
The property includes paved areas, an electric gate, private entrances, and proximity to public transit. Major highway access and downtown Houston are also identified in the property information.
The property includes paved areas, an electric gate, private entrances, and proximity to public transit. Major highway access and downtown Houston are also identified in the property information.
Key Highlights
- Six units, all currently leased
- Three renovated buildings totaling 3,578 square feet
- Four separate addresses: 6323, 6325, 6327, and 6403 Illinois Street
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
$40,536
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
3.24%
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%
$810,720
$810.7K
Cap Rate 7%
$579,086
$579.1K
Cap Rate 9%
$450,400
$450.4K
Market Conditions
NOI Build-Up for 3,578 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
$78.6K $21.96/SF
− Vacancy
−$4.9K −$1.36/SF
EGI
$73.7K $20.60/SF
− OpEx
−$33.2K −$9.27/SF
NOI
$40.5K $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%
$810,720
Cap Rate 7%
$579,086
Cap Rate 9%
$450,400
Alternative Uses
Best Use
Apartment 5plus
$579.1K
$506.7K – $675.6K
NOI $40,536 @ 7.0% cap · market cap 3.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$920.1K
$805.1K – $1.07M
NOI $64,404 @ 7.0% cap · market cap 5.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
774
Businesses Nearby
Explore this area
Business Placement
Demographics for 77021, TX
28,055
Population
12,819
Households
2.2
Avg Household Size
36
Median Age
34%
College-Educated
87%
High-School Grad
6.1 sq mi
ZIP Area
4,599
Density / Sq Mi
$45,034
Median Household Income
$38,041
Median Earnings
$1,193
Median Rent
$203,900
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 - Three updated buildings offer leased residences with refreshed kitchens, bathrooms, and contemporary interior finishes.
Where is this apartment building located?
The property is located at 6323 Illinois Street Houston, TX.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Six units, all currently leased; Three renovated buildings totaling 3,578 square feet; Four separate addresses: 6323, 6325, 6327, and 6403 Illinois Street
