Updated Condo Near
For Sale
$105,000
6402 Del Monte Dr 45, Houston, TX 77057
Modern, updated condo in gated complex near Briargrove and Galleria.
Property Size680 SF
Lot Size3.71 Acres
Days on Market280
Property Features for 6402 Del Monte Dr 45
General Information
Standard status
Active
Size
680 SF
Lot size
3.71 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$2,831
Building Details
Building Size
680 SF
Year Built
1970
Stories
1
Listed By:
Ahmad Adam
(832) 282-3744
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 25
Last Checked: Sep 2 at 7:56PM
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 Ahmad Adam
Investment Insights
Based on property information with market context.
This updated condo is located in a gated complex near Briargrove and the Galleria. The property features laminate wood flooring in living areas and imported Italian quartz counters. Refrigerator and microwave are included. The community includes landscaping, fountains, and a pool. Covered assigned parking is available. The location provides walking distance to local restaurants, Whole Foods, and Trader Joe's. HOA fees cover all bills.
Key Highlights
- All bills are paid with HOA fees.
- Gated complex near Briargrove and the Galleria.
- Enjoy no carpet with laminate wood flooring.
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
$7,704
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
7.34%
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%
$154,080
$154.1K
Cap Rate 7%
$110,057
$110.1K
Cap Rate 9%
$85,600
$85.6K
Market Conditions
NOI Build-Up for 680 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
$14.9K $21.96/SF
− Vacancy
−$926 −$1.36/SF
EGI
$14.0K $20.60/SF
− OpEx
−$6.3K −$9.27/SF
NOI
$7.7K $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%
$154,080
Cap Rate 7%
$110,057
Cap Rate 9%
$85,600
Alternative Uses
Best Use
Apartment 5plus
$110.1K
$96.3K – $128.4K
NOI $7,704 @ 7.0% cap · market cap 7.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$174.9K
$153.0K – $204.0K
NOI $12,240 @ 7.0% cap · market cap 11.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,202
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 - Modern, updated condo in gated complex near Briargrove and Galleria.
Where is this apartment building located?
The property is located at 6402 Del Monte Dr 45 Houston, TX.
What is the asking price?
The asking price for this property is $105,000.
What are key features of this property?
This property features: All bills are paid with HOA fees.; Gated complex near Briargrove and the Galleria.; Enjoy **no carpet** with laminate wood flooring.
