Two-Unit Duplex with Covered
New
For Sale
$470,000
6501 Osprey Drive, Houston, TX 77048
Residential, Houston, TX
Property Size2,236 SF
Lot Size0.09 Acres
Price / SF$210.20
Days on Market1
Property Features for 6501 Osprey Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bathroom 2, Bathroom 3, Bedroom 3, Bathroom 1, Bedroom 1, Bathroom 4, Bedroom 4, Bedroom 2
Parking
4
Parking features
Assigned
Patio and Porch features
Patio
Interior features
OpenFloorplan, CableTv, BreakfastBar, CeilingFans
Appliances
Dishwasher, ElectricOven, ElectricRange, FreeStandingRange, Microwave, Refrigerator
Subdivision
Noah Springs
Lot features
Interior Lot
Elementary school district
Other ISD
Middle school district
Other ISD
High school district
Other ISD
Standard status
Active
APN
144-633-001-0001
Size
2,236 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
LT 1+2 BLK 1 NOAH SPRINGS
Tax Annual Amount
7477
Legal Description
LT 1+2 BLK 1 NOAH SPRINGS
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
fenced backyard
covered patio
laundry room
Building Details
Year built
2020
Floors in Building
2
Number of units
2
Flooring type
Tile, Carpet
Building materials
HardiplankType
Roof type
Shingle
Listing Agency:
Texas Ally Real Estate Group
(512) 763-2559
Listed By:
Justine Cornell · License #0754899
(805) 358-3307
Added: Sep 1
Last Checked: Sep 1 at 8:06PM
MLS# 481758
Copyright © 2026 South Texas Multiple Listing Service, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2020, this two-story duplex contains two separate two-bedroom, one-and-a-half-bath residences totaling 2,236 square feet. Each unit provides an open-concept first-floor living area, breakfast bar, laundry room, half bath, and a second-floor arrangement with two bedrooms and a full bathroom. Both residences include refrigerators, washers, dryers, dishwashers, microwaves, and electric cooking appliances, along with walk-in closets, tile and carpet flooring, ceiling fans, central electric heating, and central air conditioning.
Outdoor features include a fenced backyard, covered patio, and four assigned parking spaces, with two spaces allocated to each unit. The property is served by public water and public sewer and has Hardiplank construction with a shingle roof. Located in Houston near shopping, dining, major employers, Medical Center, and Houston Hobby Airport, the duplex also offers access to 288, I-45, and I-610.
Outdoor features include a fenced backyard, covered patio, and four assigned parking spaces, with two spaces allocated to each unit. The property is served by public water and public sewer and has Hardiplank construction with a shingle roof. Located in Houston near shopping, dining, major employers, Medical Center, and Houston Hobby Airport, the duplex also offers access to 288, I-45, and I-610.
Key Highlights
- Two‑story duplex built in 2020
- 2,236 square feet with two 2‑bedroom, 1.5‑bath units
- Four assigned parking spaces, with two per unit
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
$29,286
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
6.23%
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%
$585,720
$585.7K
Cap Rate 7%
$418,371
$418.4K
Cap Rate 9%
$325,400
$325.4K
Market Conditions
NOI Build-Up for 2,236 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
$44.3K $19.80/SF
− Vacancy
−$2.4K −$1.09/SF
EGI
$41.8K $18.71/SF
− OpEx
−$12.6K −$5.61/SF
NOI
$29.3K $13.10/SF
Area
Houston, TX
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$585,720
Cap Rate 7%
$418,371
Cap Rate 9%
$325,400
Alternative Uses
Best Use
Multifamily LT 5
$418.4K
$366.1K – $488.1K
NOI $29,286 @ 7.0% cap · market cap 6.23%
Second Best
Apartment 5plus
$361.9K
$316.7K – $422.2K
NOI $25,332 @ 7.0% cap · market cap 5.39%
Theoretical Best
Office A
$575.0K
$503.1K – $670.8K
NOI $40,248 @ 7.0% cap · market cap 8.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
110
Businesses Nearby
Explore this area
Business Placement
Demographics for 77048, TX
20,536
Population
8,029
Households
2.6
Avg Household Size
33
Median Age
21%
College-Educated
83%
High-School Grad
11.5 sq mi
ZIP Area
1,786
Density / Sq Mi
$54,625
Median Household Income
$36,864
Median Earnings
$1,317
Median Rent
$190,900
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?
Duplex - Fully leased duplex offers two open-concept residences with private outdoor areas and dedicated parking.
Where is this duplex located?
The property is located at 6501 Osprey Drive Houston, TX.
What is the asking price?
The asking price for this property is $470,000.
What are key features of this property?
This property features: Two‑story duplex built in 2020; 2,236 square feet with two 2‑bedroom, 1.5‑bath units; Four assigned parking spaces, with two per unit
