Multifamily Property Near Downtown
For Sale
$485,000
6501 Stratton Street, Houston, TX 77023
Multifamily property near downtown Houston, ideal for homeowners or investors.
Property Size2,750 SF
Days on Market208
Property Features for 6501 Stratton Street
General Information
Standard status
Active
Size
2,750 SF
Property subtype
Duplex
Amenities
Central Air
Central
Electric
Gas
Dishwasher
Disposal
Microwave
Refrigerator
Composition
Building Details
Building Size
2,750 SF
Year Built
2019
Stories
2
Listing Agency:
KW Commercial Texas
Listed By:
Patricia Brand · License #640952
(832) 613-7860
Source:
Kw
Added: Feb 7
Changed: Sep 2
Last Checked: Sep 1 at 4:13PM
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 KW Commercial Texas
Investment Insights
Based on property information with market context.
This multifamily property is suitable for use as a primary residence with supplemental income or as an investment property. Each unit features an open concept kitchen, three bedrooms, and 2.5 baths. Unit A includes a detached garage. The property is located close to downtown and offers proximity to the University of Houston and Cullinan Park. Interior features include high ceilings, Craftsman-style trim, and ample storage space throughout. The energy-efficient home includes covered front and rear patios and an open floor plan. The kitchens are equipped with quartz countertops, Shaker-style cabinets, stainless steel appliances, stone tile backsplash, and a walk-in pantry. The second-floor master suite features a quartz-topped vanity and a large walk-in tile shower. All three bedrooms include walk-in closets.
Key Highlights
- Income‑generating multifamily property, ideal for owner‑occupancy or investment.
- Each unit features 3 bedrooms and 2.5 baths with an open concept kitchen.
- Desirable quartz countertops, Shaker‑style cabinets, stainless steel appliances, and walk‑in closets in all bedrooms.
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
$36,019
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
7.43%
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%
$720,380
$720.4K
Cap Rate 7%
$514,557
$514.6K
Cap Rate 9%
$400,211
$400.2K
Market Conditions
NOI Build-Up for 2,750 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
$54.5K $19.80/SF
− Vacancy
−$3.0K −$1.09/SF
EGI
$51.5K $18.71/SF
− OpEx
−$15.4K −$5.61/SF
NOI
$36.0K $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%
$720,380
Cap Rate 7%
$514,557
Cap Rate 9%
$400,211
Alternative Uses
Best Use
Multifamily LT 5
$514.6K
$450.2K – $600.3K
NOI $36,019 @ 7.0% cap · market cap 7.43%
Second Best
Apartment 5plus
$445.1K
$389.4K – $519.3K
NOI $31,155 @ 7.0% cap · market cap 6.42%
Theoretical Best
Office A
$707.1K
$618.8K – $825.0K
NOI $49,500 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
933
Businesses Nearby
Explore this area
Business Placement
Demographics for 77023, TX
26,780
Population
11,850
Households
2.3
Avg Household Size
36
Median Age
24%
College-Educated
75%
High-School Grad
5.5 sq mi
ZIP Area
4,869
Density / Sq Mi
$50,018
Median Household Income
$35,730
Median Earnings
$1,079
Median Rent
$279,300
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 - Multifamily property near downtown Houston, ideal for homeowners or investors.
Where is this duplex located?
The property is located at 6501 Stratton Street Houston, TX.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Income‑generating multifamily property, ideal for owner‑occupancy or investment.; Each unit features 3 bedrooms and 2.5 baths with an open concept kitchen.; Desirable quartz countertops, Shaker‑style cabinets, stainless steel appliances, and walk‑in closets in all bedrooms.
