New-Construction Duplex with
New
For Sale
$530,000
6502 Letcher Street, Houston, TX 77028
Both residences include separate utility meters, EV charging, and private garage access.
Property Size2,870 SF
Price / SF$184.67
Days on Market4
Property Features for 6502 Letcher Street
General Information
Standard status
Active
Size
2,870 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
minor punch-list items remaining
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,317
Amenities
gated
EV charging
wine refrigerator
under-cabinet lighting
in-ceiling speakers
illuminated staircase
upgraded bathrooms
separate meters
private yard
Plank,Vinyl,Carpet
Yes
2
3
Washer Hookup,Dryer Hookup
Builder
Quartz Counters
Corner Lot
3462
Survey
Electric Gate,Electric Vehicle Charging Station(s),Garage,Garage Door Opener
2870
Building Details
Building Size
2,870 SF
Year Built
2026
Buildings
1
Stories
2
Listing Agency:
D&R Real Estate
(281) 444-5140
Listed By:
Jamie Berlin
(281) 728-6436
Source:
Garygreene
Added: Sep 28
Changed: Sep 30
Last Checked: Oct 1 at 8:55AM
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 D&R Real Estate
Investment Insights
Based on property information with market context.
Completed in 2026, this gated duplex at 6502 Letcher Street contains two residences, each with three bedrooms, 2.5 baths, and a private one-car garage. Separate meters serve the units, and Unit B includes a private yard. Interior details include quartz counters, plank and vinyl flooring, carpet, under-cabinet lighting, in-ceiling speakers, and an illuminated staircase.
The property occupies a corner lot and has an electric gate, garage door openers, and EV charging. Construction is nearing completion, with minor punch-list work remaining.
The property occupies a corner lot and has an electric gate, garage door openers, and EV charging. Construction is nearing completion, with minor punch-list work remaining.
Key Highlights
- Two residences, each with 3 bedrooms and 2.5 baths
- Each side has a private 1‑car garage
- Built in 2026
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
$37,590
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
7.09%
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%
$751,800
$751.8K
Cap Rate 7%
$537,000
$537.0K
Cap Rate 9%
$417,667
$417.7K
Market Conditions
NOI Build-Up for 2,870 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
$56.8K $19.80/SF
− Vacancy
−$3.1K −$1.09/SF
EGI
$53.7K $18.71/SF
− OpEx
−$16.1K −$5.61/SF
NOI
$37.6K $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%
$751,800
Cap Rate 7%
$537,000
Cap Rate 9%
$417,667
Alternative Uses
Best Use
Multifamily LT 5
$537.0K
$469.9K – $626.5K
NOI $37,590 @ 7.0% cap · market cap 7.09%
Second Best
Apartment 5plus
$464.5K
$406.4K – $541.9K
NOI $32,515 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$738.0K
$645.8K – $861.0K
NOI $51,660 @ 7.0% cap · market cap 9.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
172
Businesses Nearby
Explore this area
Business Placement
Demographics for 77028, TX
18,701
Population
7,102
Households
2.6
Avg Household Size
35
Median Age
8%
College-Educated
69%
High-School Grad
9.1 sq mi
ZIP Area
2,055
Density / Sq Mi
$36,244
Median Household Income
$28,099
Median Earnings
$1,115
Median Rent
$108,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences include separate utility meters, EV charging, and private garage access.
Where is this duplex located?
The property is located at 6502 Letcher Street Houston, TX.
What is the asking price?
The asking price for this property is $530,000.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms and 2.5 baths; Each side has a private 1‑car garage; Built in 2026
