Renovated 5-Unit Apartment
New
For Sale
$799,900
6608 Avenue O, Houston, TX 77011
Fully updated multifamily property with separate electric metering and assigned resident parking.
Property Size4,430 SF
Lot Size0.25 Acres
Price / SF$180.56
Days on Market2
Property Features for 6608 Avenue O
General Information
Standard status
Active
Size
4,430 SF
Lot size
0.25 Acres
Property subtype
Investment
Occupancy
100%
Lease Term
12 months
Units
Unit Mix
4 x 3BR/1BA, 1 x 1BR/1BA
Multifamily Units
5
Parking per Unit
2
Additional Details
Utilities to Site
Yes
Building Details
Building Size
4,430 SF
Year Built
1930
Stories
2
Units
2
Listing Agency:
KELLER WILLIAMS HOUSTON CENTRAL
(713) 412-1417
Listed By:
Antonio Rodriguez · License #0511862
(713) 412-1417
Source:
Elliman
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 21 at 7:20AM
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 KELLER WILLIAMS HOUSTON CENTRAL
Investment Insights
Based on property information with market context.
Located at 6608 Avenue O in Houston, this 5-unit apartment property was built in 1930 and extensively renovated. The 4,430-square-foot layout includes four 3-bedroom, 1-bath apartments and one updated 1-bedroom, 1-bath efficiency. Improvements include a new roof, foundation work, plumbing, electrical systems, and HVAC equipment.
Each unit has a separate electric meter, while water is supplied through a master meter with individual sub-meters. The newly paved parking area provides 2 assigned spaces per unit along with additional parking at the front and side of the property. All units are 100% occupied under 12-month lease agreements. The property has a Walk Score of 79, a Bike Score of 62, and a Transit Score of 55.
Each unit has a separate electric meter, while water is supplied through a master meter with individual sub-meters. The newly paved parking area provides 2 assigned spaces per unit along with additional parking at the front and side of the property. All units are 100% occupied under 12-month lease agreements. The property has a Walk Score of 79, a Bike Score of 62, and a Transit Score of 55.
Key Highlights
- 5‑unit apartment property with 4,430 square feet of living space
- Unit mix includes four 3‑bed, 1‑bath apartments and one 1‑bed, 1‑bath efficiency
- Renovation work includes roof, foundation, plumbing, electrical, and HVAC systems
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
$50,188
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
6.27%
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%
$1,003,760
$1.0M
Cap Rate 7%
$716,971
$717.0K
Cap Rate 9%
$557,644
$557.6K
Market Conditions
NOI Build-Up for 4,430 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
$97.3K $21.96/SF
− Vacancy
−$6.0K −$1.36/SF
EGI
$91.3K $20.60/SF
− OpEx
−$41.1K −$9.27/SF
NOI
$50.2K $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%
$1,003,760
Cap Rate 7%
$716,971
Cap Rate 9%
$557,644
Alternative Uses
Best Use
Apartment 5plus
$717.0K
$627.4K – $836.5K
NOI $50,188 @ 7.0% cap · market cap 6.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.14M
$996.8K – $1.33M
NOI $79,740 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
716
Businesses Nearby
Explore this area
Business Placement
Demographics for 77011, TX
16,841
Population
7,366
Households
2.3
Avg Household Size
37
Median Age
10%
College-Educated
59%
High-School Grad
3.4 sq mi
ZIP Area
4,953
Density / Sq Mi
$49,163
Median Household Income
$36,517
Median Earnings
$1,063
Median Rent
$187,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully updated multifamily property with separate electric metering and assigned resident parking.
Where is this apartment building located?
The property is located at 6608 Avenue O Houston, TX.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 5‑unit apartment property with 4,430 square feet of living space; Unit mix includes four 3‑bed, 1‑bath apartments and one 1‑bed, 1‑bath efficiency; Renovation work includes roof, foundation, plumbing, electrical, and HVAC systems
