Four-Unit Multifamily
For Sale
$384,950
Pending
6623 Ave S, Houston, TX 77011
Four units, each with one bedroom and one bathroom.
Property Size2,376 SF
Lot Size0.11 Acres
Days on Market276
Property Features for 6623 Ave S
General Information
Standard status
Pending
Size
2,376 SF
Lot size
0.11 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$4,316
Building Details
Building Size
2,376 SF
Year Built
1930
Stories
2
Units
4
Listing Agency:
(281) 808-8040
Listed By:
Julian Moreno
(281) 808-8040
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 31
Last Checked: Aug 30 at 6:07PM
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 Julian Moreno
Investment Insights
Based on property information with market context.
This multifamily property features four units, each containing one bedroom and one bathroom. The units have modern finishes and updated kitchens equipped with granite countertops, tile backsplashes, and ample storage space. The bathrooms feature tile surrounds and updated vanities. Wood-style flooring is present throughout the units. The property is a two-story building with a fenced front entry and private entrances for each unit. The units are move-in ready.
Key Highlights
- Four individual units, a multi‑family investment opportunity
- Move‑in ready condition
- Updated kitchens with granite countertops, tile backsplash, and ample storage**
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
$31,120
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
8.08%
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%
$622,400
$622.4K
Cap Rate 7%
$444,571
$444.6K
Cap Rate 9%
$345,778
$345.8K
Market Conditions
NOI Build-Up for 2,376 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
$47.0K $19.80/SF
− Vacancy
−$2.6K −$1.09/SF
EGI
$44.5K $18.71/SF
− OpEx
−$13.3K −$5.61/SF
NOI
$31.1K $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%
$622,400
Cap Rate 7%
$444,571
Cap Rate 9%
$345,778
Alternative Uses
Best Use
Multifamily LT 5
$444.6K
$389.0K – $518.7K
NOI $31,120 @ 7.0% cap · market cap 8.08%
Second Best
Apartment 5plus
$384.5K
$336.5K – $448.6K
NOI $26,918 @ 7.0% cap · market cap 6.99%
Theoretical Best
Office A
$611.0K
$534.6K – $712.8K
NOI $42,768 @ 7.0% cap · market cap 11.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
590
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four units, each with one bedroom and one bathroom.
Where is this quadplex located?
The property is located at 6623 Ave S Houston, TX.
What is the asking price?
The asking price for this property is $384,950.
What are key features of this property?
This property features: Four individual units, a multi‑family investment opportunity; Move‑in ready condition; Updated kitchens with granite countertops, tile backsplash, and ample storage**
