Renovated Triplex with Updated
New
For Sale
$375,000
7006 Sherman Street, Houston, TX 77011
Three-unit multifamily property with refreshed kitchens, bedrooms, bathrooms, and exterior improvements.
Property Size1,479 SF
Days on Market6
Property Features for 7006 Sherman Street
General Information
Standard status
Active
Size
1,479 SF
Property subtype
Multi Family,Triplex
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,561
Building Details
Building Size
1,479 SF
Year Built
1938
Listing Agency:
Keller Williams Signature
(281) 739-9816
Listed By:
Jonathan Chavez · License #0748730
(281) 739-9816
Source:
Livingvoguerealestate
Added: Aug 24
Changed: Aug 29
Last Checked: Aug 29 at 11:50AM
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 Signature
Investment Insights
Based on property information with market context.
This three-unit multifamily property, originally built in 1938, has undergone renovations across its interiors and exterior. Each residence includes updated kitchen finishes, refreshed bedrooms and bathrooms, and abundant natural light. Exterior improvements provide a refreshed appearance while preserving the property’s triplex configuration.
The property is located in Houston’s East End, with access to Downtown, the University of Houston, Texas Southern University, Midtown, Emancipation Park, and EaDo. Its unit-by-unit layout supports both investor ownership and owner-occupancy, as stated in the property information.
The property is located in Houston’s East End, with access to Downtown, the University of Houston, Texas Southern University, Midtown, Emancipation Park, and EaDo. Its unit-by-unit layout supports both investor ownership and owner-occupancy, as stated in the property information.
Key Highlights
- Three‑unit triplex configuration
- Renovated interiors with updated kitchen finishes
- Refreshed bedrooms and bathrooms in each 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
$19,371
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
5.17%
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%
$387,420
$387.4K
Cap Rate 7%
$276,729
$276.7K
Cap Rate 9%
$215,233
$215.2K
Market Conditions
NOI Build-Up for 1,479 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
$29.3K $19.80/SF
− Vacancy
−$1.6K −$1.09/SF
EGI
$27.7K $18.71/SF
− OpEx
−$8.3K −$5.61/SF
NOI
$19.4K $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%
$387,420
Cap Rate 7%
$276,729
Cap Rate 9%
$215,233
Alternative Uses
Best Use
Multifamily LT 5
$276.7K
$242.1K – $322.9K
NOI $19,371 @ 7.0% cap · market cap 5.17%
Second Best
Apartment 5plus
$239.4K
$209.5K – $279.3K
NOI $16,756 @ 7.0% cap · market cap 4.47%
Theoretical Best
Office A
$380.3K
$332.8K – $443.7K
NOI $26,622 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,137
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?
Triplex - Three-unit multifamily property with refreshed kitchens, bedrooms, bathrooms, and exterior improvements.
Where is this triplex located?
The property is located at 7006 Sherman Street Houston, TX.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Three‑unit triplex configuration; Renovated interiors with updated kitchen finishes; Refreshed bedrooms and bathrooms in each unit
