Houston Multifamily Investment
For Sale
$1,225,000
7120 Cole Creek Dr, Houston, TX 77092
Well-maintained 8-unit property near Hwy 290 and Loop 610.
Property Size8,244 SF
Lot Size0.77 Acres
Days on Market270
Property Features for 7120 Cole Creek Dr
General Information
Standard status
Active
Size
8,244 SF
Lot size
0.77 Acres
Property subtype
Investment
Lease Term
12 months
Taxes and HOA fees
Annual Taxes
$9,706
Building Details
Building Size
8,244 SF
Year Built
1984
Stories
2
Units
8
Listing Agency:
Compass RE Texas, LLC
(832) 722-7442
Listed By:
Lance Hightower · License #568141
(832) 722-7442
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 8
Last Checked: Aug 24 at 9:57AM
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 Compass RE Texas, LLC
Investment Insights
Based on property information with market context.
Cole Creek Estates presents an 8-unit multifamily investment opportunity at 7120 Cole Creek Dr, Houston, TX 77092. The property is located in a prime location near Hwy 290 and Loop 610 in Houston. Each unit includes a fireplace. The property is in excellent condition with consistent care. The property benefits from a history of stable, long-term tenants, delivering steady income with minimal turnover. Situated in a high-growth corridor of Houston, this asset caters to a diverse demographic, with its close proximity to popular amenities ensuring ongoing demand. This property is ideal for both seasoned investors and first-time buyers in multifamily real estate.
Key Highlights
- Prime location near Hwy 290 and Loop 610 in Houston.
- Stable, long‑term tenants providing steady income with minimal turnover.
- Well‑maintained property in excellent condition.
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
$93,398
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
7.62%
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%
$1,867,960
$1.9M
Cap Rate 7%
$1,334,257
$1.3M
Cap Rate 9%
$1,037,756
$1.0M
Market Conditions
NOI Build-Up for 8,244 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
$181.0K $21.96/SF
− Vacancy
−$11.2K −$1.36/SF
EGI
$169.8K $20.60/SF
− OpEx
−$76.4K −$9.27/SF
NOI
$93.4K $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%
$1,867,960
Cap Rate 7%
$1,334,257
Cap Rate 9%
$1,037,756
Alternative Uses
Best Use
Apartment 5plus
$1.33M
$1.17M – $1.56M
NOI $93,398 @ 7.0% cap · market cap 7.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.12M
$1.85M – $2.47M
NOI $148,392 @ 7.0% cap · market cap 12.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,644
Businesses Nearby
Explore this area
Business Placement
Demographics for 77092, TX
34,903
Population
16,158
Households
2.2
Avg Household Size
34
Median Age
27%
College-Educated
75%
High-School Grad
8.1 sq mi
ZIP Area
4,309
Density / Sq Mi
$56,741
Median Household Income
$34,895
Median Earnings
$1,228
Median Rent
$222,800
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?
Apartment building - Well-maintained 8-unit property near Hwy 290 and Loop 610.
Where is this apartment building located?
The property is located at 7120 Cole Creek Dr Houston, TX.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: Prime location near Hwy 290 and Loop 610 in Houston.; Stable, long‑term tenants providing steady income with minimal turnover.; Well‑maintained property in excellent condition.
