Converted Duplex with Dual
For Sale
$324,000
721 Lenox Street, Houston, TX 77023
Converted into a duplex with private entrances and two driveways featuring powered track gates.
Property Size1,490 SF
Price / SF$217.45
Days on Market157
Property Features for 721 Lenox Street
General Information
Standard status
Active
Size
1,490 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,792
Amenities
Carpet,Vinyl
Living Room
Yes
2
Washer Hookup,Electric Dryer Hookup
Appraiser
1
Ceiling Fan(s)
Back Yard
Other
No
Public
5000
0.1148
Detached,Garage
Asphalt
Fence
Pillar/Post/Pier
1490
Building Details
Building Size
1,490 SF
Year Built
1930
Stories
1
Listing Agency:
Market Force Realty
(832) 447-0032
Listed By:
Goya Corona
(832) 447-0032
Source:
Garygreene
Added: Mar 21
Changed: Aug 24
Last Checked: Aug 24 at 3:35AM
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 Market Force Realty
Investment Insights
Based on property information with market context.
This converted duplex offers two separate living spaces with private entrances, each with comfortable living areas and functional kitchens. The property is configured as a 2-bedroom, 2-bath layout and is currently operating as a long-term Airbnb.
The home sits on a corner lot and includes two driveways with motor-powered track gates, providing on-site parking convenience and separation for each side.
As presented, the arrangement supports flexible use for either long-term tenants or owner-occupancy, and the seller indicates the house can be reconfigured into a full three-bedroom.
The home sits on a corner lot and includes two driveways with motor-powered track gates, providing on-site parking convenience and separation for each side.
As presented, the arrangement supports flexible use for either long-term tenants or owner-occupancy, and the seller indicates the house can be reconfigured into a full three-bedroom.
Key Highlights
- Converted duplex on a corner lot with private entrances and 1,490 sqft living area
- 2 bedrooms and 2 baths with 1 fireplace, ceiling fans, carpet and vinyl flooring
- Two driveways with motor‑powered track gates for ample parking
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
$19,516
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
6.02%
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%
$390,320
$390.3K
Cap Rate 7%
$278,800
$278.8K
Cap Rate 9%
$216,844
$216.8K
Market Conditions
NOI Build-Up for 1,490 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
$29.5K $19.80/SF
− Vacancy
−$1.6K −$1.09/SF
EGI
$27.9K $18.71/SF
− OpEx
−$8.4K −$5.61/SF
NOI
$19.5K $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%
$390,320
Cap Rate 7%
$278,800
Cap Rate 9%
$216,844
Alternative Uses
Best Use
Multifamily LT 5
$278.8K
$244.0K – $325.3K
NOI $19,516 @ 7.0% cap · market cap 6.02%
Second Best
Apartment 5plus
$241.1K
$211.0K – $281.3K
NOI $16,880 @ 7.0% cap · market cap 5.21%
Theoretical Best
Office A
$383.1K
$335.3K – $447.0K
NOI $26,820 @ 7.0% cap · market cap 8.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
866
Businesses Nearby
Explore this area
Business Placement
Demographics for 77023, TX
26,780
Population
11,850
Households
2.3
Avg Household Size
36
Median Age
24%
College-Educated
75%
High-School Grad
5.5 sq mi
ZIP Area
4,869
Density / Sq Mi
$50,018
Median Household Income
$35,730
Median Earnings
$1,079
Median Rent
$279,300
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?
Duplex - Converted into a duplex with private entrances and two driveways featuring powered track gates.
Where is this duplex located?
The property is located at 721 Lenox Street Houston, TX.
What is the asking price?
The asking price for this property is $324,000.
What are key features of this property?
This property features: Converted duplex on a corner lot with private entrances and 1,490 sqft living area; 2 bedrooms and 2 baths with 1 fireplace, ceiling fans, carpet and vinyl flooring; Two driveways with motor‑powered track gates for ample parking
