Under-Construction Fourplex with 2-Bed
For Sale
$799,900
7215 & 7217 Sandra St A-D, Houston, TX 77028
Newly built fourplex designed for separate 2-bedroom, 2.5-bath living with open-concept main levels and upstairs private baths.
Property Size4,000 SF
Days on Market51
Property Features for 7215 & 7217 Sandra St A-D
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Investment
Additional Details
Multifamily Units
4
Building Details
Building Size
4,000 SF
Year Built
2026
Stories
2
Listing Agency:
(832) 738-6493
Listed By:
Nathaniel Pierre
(832) 738-6493
Source:
Elliman
Added: Jun 23
Changed: Aug 8
Last Checked: Aug 12 at 6:53AM
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 Nathaniel Pierre
Investment Insights
Based on property information with market context.
Under construction with an estimated completion in July 2026, this new fourplex is being built as a four-unit rental property with modern, well-planned interiors. Each unit is designed with 2 bedrooms and 2.5 bathrooms. The first floor of every unit features an open-concept living area flowing into a kitchen intended for everyday dining and entertaining. Upstairs, the two bedrooms are both positioned for privacy, with each bedroom connected to its own full private bath.
The property is located in a Northeast Houston neighborhood with easy access to local amenities. Lifestyle and transportation options are reflected in the provided scores: bikeScore 31 (Somewhat Bikeable), walkScore 12 (Car-Dependent), and transitScore 38 (Some Transit), suggesting the area is primarily car-oriented.
As a four-unit structure, this asset can appeal to buyers seeking a purpose-built, self-contained income configuration, or to an owner who wants to live in one of the units while having additional rental income from the remaining residences. With all units sharing the same fundamental layout and upgrades, it offers a straightforward approach for tenants and property managers to maintain consistent unit functionality from one home to the next.
The property is located in a Northeast Houston neighborhood with easy access to local amenities. Lifestyle and transportation options are reflected in the provided scores: bikeScore 31 (Somewhat Bikeable), walkScore 12 (Car-Dependent), and transitScore 38 (Some Transit), suggesting the area is primarily car-oriented.
As a four-unit structure, this asset can appeal to buyers seeking a purpose-built, self-contained income configuration, or to an owner who wants to live in one of the units while having additional rental income from the remaining residences. With all units sharing the same fundamental layout and upgrades, it offers a straightforward approach for tenants and property managers to maintain consistent unit functionality from one home to the next.
Key Highlights
- Under construction with estimated completion July 2026; Year built 2026
- Fourplex with four separate units
- Each unit offers 2 bedrooms and 2.5 bathrooms
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
$52,391
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
6.55%
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%
$1,047,820
$1.0M
Cap Rate 7%
$748,443
$748.4K
Cap Rate 9%
$582,122
$582.1K
Market Conditions
NOI Build-Up for 4,000 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
$79.2K $19.80/SF
− Vacancy
−$4.4K −$1.09/SF
EGI
$74.8K $18.71/SF
− OpEx
−$22.5K −$5.61/SF
NOI
$52.4K $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%
$1,047,820
Cap Rate 7%
$748,443
Cap Rate 9%
$582,122
Alternative Uses
Best Use
Multifamily LT 5
$748.4K
$654.9K – $873.2K
NOI $52,391 @ 7.0% cap · market cap 6.55%
Second Best
Apartment 5plus
$647.4K
$566.5K – $755.3K
NOI $45,317 @ 7.0% cap · market cap 5.67%
Theoretical Best
Office A
$1.03M
$900.0K – $1.20M
NOI $72,000 @ 7.0% cap · market cap 9.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
286
Businesses Nearby
Explore this area
Business Placement
Demographics for 77028, TX
18,701
Population
7,102
Households
2.6
Avg Household Size
35
Median Age
8%
College-Educated
69%
High-School Grad
9.1 sq mi
ZIP Area
2,055
Density / Sq Mi
$36,244
Median Household Income
$28,099
Median Earnings
$1,115
Median Rent
$108,200
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 - Newly built fourplex designed for separate 2-bedroom, 2.5-bath living with open-concept main levels and upstairs private baths.
Where is this quadplex located?
The property is located at 7215 & 7217 Sandra St A-D 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: Under construction with estimated completion July 2026; Year built 2026; Fourplex with four separate units; Each unit offers 2 bedrooms and 2.5 bathrooms
