New Construction
For Sale
$560,000
731 E 39th Street Unit A/B, Houston, TX 77022
Two-unit property under construction with no HOA and flexible leasing possibilities.
Property Size2,626 SF
Days on Market8
Property Features for 731 E 39th Street Unit A/B
General Information
Standard status
Active
Size
2,626 SF
Property subtype
Multi Family,Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,380
Building Details
Building Size
2,626 SF
Year Built
2026
Listing Agency:
eXp Realty LLC
Listed By:
Lina Monteverde
(832) 205-0423
Source:
Greenwoodking
Added: Aug 26
Changed: Aug 29
Last Checked: Sep 2 at 12:33AM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
This duplex is currently being built as a two-unit residential income property, with a layout designed to support multiple occupancy and leasing approaches. The configuration may accommodate an owner-occupant who leases the other unit, long-term rental of both units, mid-term arrangements, or room-by-room leasing, as outlined for the property. No HOA is associated with the asset.
The property is located on E 39th Street in Houston, with access to The Heights and Downtown Houston. The surrounding urban core offers proximity to major employment centers along with restaurants, shopping, entertainment, and other lifestyle destinations. Construction is scheduled for completion in 2026.
The property is located on E 39th Street in Houston, with access to The Heights and Downtown Houston. The surrounding urban core offers proximity to major employment centers along with restaurants, shopping, entertainment, and other lifestyle destinations. Construction is scheduled for completion in 2026.
Key Highlights
- Two‑unit duplex currently under construction
- 2026 construction year
- No HOA
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
$34,395
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
6.14%
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%
$687,900
$687.9K
Cap Rate 7%
$491,357
$491.4K
Cap Rate 9%
$382,167
$382.2K
Market Conditions
NOI Build-Up for 2,626 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
$52.0K $19.80/SF
− Vacancy
−$2.9K −$1.09/SF
EGI
$49.1K $18.71/SF
− OpEx
−$14.7K −$5.61/SF
NOI
$34.4K $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%
$687,900
Cap Rate 7%
$491,357
Cap Rate 9%
$382,167
Alternative Uses
Best Use
Multifamily LT 5
$491.4K
$429.9K – $573.3K
NOI $34,395 @ 7.0% cap · market cap 6.14%
Second Best
Apartment 5plus
$425.0K
$371.9K – $495.8K
NOI $29,750 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$675.3K
$590.9K – $787.8K
NOI $47,268 @ 7.0% cap · market cap 8.44%
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
2,050
Businesses Nearby
Explore this area
Business Placement
Demographics for 77022, TX
28,748
Population
10,717
Households
2.7
Avg Household Size
35
Median Age
13%
College-Educated
63%
High-School Grad
5.8 sq mi
ZIP Area
4,957
Density / Sq Mi
$48,386
Median Household Income
$28,877
Median Earnings
$1,047
Median Rent
$197,200
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?
Duplex - Two-unit property under construction with no HOA and flexible leasing possibilities.
Where is this duplex located?
The property is located at 731 E 39th Street Unit A/B Houston, TX.
What is the asking price?
The asking price for this property is $560,000.
What are key features of this property?
This property features: Two‑unit duplex currently under construction; 2026 construction year; No HOA
