New Duplex with Spacious
New
For Sale
$425,000
7322 Phillips St, Houston, TX 77088
Two modern residences feature open layouts and substantial bedroom and bathroom accommodations.
Property Size2,524 SF
Days on Market5
Property Features for 7322 Phillips St
General Information
Standard status
Active
Size
2,524 SF
Elevators
No
Property subtype
Investment
Site & Location
Highway Access
No
Road Access
No
Public Transit
No
Utilities to Site
No
Additional Details
Furnished
No
Opportunity Zone
No
Sprinkler System
No
Taxes and HOA fees
Annual Taxes
$1,593
Building Details
Building Size
2,524 SF
Year Built
2025
Stories
1
Units
2
Abandoned
No
Listing Agency:
(409) 679-6603
Listed By:
Jennifer Blanchard
(409) 679-6603
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 11:12AM
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 Jennifer Blanchard
Investment Insights
Based on property information with market context.
Completed in 2025, this duplex contains two separate residences designed around contemporary open-concept living areas. Each unit offers 6 bedrooms and 4 baths, providing an unusually substantial residential configuration within a two-unit property. The interiors are described as modern and suited to both everyday living and entertaining.
Located at 7322 Phillips St in Houston, the property has a Walk Score of 14, a Bike Score of 33, and a Transit Score of 32. These ratings characterize the area as car-dependent, somewhat bikeable, and served by some public transit. The duplex format provides two distinct residential sides within one newly built asset.
Located at 7322 Phillips St in Houston, the property has a Walk Score of 14, a Bike Score of 33, and a Transit Score of 32. These ratings characterize the area as car-dependent, somewhat bikeable, and served by some public transit. The duplex format provides two distinct residential sides within one newly built asset.
Key Highlights
- 2025 construction with two separate residential units
- Each side includes 6 bedrooms and 4 baths
- Open‑concept layouts designed for contemporary living
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
$33,059
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
7.78%
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%
$661,180
$661.2K
Cap Rate 7%
$472,271
$472.3K
Cap Rate 9%
$367,322
$367.3K
Market Conditions
NOI Build-Up for 2,524 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
$50.0K $19.80/SF
− Vacancy
−$2.7K −$1.09/SF
EGI
$47.2K $18.71/SF
− OpEx
−$14.2K −$5.61/SF
NOI
$33.1K $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%
$661,180
Cap Rate 7%
$472,271
Cap Rate 9%
$367,322
Alternative Uses
Best Use
Multifamily LT 5
$472.3K
$413.2K – $551.0K
NOI $33,059 @ 7.0% cap · market cap 7.78%
Second Best
Apartment 5plus
$408.5K
$357.4K – $476.6K
NOI $28,595 @ 7.0% cap · market cap 6.73%
Theoretical Best
Office A
$649.0K
$567.9K – $757.2K
NOI $45,432 @ 7.0% cap · market cap 10.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
296
Businesses Nearby
Explore this area
Business Placement
Demographics for 77088, TX
54,320
Population
18,500
Households
2.9
Avg Household Size
35
Median Age
13%
College-Educated
72%
High-School Grad
11.1 sq mi
ZIP Area
4,894
Density / Sq Mi
$52,549
Median Household Income
$32,015
Median Earnings
$1,177
Median Rent
$173,900
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 modern residences feature open layouts and substantial bedroom and bathroom accommodations.
Where is this duplex located?
The property is located at 7322 Phillips St Houston, TX.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2025 construction with two separate residential units; Each side includes 6 bedrooms and 4 baths; Open‑concept layouts designed for contemporary living
