Three-Unit Triplex With
For Sale
$259,900
7629 Avenue I, Houston, TX 77012
Triplex for sale with three separately metered units, including a front brick unit with a full patio.
Property Size1,828 SF
Days on Market94
Property Features for 7629 Avenue I
General Information
Standard status
Active
Size
1,828 SF
Property subtype
Investment
Lease Term
Month-to-month
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,029
Building Details
Building Size
1,828 SF
Year Built
1940
Stories
1
Units
3
Listed By:
Jim Lee · License #0478137
(281) 658-6668
Source:
Elliman
Added: Jun 19
Changed: Sep 19
Last Checked: Sep 19 at 10:27AM
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 Jim Lee
Investment Insights
Based on property information with market context.
This triplex includes three separately metered units with individual gas and electric meters. The front unit features brick siding and a full patio. The second and third units are located in a two-story wood structure at the rear of the property. A shed is also located at the rear of the lot. The property is being sold as-is as part of an estate sale, and no seller disclosures are available.
The property is located in Magnolia Park, a historic Houston neighborhood described as undergoing redevelopment. The remarks also note quick access to Downtown Houston and major corridors. WalkScore is listed as 75 (very walkable), transitScore as 50 (good transit), and bikeScore as 58 (bikeable).
The layout and separate utilities make the property suitable for investors, builders, or redevelopment buyers looking for a multi-unit configuration. One tenant occupies the rear unit on a month-to-month lease; the tenant should not be disturbed. The seller will not remove personal property except for a motorcycle in the shed; remaining items will convey at closing. Buyers are instructed to independently verify all dimensions, property features, and condition.
The property is located in Magnolia Park, a historic Houston neighborhood described as undergoing redevelopment. The remarks also note quick access to Downtown Houston and major corridors. WalkScore is listed as 75 (very walkable), transitScore as 50 (good transit), and bikeScore as 58 (bikeable).
The layout and separate utilities make the property suitable for investors, builders, or redevelopment buyers looking for a multi-unit configuration. One tenant occupies the rear unit on a month-to-month lease; the tenant should not be disturbed. The seller will not remove personal property except for a motorcycle in the shed; remaining items will convey at closing. Buyers are instructed to independently verify all dimensions, property features, and condition.
Key Highlights
- Triplex built in 1940 with three separately metered units for separate gas and electric billing
- Front unit features brick siding and includes a full patio
- Second and third units are located in a two‑story wood structure at the rear of the lot
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
$20,710
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
7.97%
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%
$414,200
$414.2K
Cap Rate 7%
$295,857
$295.9K
Cap Rate 9%
$230,111
$230.1K
Market Conditions
NOI Build-Up for 1,828 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
$40.1K $21.96/SF
− Vacancy
−$2.5K −$1.36/SF
EGI
$37.7K $20.60/SF
− OpEx
−$16.9K −$9.27/SF
NOI
$20.7K $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%
$414,200
Cap Rate 7%
$295,857
Cap Rate 9%
$230,111
Alternative Uses
Best Use
Multifamily LT 5
$342.0K
$299.3K – $399.1K
NOI $23,943 @ 7.0% cap · market cap 9.21%
Second Best
Apartment 5plus
$295.9K
$258.9K – $345.2K
NOI $20,710 @ 7.0% cap · market cap 7.97%
Theoretical Best
Office A
$470.1K
$411.3K – $548.4K
NOI $32,904 @ 7.0% cap · market cap 12.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
565
Businesses Nearby
Explore this area
Business Placement
Demographics for 77012, TX
18,397
Population
6,867
Households
2.7
Avg Household Size
33
Median Age
10%
College-Educated
59%
High-School Grad
3.9 sq mi
ZIP Area
4,717
Density / Sq Mi
$48,287
Median Household Income
$34,012
Median Earnings
$944
Median Rent
$127,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex for sale with three separately metered units, including a front brick unit with a full patio.
Where is this triplex located?
The property is located at 7629 Avenue I Houston, TX.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: Triplex built in 1940 with three separately metered units for separate gas and electric billing; Front unit features brick siding and includes a full patio; Second and third units are located in a two‑story wood structure at the rear of the lot
