Renovated 8-Unit Apartment
For Sale
$1,185,000
8-9002 Ilona Ln, Houston, TX 77025
Updated multifamily property with central HVAC, double-pane windows, and proximity to Linkwood Park.
Property Size7,274 SF
Price / SF$162.91
Days on Market110
Property Features for 8-9002 Ilona Ln
General Information
Standard status
Active
Size
7,274 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$20,445
Amenities
double-pane windows
central air and heat
Building Details
Year Renovated
2016
Listing Agency:
Masters Realty
(832) 724-7807
Listed By:
Karlus DiVine
(832) 724-7807
Source:
Exprealty
Added: May 15
Changed: Aug 31
Last Checked: Aug 30 at 9:39PM
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 Masters Realty
Investment Insights
Based on property information with market context.
This 8-unit apartment property contains 7,274 square feet and was renovated in 2016. Residential improvements include double-pane windows and central air conditioning and heat, providing updated building systems and energy-conscious window features across the units.
The property is located 2.5 miles from NRG Stadium and 3.5 miles from the Texas Medical Center, with Linkwood Park directly across the street. It is zoned to Longfellow Elementary (Fine Arts Magnet) and Bellaire High School (A-rated), while St. Nicholas School is nearby and offers a multilingual curriculum.
The asset may be acquired independently or combined with 8910 Ilona to create a 13-unit portfolio.
The property is located 2.5 miles from NRG Stadium and 3.5 miles from the Texas Medical Center, with Linkwood Park directly across the street. It is zoned to Longfellow Elementary (Fine Arts Magnet) and Bellaire High School (A-rated), while St. Nicholas School is nearby and offers a multilingual curriculum.
The asset may be acquired independently or combined with 8910 Ilona to create a 13-unit portfolio.
Key Highlights
- 8‑unit multifamily property with 7,274 square feet
- Renovated in 2016
- Double‑pane windows and central air conditioning and heat
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
$82,408
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
6.95%
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%
$1,648,160
$1.6M
Cap Rate 7%
$1,177,257
$1.2M
Cap Rate 9%
$915,644
$915.6K
Market Conditions
NOI Build-Up for 7,274 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
$159.7K $21.96/SF
− Vacancy
−$9.9K −$1.36/SF
EGI
$149.8K $20.60/SF
− OpEx
−$67.4K −$9.27/SF
NOI
$82.4K $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%
$1,648,160
Cap Rate 7%
$1,177,257
Cap Rate 9%
$915,644
Alternative Uses
Best Use
Apartment 5plus
$1.18M
$1.03M – $1.37M
NOI $82,408 @ 7.0% cap · market cap 6.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.87M
$1.64M – $2.18M
NOI $130,932 @ 7.0% cap · market cap 11.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
497
Businesses Nearby
Explore this area
Business Placement
Demographics for 77025, TX
28,510
Population
15,752
Households
1.8
Avg Household Size
38
Median Age
71%
College-Educated
95%
High-School Grad
4.5 sq mi
ZIP Area
6,336
Density / Sq Mi
$78,076
Median Household Income
$61,238
Median Earnings
$1,484
Median Rent
$521,300
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?
Apartment building - Updated multifamily property with central HVAC, double-pane windows, and proximity to Linkwood Park.
Where is this apartment building located?
The property is located at 8-9002 Ilona Ln Houston, TX.
What is the asking price?
The asking price for this property is $1,185,000.
What are key features of this property?
This property features: 8‑unit multifamily property with 7,274 square feet; Renovated in 2016; Double‑pane windows and central air conditioning and heat
