Duplex with Two-Bedroom
For Sale
$235,000
8038 Record Street, Houston, TX 77028
Duplex built in 1950 offering move-in ready two-bedroom, one-bath units.
Property Size1,080 SF
Price / SF$217.59
Days on Market29
Property Features for 8038 Record Street
General Information
Standard status
Active
Size
1,080 SF
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$3,436
Amenities
Plank,Tile,Vinyl
1
2
Appraiser
Corner Lot
7973
One
1080
Building Details
Building Size
1,080 SF
Year Built
1950
Stories
1
Tenancy
Multi
Listing Agency:
EW & Associates Realty, LLC
(713) 253-7977
Listed By:
Tory Seljenes · License #0734188
(713) 253-7977
Source:
Garygreene
Added: Jul 27
Changed: Aug 23
Last Checked: Aug 24 at 3:25AM
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 EW & Associates Realty, LLC
Investment Insights
Based on property information with market context.
This duplex was built in 1950 and features two-bedroom, one-bathroom units that are described as move-in ready and rent-ready. The layout is designed to support straightforward tenant occupancy, with each unit positioned to be ready for renters.
BikeScore is 28 (somewhat bikeable), with WalkScore of 5 (car-dependent) and TransitScore of 37 (some transit), reflecting a neighborhood environment that typically favors car access.
For investors seeking a small multifamily asset, this property offers a repeatable unit configuration across the duplex, with the ability to target tenants looking for two-bedroom living spaces and one-bath convenience.
BikeScore is 28 (somewhat bikeable), with WalkScore of 5 (car-dependent) and TransitScore of 37 (some transit), reflecting a neighborhood environment that typically favors car access.
For investors seeking a small multifamily asset, this property offers a repeatable unit configuration across the duplex, with the ability to target tenants looking for two-bedroom living spaces and one-bath convenience.
Key Highlights
- Duplex built in 1950
- Two‑bedroom, one‑bath units described as move‑in ready and rent‑ready
- BikeScore 28 (somewhat bikeable)
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
$14,146
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
6.02%
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%
$282,920
$282.9K
Cap Rate 7%
$202,086
$202.1K
Cap Rate 9%
$157,178
$157.2K
Market Conditions
NOI Build-Up for 1,080 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
$21.4K $19.80/SF
− Vacancy
−$1.2K −$1.09/SF
EGI
$20.2K $18.71/SF
− OpEx
−$6.1K −$5.61/SF
NOI
$14.1K $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%
$282,920
Cap Rate 7%
$202,086
Cap Rate 9%
$157,178
Alternative Uses
Best Use
Multifamily LT 5
$202.1K
$176.8K – $235.8K
NOI $14,146 @ 7.0% cap · market cap 6.02%
Second Best
Apartment 5plus
$174.8K
$152.9K – $203.9K
NOI $12,235 @ 7.0% cap · market cap 5.21%
Theoretical Best
Office A
$277.7K
$243.0K – $324.0K
NOI $19,440 @ 7.0% cap · market cap 8.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
226
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?
Duplex - Duplex built in 1950 offering move-in ready two-bedroom, one-bath units.
Where is this duplex located?
The property is located at 8038 Record Street Houston, TX.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Duplex built in 1950; Two‑bedroom, one‑bath units described as move‑in ready and rent‑ready; BikeScore 28 (somewhat bikeable)
