Updated Three-Unit
For Sale
$439,000
831 W Houston Street, Tyler, TX 75702
Residential Income, Tyler, TX
Property Size2,966 SF
Lot Size0.18 Acres
Price / SF$148.01
Days on Market47
Property Features for 831 W Houston Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Parking features
On Street
Patio and Porch features
Deck
Interior features
Ceiling Fan
Exterior features
Courtyard, Rain Gutters
Fireplace
1
Appliances
Dishwasher, Disposal, Electric Oven
Subdivision
T C Williams
Elementary school
Peete
Middle school
Hubbard
High school
Tyler Legacy
Directions
In Tyler, North on Broadway, left onto Houston Street, pass Vine Avenue, property is on the ight. SIY.
Standard status
Active
Size
2,966 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Block 326 Lot 11 T C Williams Sub
Tax Annual Amount
4700
Legal Description
Block 326 Lot 11 T C Williams Sub
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air, Window Unit(s), Electric, Ceiling Fan(s)
Water source
Public
Amenities
deck
Building Details
Year built
1932
Floors in Building
2
Number of units
3
Flooring type
Tile - Ceramic, Carpet, Wood
Building materials
Shingle Siding, Brick
Roof type
Composition
Listing Agency:
Better Homes & Gardens Real Es · Better Homes and Gardens Real Estate
(903) 881-0500
Listed By:
Jeremey Bernard · License #0724140
(903) 376-4045
Added: Jul 15
Changed: Aug 24
Last Checked: Aug 30 at 2:06AM
MLS# 26009843
Copyright © 2026 Greater Tyler Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,966-square-foot triplex, built in 1932, contains three separate residences on a 0.18-acre lot. The updated main building includes two two-bedroom, one-bath units, each with a full-size kitchen, dining area, and dedicated utility room. A separate one-bedroom, one-bath cottage adds another full kitchen and private living arrangement.
Shared exterior amenities include a deck and courtyard, while on-street parking serves the property. Interior features include wood, carpet, and ceramic tile flooring, ceiling fans, central air, window units, and central heating. The property has a composition roof, brick and shingle siding, public water, and public sewer. It is located at 831 W Houston Street in Tyler, near downtown and the Historic Azalea District.
Shared exterior amenities include a deck and courtyard, while on-street parking serves the property. Interior features include wood, carpet, and ceramic tile flooring, ceiling fans, central air, window units, and central heating. The property has a composition roof, brick and shingle siding, public water, and public sewer. It is located at 831 W Houston Street in Tyler, near downtown and the Historic Azalea District.
Key Highlights
- 2,966‑square‑foot triplex on a 0.18‑acre lot
- Three residences: two 2‑bedroom, 1‑bath units plus a 1‑bedroom, 1‑bath cottage
- Updated main building with full kitchens, dining areas, and dedicated utility rooms
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
$26,789
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
6.10%
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%
$535,780
$535.8K
Cap Rate 7%
$382,700
$382.7K
Cap Rate 9%
$297,656
$297.7K
Market Conditions
NOI Build-Up for 2,966 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
$40.9K $13.80/SF
− Vacancy
−$2.7K −$0.90/SF
EGI
$38.3K $12.90/SF
− OpEx
−$11.5K −$3.87/SF
NOI
$26.8K $9.03/SF
Area
Tyler, TX
Vacancy
6.50%
Lease Rate
$13.80 /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%
$535,780
Cap Rate 7%
$382,700
Cap Rate 9%
$297,656
Alternative Uses
Best Use
Multifamily LT 5
$382.7K
$334.9K – $446.5K
NOI $26,789 @ 7.0% cap · market cap 6.10%
Second Best
Apartment 5plus
$358.7K
$313.8K – $418.4K
NOI $25,106 @ 7.0% cap · market cap 5.72%
Theoretical Best
Office A
$662.0K
$579.3K – $772.3K
NOI $46,340 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,726
Businesses Nearby
Explore this area
Business Placement
Demographics for 75702, TX
26,777
Population
10,273
Households
2.6
Avg Household Size
32
Median Age
8%
College-Educated
72%
High-School Grad
14.1 sq mi
ZIP Area
1,899
Density / Sq Mi
$51,177
Median Household Income
$30,399
Median Earnings
$906
Median Rent
$99,700
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?
Triplex - Three separate residences include full kitchens, private utility areas, and shared outdoor space with a deck.
Where is this triplex located?
The property is located at 831 W Houston Street Tyler, TX.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: 2,966‑square‑foot triplex on a 0.18‑acre lot; Three residences: two 2‑bedroom, 1‑bath units plus a 1‑bedroom, 1‑bath cottage; Updated main building with full kitchens, dining areas, and dedicated utility rooms
