Multi-Unit Residential Income
For Sale
$425,000
8341 Detroit Street, Houston, TX 77017
Three distinct homes on one lot generate rental income from month-to-month tenants.
Property Size1,639 SF
Price / SF$259.30
Days on Market50
Property Features for 8341 Detroit Street
General Information
Standard status
Active
Size
1,639 SF
Property subtype
Income
Net Operating Income
$26,912
Taxes and HOA fees
Annual Taxes
$6,229
Amenities
Yes
5
8
Appraiser
25593
1639
Building Details
Building Size
1,639 SF
Year Built
1937
Stories
1
Listing Agency:
1st Texas Realty Services
(281) 444-5140
Listed By:
Brenda Roberson
(713) 201-6690
Source:
Garygreene
Added: Jul 20
Changed: Sep 6
Last Checked: Sep 7 at 6:09AM
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 1st Texas Realty Services
Investment Insights
Based on property information with market context.
This multi-unit residential property includes three separate dwellings on one lot: a 3-bedroom, 2-bath main house, a 2-bedroom, 1.5-bath manufactured home remodeled in 2021, and a 2-bedroom rear apartment. The configuration provides separate living spaces within a single property footprint.
The property is described as being conveniently located near major Houston thoroughfares, shopping, schools, and community parks. Bike, walk, and transit scores are also provided, indicating a more car-dependent area.
As currently configured, the property is generating $4,100 per month across month-to-month tenants.
The property is described as being conveniently located near major Houston thoroughfares, shopping, schools, and community parks. Bike, walk, and transit scores are also provided, indicating a more car-dependent area.
As currently configured, the property is generating $4,100 per month across month-to-month tenants.
Key Highlights
- Three distinct homes on one lot: 3/2 main house, 2/1.5 remodeled manufactured home, and a 2/1 rear apartment
- Approx. 1,639 SF main house (3/2) built in 1937
- Manufactured home remodeled in 2021 with approx. 924 SF (2/1.5)
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
$21,467
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
5.05%
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%
$429,340
$429.3K
Cap Rate 7%
$306,671
$306.7K
Cap Rate 9%
$238,522
$238.5K
Market Conditions
NOI Build-Up for 1,639 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
$32.5K $19.80/SF
− Vacancy
−$1.8K −$1.09/SF
EGI
$30.7K $18.71/SF
− OpEx
−$9.2K −$5.61/SF
NOI
$21.5K $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%
$429,340
Cap Rate 7%
$306,671
Cap Rate 9%
$238,522
Alternative Uses
Best Use
Multifamily LT 5
$306.7K
$268.3K – $357.8K
NOI $21,467 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$265.3K
$232.1K – $309.5K
NOI $18,568 @ 7.0% cap · market cap 4.37%
Theoretical Best
Office A
$421.5K
$368.8K – $491.7K
NOI $29,502 @ 7.0% cap · market cap 6.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Explore this area
Business Placement
Demographics for 77017, TX
31,659
Population
11,281
Households
2.8
Avg Household Size
34
Median Age
10%
College-Educated
59%
High-School Grad
9.6 sq mi
ZIP Area
3,298
Density / Sq Mi
$53,750
Median Household Income
$32,771
Median Earnings
$1,049
Median Rent
$146,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three distinct homes on one lot generate rental income from month-to-month tenants.
Where is this triplex located?
The property is located at 8341 Detroit Street 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: Three distinct homes on one lot: 3/2 main house, 2/1.5 remodeled manufactured home, and a 2/1 rear apartment; Approx. 1,639 SF main house (3/2) built in 1937; Manufactured home remodeled in 2021 with approx. 924 SF (2/1.5)
