Gated Multifamily Townhome
For Sale
$669,999
850 Elkhart Street D/E, Houston, TX 77091
Two recently completed residences offer modern finishes, private garages, and distinct rental configurations within a gated setting.
Property Size3,182 SF
Price / SF$210.56
Days on Market23
Property Features for 850 Elkhart Street D/E
General Information
Standard status
Active
Size
3,182 SF
Property subtype
Income
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$13,460
Amenities
gated
EV charger
Plank,Vinyl,Carpet
Yes
3
Window Coverings
Washer Hookup,Dryer Hookup
Appraiser
Quartz Counters,Window Treatments,Ceiling Fan(s),Programmable Thermostat
3400
Two
68x50
Electric Vehicle Charging Station(s),Garage,Garage Door Opener
3182
Building Details
Building Size
3,182 SF
Year Built
2024
Stories
2
Listing Agency:
Quest Real Estate
(281) 635-4007
Listed By:
Lisa Smith · License #0791341
(281) 635-4007
Source:
Garygreene
Added: Aug 9
Changed: Aug 31
Last Checked: Aug 31 at 12:57PM
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 Quest Real Estate
Investment Insights
Based on property information with market context.
This multifamily property includes two identical gated townhomes completed in 2024, with a combined 3,182 square feet. Each residence measures 1,591 square feet and includes three bedrooms, 2.5 baths, soaring ceilings, luxury vinyl plank flooring, and carpet. Interior features include quartz countertops, a large kitchen island, stainless steel appliances, gas cooking, window treatments, ceiling fans, and a programmable thermostat. Each home also includes a private two-car garage with an electric vehicle charging station, garage door opener, washer hookup, and dryer hookup.
Unit D is leased, while Unit E operates as an Airbnb with documentation available upon request; Unit E may be purchased furnished. The property is located at 850 Elkhart Street in Houston, near Oak Forest, The Heights, major employers, shopping, dining, airports, and the Apple, Foxconn, and Nvidia manufacturing corridor.
Unit D is leased, while Unit E operates as an Airbnb with documentation available upon request; Unit E may be purchased furnished. The property is located at 850 Elkhart Street in Houston, near Oak Forest, The Heights, major employers, shopping, dining, airports, and the Apple, Foxconn, and Nvidia manufacturing corridor.
Key Highlights
- Two identical townhomes totaling 3,182 square feet
- Each residence offers 1,591 sq. ft., 3 bedrooms, and 2.5 baths
- Completed in 2024 with gated access
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
$36,049
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
5.38%
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%
$720,980
$721.0K
Cap Rate 7%
$514,986
$515.0K
Cap Rate 9%
$400,544
$400.5K
Market Conditions
NOI Build-Up for 3,182 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
$69.9K $21.96/SF
− Vacancy
−$4.3K −$1.36/SF
EGI
$65.5K $20.60/SF
− OpEx
−$29.5K −$9.27/SF
NOI
$36.0K $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%
$720,980
Cap Rate 7%
$514,986
Cap Rate 9%
$400,544
Alternative Uses
Best Use
Apartment 5plus
$515.0K
$450.6K – $600.8K
NOI $36,049 @ 7.0% cap · market cap 5.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$818.2K
$716.0K – $954.6K
NOI $57,276 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
503
Businesses Nearby
Explore this area
Business Placement
Demographics for 77091, TX
28,020
Population
12,501
Households
2.2
Avg Household Size
34
Median Age
19%
College-Educated
73%
High-School Grad
7.1 sq mi
ZIP Area
3,946
Density / Sq Mi
$35,737
Median Household Income
$28,906
Median Earnings
$1,061
Median Rent
$223,700
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?
Multifamily property - Two recently completed residences offer modern finishes, private garages, and distinct rental configurations within a gated setting.
Where is this multifamily property located?
The property is located at 850 Elkhart Street D/E Houston, TX.
What is the asking price?
The asking price for this property is $669,999.
What are key features of this property?
This property features: Two identical townhomes totaling 3,182 square feet; Each residence offers 1,591 sq. ft., 3 bedrooms, and 2.5 baths; Completed in 2024 with gated access
