Remodeled
For Sale
$249,900
904 Herbert Avenue #1-4, Pasadena, TX 77506
Four units feature updated kitchens, bathrooms, flooring, fixtures, and interior paint.
Property Size1,824 SF
Days on Market186
Property Features for 904 Herbert Avenue #1-4
General Information
Standard status
Active
Size
1,824 SF
Property subtype
Quadruplex
Additional Details
Multifamily Units
4
Amenities
Window Unit(s)
Microwave
Refrigerator
Electricity Available,Water Available, Composition
Building Details
Building Size
1,824 SF
Year Built
1940
Buildings
1
Stories
1
Listing Agency:
Keller Williams Houston Central
(281) 729-6604
Listed By:
Austin Jones · License #0703792
(281) 729-6604
Source:
Kw
Added: Feb 25
Changed: Aug 30
Last Checked: Aug 30 at 5:40AM
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 Keller Williams Houston Central
Investment Insights
Based on property information with market context.
This four-unit multifamily property at 904 Herbert Avenue in Pasadena, Texas, was built in 1940 and has undergone extensive interior remodeling. Improvements include refreshed kitchens and bathrooms, updated flooring and fixtures, and new interior paint. Window unit air conditioning, microwaves, and refrigerators are included in the unit features.
The property is identified as units 1–4 and includes water and electricity availability. Exterior features include composition materials. The fourplex is offered as-is and provides the configuration for an owner-occupant to use one unit while leasing the remaining units, or for an investor seeking a multi-unit rental property.
The property is identified as units 1–4 and includes water and electricity availability. Exterior features include composition materials. The fourplex is offered as-is and provides the configuration for an owner-occupant to use one unit while leasing the remaining units, or for an investor seeking a multi-unit rental property.
Key Highlights
- Four‑unit multifamily property at 904 Herbert Avenue, Pasadena, TX 77506
- Interior remodeling includes kitchens, bathrooms, flooring, fixtures, and paint
- Built in 1940
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
$20,772
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
8.31%
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%
$415,440
$415.4K
Cap Rate 7%
$296,743
$296.7K
Cap Rate 9%
$230,800
$230.8K
Market Conditions
NOI Build-Up for 1,824 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
$31.7K $17.40/SF
− Vacancy
−$2.1K −$1.13/SF
EGI
$29.7K $16.27/SF
− OpEx
−$8.9K −$4.88/SF
NOI
$20.8K $11.39/SF
Area
Pasadena, TX
Vacancy
6.50%
Lease Rate
$17.40 /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%
$415,440
Cap Rate 7%
$296,743
Cap Rate 9%
$230,800
Alternative Uses
Best Use
Multifamily LT 5
$296.7K
$259.7K – $346.2K
NOI $20,772 @ 7.0% cap · market cap 8.31%
Second Best
Apartment 5plus
$266.7K
$233.4K – $311.2K
NOI $18,672 @ 7.0% cap · market cap 7.47%
Theoretical Best
Office A
$601.9K
$526.7K – $702.3K
NOI $42,136 @ 7.0% cap · market cap 16.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,350
Businesses Nearby
Explore this area
Business Placement
Demographics for 77506, TX
34,431
Population
11,973
Households
2.9
Avg Household Size
31
Median Age
5%
College-Educated
57%
High-School Grad
11.3 sq mi
ZIP Area
3,047
Density / Sq Mi
$50,045
Median Household Income
$31,621
Median Earnings
$1,049
Median Rent
$131,800
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?
Quadplex - Four units feature updated kitchens, bathrooms, flooring, fixtures, and interior paint.
Where is this quadplex located?
The property is located at 904 Herbert Avenue #1-4 Pasadena, TX.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Four‑unit multifamily property at 904 Herbert Avenue, Pasadena, TX 77506; Interior remodeling includes kitchens, bathrooms, flooring, fixtures, and paint; Built in 1940
