Well-Maintained Condo in Gated
For Sale
$199,000
9200 Westheimer Road #604, Houston, TX 77063
Three-story condo with community amenities, convenient to shopping and dining.
Property Size1,340 SF
Price / SF$148.51
Days on Market425
Property Features for 9200 Westheimer Road #604
General Information
Standard status
Active
Size
1,340 SF
Property subtype
Condominium
Amenities
Central
Electric
Central Air
Electric Cooktop
Electric Oven
Composition
Building Details
Building Size
1,340 SF
Year Built
2003
Stories
3
Listing Agency:
KELLER WILLIAMS REALTY SOUTHWEST
Listed By:
Amy Wokoun · License #0797749
(832) 971-3040
Source:
Kw
Added: Jul 25, 2025
Changed: Aug 8
Last Checked: May 19 at 9:11PM
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 REALTY SOUTHWEST
Investment Insights
Based on property information with market context.
This well-maintained, three-story condo is located within a gated community. The property features 2 bedrooms and 2.5 bathrooms, offering a functional layout with ample natural light and comfortable living space. Residents have exclusive access to HOA amenities, including a pool, clubhouse, and neighborhood park, providing a resort-style living experience. The location is convenient to stores, restaurants, and everyday essentials.
Key Highlights
- Desirable gated community providing security and exclusivity.
- Access to resort‑style HOA amenities: pool, clubhouse, and neighborhood park.
- Convenient location: minutes from stores, restaurants, and everyday essentials.
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
$15,181
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
7.63%
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%
$303,620
$303.6K
Cap Rate 7%
$216,871
$216.9K
Cap Rate 9%
$168,678
$168.7K
Market Conditions
NOI Build-Up for 1,340 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
$29.4K $21.96/SF
− Vacancy
−$1.8K −$1.36/SF
EGI
$27.6K $20.60/SF
− OpEx
−$12.4K −$9.27/SF
NOI
$15.2K $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%
$303,620
Cap Rate 7%
$216,871
Cap Rate 9%
$168,678
Alternative Uses
Best Use
Apartment 5plus
$216.9K
$189.8K – $253.0K
NOI $15,181 @ 7.0% cap · market cap 7.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$344.6K
$301.5K – $402.0K
NOI $24,120 @ 7.0% cap · market cap 12.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,678
Businesses Nearby
Explore this area
Business Placement
Demographics for 77063, TX
38,298
Population
22,625
Households
1.7
Avg Household Size
35
Median Age
48%
College-Educated
92%
High-School Grad
4.5 sq mi
ZIP Area
8,511
Density / Sq Mi
$54,509
Median Household Income
$40,346
Median Earnings
$1,334
Median Rent
$281,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-story condo with community amenities, convenient to shopping and dining.
Where is this apartment building located?
The property is located at 9200 Westheimer Road #604 Houston, TX.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: Desirable gated community providing security and exclusivity.; Access to resort‑style HOA amenities: pool, clubhouse, and neighborhood park.; Convenient location: minutes from stores, restaurants, and everyday essentials.
