15-Unit Multifamily
For Sale
$999,900
933 Harbor Street 12, Houston, TX 77020
Fifteen units with private full bathrooms and on-site parking, sold in as-is condition requiring rehab.
Property Size5,546 SF
Price / SF$180.29
Days on Market53
Property Features for 933 Harbor Street 12
General Information
Standard status
Active
Size
5,546 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
15
Taxes and HOA fees
Annual Taxes
$21,924
Amenities
No
Appraiser
5000
5546
Building Details
Building Size
5,546 SF
Year Built
1920
Stories
1
Listing Agency:
Nowlin Realty Group , LLC
(281) 450-1587
Listed By:
Justin Hanchett
(281) 450-1587
Source:
Garygreene
Added: Jul 9
Changed: Aug 28
Last Checked: Aug 29 at 5:54AM
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 Nowlin Realty Group , LLC
Investment Insights
Based on property information with market context.
This 15-unit multifamily property is arranged so that each unit includes its own private full bathroom, supporting resident privacy and flexible living layouts. The building offers on-site parking for tenants and visitors.
The property is being sold in “as-is” condition, and it does require rehab and a full turnaround. Dimensions and information are approximate, and buyers/representatives are responsible for verification.
The listing notes that floorplans and virtual furnishings may be available to help visualize unit layouts. The purchase includes the opportunity to bring the property back to stable operations following the required improvements.
The property is being sold in “as-is” condition, and it does require rehab and a full turnaround. Dimensions and information are approximate, and buyers/representatives are responsible for verification.
The listing notes that floorplans and virtual furnishings may be available to help visualize unit layouts. The purchase includes the opportunity to bring the property back to stable operations following the required improvements.
Key Highlights
- 15‑unit multifamily property built in 1920
- Each unit includes its own private full bathroom
- On‑site parking available for tenants and visitors
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
$62,832
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
6.28%
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%
$1,256,640
$1.3M
Cap Rate 7%
$897,600
$897.6K
Cap Rate 9%
$698,133
$698.1K
Market Conditions
NOI Build-Up for 5,546 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
$121.8K $21.96/SF
− Vacancy
−$7.6K −$1.36/SF
EGI
$114.2K $20.60/SF
− OpEx
−$51.4K −$9.27/SF
NOI
$62.8K $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%
$1,256,640
Cap Rate 7%
$897,600
Cap Rate 9%
$698,133
Alternative Uses
Best Use
Apartment 5plus
$897.6K
$785.4K – $1.05M
NOI $62,832 @ 7.0% cap · market cap 6.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.66M
NOI $99,828 @ 7.0% cap · market cap 9.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
612
Businesses Nearby
Explore this area
Business Placement
Demographics for 77020, TX
24,846
Population
10,054
Households
2.5
Avg Household Size
35
Median Age
13%
College-Educated
65%
High-School Grad
7.8 sq mi
ZIP Area
3,185
Density / Sq Mi
$49,481
Median Household Income
$32,573
Median Earnings
$942
Median Rent
$133,600
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?
Apartment building - Fifteen units with private full bathrooms and on-site parking, sold in as-is condition requiring rehab.
Where is this apartment building located?
The property is located at 933 Harbor Street 12 Houston, TX.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: 15‑unit multifamily property built in 1920; Each unit includes its own private full bathroom; On‑site parking available for tenants and visitors
