Multifamily Apartment
For Sale
$999,900
933 Harbor Street # 12, Houston, TX 77020
15-unit multifamily property with private bathrooms in each unit and on-site parking, sold as-is and needing rehab.
Property Size5,546 SF
Days on Market62
Property Features for 933 Harbor Street # 12
General Information
Standard status
Active
Size
5,546 SF
Property subtype
Multi Family,5 Plus
Additional Details
Multifamily Units
15
Taxes and HOA fees
Annual Taxes
$21,924
Building Details
Building Size
5,546 SF
Year Built
1920
Listing Agency:
AssetlyOne, LLC
Listed By:
Wesson Assefa · License #506165
(469) 450-7037
Source:
Mpowerrealtygroup
Added: Jul 9
Changed: Aug 28
Last Checked: Sep 7 at 7:49AM
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 AssetlyOne, LLC
Investment Insights
Based on property information with market context.
This 15-unit multifamily apartment building offers a unit layout designed for privacy and flexibility, with each unit having its own private full bathroom. The configuration supports multiple occupancy approaches, including workforce housing, furnished rentals, or rent-by-room use. The property also provides on-site parking for tenants and visitors.
The building was constructed in 1920 and is being sold in “as-is condition.” The property will require rehab and a full turnaround to return to stable operations. The listing notes that dimensions and information are approximate, and buyers and their representatives are responsible for verification.
The floorplan and virtual furnishings may be incorporated to help visualize the potential layout for prospective residents.
The building was constructed in 1920 and is being sold in “as-is condition.” The property will require rehab and a full turnaround to return to stable operations. The listing notes that dimensions and information are approximate, and buyers and their representatives are responsible for verification.
The floorplan and virtual furnishings may be incorporated to help visualize the potential layout for prospective residents.
Key Highlights
- 15‑unit multifamily apartment building
- Each unit has its own private full bathroom
- Supports workforce housing, furnished rentals, or rent by room
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 - 15-unit multifamily property with private bathrooms in each unit and on-site parking, sold as-is and needing 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 apartment building; Each unit has its own private full bathroom; Supports workforce housing, furnished rentals, or rent by room
