Remodeled Duplex with Leased
For Sale
$542,800
9358 Leto Road, Houston, TX 77080
Both residences are leased and feature updated appliances, wood flooring, and in-unit laundry equipment.
Property Size2,727 SF
Days on Market31
Property Features for 9358 Leto Road
General Information
Standard status
Active
Size
2,727 SF
Property subtype
Multi Family,Duplex
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,121
Building Details
Building Size
2,727 SF
Year Built
1952
Tenancy
Multi
Listing Agency:
Patricia Fleming Realty LLC
(832) 549-5422
Listed By:
Patricia Fleming
(832) 549-5422
Source:
Greenwoodking
Added: Aug 1
Changed: Aug 13
Last Checked: Aug 31 at 12:38AM
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 Patricia Fleming Realty LLC
Investment Insights
Based on property information with market context.
This duplex includes two leased residences, each producing rental income. Interior improvements include wood flooring and updated appliances, with a gas range, refrigerator, and washer and dryer conveying. Both refrigerators and both washer-and-dryer sets have been replaced over the last year, while both water heaters were replaced over the last 2 years.
The property is located in Houston’s Spring Branch area with access to I-10 and Hwy 290. The surrounding context includes schools, shopping, dining, the Galleria, Memorial Hospital, Downtown, and the Medical Center. Exterior updates include a replacement bridge over the culvert this year and a new fence at the second duplex this year. The roof is 10-12 years old.
The property is located in Houston’s Spring Branch area with access to I-10 and Hwy 290. The surrounding context includes schools, shopping, dining, the Galleria, Memorial Hospital, Downtown, and the Medical Center. Exterior updates include a replacement bridge over the culvert this year and a new fence at the second duplex this year. The roof is 10-12 years old.
Key Highlights
- Two‑unit duplex with both residences leased and producing income
- Wood flooring and remodeled interiors with updated appliances
- Both water heaters replaced over the last 2 years
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
$35,717
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
6.58%
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%
$714,340
$714.3K
Cap Rate 7%
$510,243
$510.2K
Cap Rate 9%
$396,856
$396.9K
Market Conditions
NOI Build-Up for 2,727 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
$54.0K $19.80/SF
− Vacancy
−$3.0K −$1.09/SF
EGI
$51.0K $18.71/SF
− OpEx
−$15.3K −$5.61/SF
NOI
$35.7K $13.10/SF
Area
Houston, TX
Vacancy
5.50%
Lease Rate
$19.80 /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%
$714,340
Cap Rate 7%
$510,243
Cap Rate 9%
$396,856
Alternative Uses
Best Use
Multifamily LT 5
$510.2K
$446.5K – $595.3K
NOI $35,717 @ 7.0% cap · market cap 6.58%
Second Best
Apartment 5plus
$441.4K
$386.2K – $514.9K
NOI $30,895 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$701.2K
$613.6K – $818.1K
NOI $49,086 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,139
Businesses Nearby
Explore this area
Business Placement
Demographics for 77080, TX
45,428
Population
17,394
Households
2.6
Avg Household Size
33
Median Age
27%
College-Educated
68%
High-School Grad
6.4 sq mi
ZIP Area
7,098
Density / Sq Mi
$63,056
Median Household Income
$33,658
Median Earnings
$1,253
Median Rent
$311,600
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?
Duplex - Both residences are leased and feature updated appliances, wood flooring, and in-unit laundry equipment.
Where is this duplex located?
The property is located at 9358 Leto Road Houston, TX.
What is the asking price?
The asking price for this property is $542,800.
What are key features of this property?
This property features: Two‑unit duplex with both residences leased and producing income; Wood flooring and remodeled interiors with updated appliances; Both water heaters replaced over the last 2 years
