New Quadplex with Primary
New
For Sale
$860,000
966 & 968 South Ln A/B, Houston, TX 77088
Four residences offer open kitchens, private driveways, and included refrigerators.
Property Size2,560 SF
Days on Market2
Property Features for 966 & 968 South Ln A/B
General Information
Standard status
Active
Size
2,560 SF
Property subtype
Investment
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$1,568
Building Details
Building Size
2,560 SF
Year Built
2026
Stories
2
Units
2
Listing Agency:
(713) 416-2169
Listed By:
Kristin Stevens
(713) 416-2169
Source:
Elliman
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 7:40AM
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 Kristin Stevens
Investment Insights
Based on property information with market context.
Built in 2026, this four-unit residential property contains 12 bedrooms and 8 baths across the building. Each residence includes a primary suite, an open-concept kitchen with quartz countertops and a refrigerator, plus generously sized living space. Interior finishes include water-resistant wood-look vinyl plank flooring in common areas and carpeted bedrooms, with large windows bringing in natural light.
Private driveways serve the units, and the property is not subject to an HOA. A StrucSure 1-2-10 builder warranty is included. The configuration supports the rental approaches identified for the property, including long-term leasing, short-term rentals, or occupying one residence while leasing the others. The property is located at 966 & 968 South Ln A/B in Houston, Texas 77088.
Private driveways serve the units, and the property is not subject to an HOA. A StrucSure 1-2-10 builder warranty is included. The configuration supports the rental approaches identified for the property, including long-term leasing, short-term rentals, or occupying one residence while leasing the others. The property is located at 966 & 968 South Ln A/B in Houston, Texas 77088.
Key Highlights
- Four‑unit property with 12 bedrooms and 8 baths total
- Built in 2026 with a StrucSure 1‑2‑10 builder warranty
- Each unit includes a primary suite and private driveway
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
$33,530
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
3.90%
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%
$670,600
$670.6K
Cap Rate 7%
$479,000
$479.0K
Cap Rate 9%
$372,556
$372.6K
Market Conditions
NOI Build-Up for 2,560 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
$50.7K $19.80/SF
− Vacancy
−$2.8K −$1.09/SF
EGI
$47.9K $18.71/SF
− OpEx
−$14.4K −$5.61/SF
NOI
$33.5K $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%
$670,600
Cap Rate 7%
$479,000
Cap Rate 9%
$372,556
Alternative Uses
Best Use
Multifamily LT 5
$479.0K
$419.1K – $558.8K
NOI $33,530 @ 7.0% cap · market cap 3.90%
Second Best
Apartment 5plus
$414.3K
$362.5K – $483.4K
NOI $29,003 @ 7.0% cap · market cap 3.37%
Theoretical Best
Office A
$658.3K
$576.0K – $768.0K
NOI $46,080 @ 7.0% cap · market cap 5.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
420
Businesses Nearby
Explore this area
Business Placement
Demographics for 77088, TX
54,320
Population
18,500
Households
2.9
Avg Household Size
35
Median Age
13%
College-Educated
72%
High-School Grad
11.1 sq mi
ZIP Area
4,894
Density / Sq Mi
$52,549
Median Household Income
$32,015
Median Earnings
$1,177
Median Rent
$173,900
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 residences offer open kitchens, private driveways, and included refrigerators.
Where is this quadplex located?
The property is located at 966 & 968 South Ln A/B Houston, TX.
What is the asking price?
The asking price for this property is $860,000.
What are key features of this property?
This property features: Four‑unit property with 12 bedrooms and 8 baths total; Built in 2026 with a StrucSure 1‑2‑10 builder warranty; Each unit includes a primary suite and private driveway
