Houston Multifamily Investment
For Sale
$1,200,000
9849 Mesa Drive, Houston, TX 77078
15-unit multifamily property in a desirable Houston location.
Property Size8,490 SF
Price / SF$141.34
Days on Market404
Property Features for 9849 Mesa Drive
General Information
Standard status
Active
Size
8,490 SF
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$12,343
Amenities
Yes
1
2
Appraiser
19274
8490
Building Details
Building Size
8,490 SF
Year Built
1960
Stories
2
Listing Agency:
Walzel Properties - Corporate Office
(281) 444-5140
Listed By:
Sydne Holloway
(832) 552-7284
Source:
Garygreene
Added: Jul 27, 2025
Changed: Sep 3
Last Checked: Sep 2 at 1:47PM
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 Walzel Properties - Corporate Office
Investment Insights
Based on property information with market context.
This is an investment opportunity featuring a 15-unit multifamily property. The property is located in a desirable area of Houston, surrounded by upcoming construction.
Key Highlights
- Investor special with 15 units
- Located in a highly desirable part of Houston
- Surrounded by up and coming construction
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
$96,185
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
8.02%
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%
$1,923,700
$1.9M
Cap Rate 7%
$1,374,071
$1.4M
Cap Rate 9%
$1,068,722
$1.1M
Market Conditions
NOI Build-Up for 8,490 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
$186.4K $21.96/SF
− Vacancy
−$11.6K −$1.36/SF
EGI
$174.9K $20.60/SF
− OpEx
−$78.7K −$9.27/SF
NOI
$96.2K $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%
$1,923,700
Cap Rate 7%
$1,374,071
Cap Rate 9%
$1,068,722
Alternative Uses
Best Use
Apartment 5plus
$1.37M
$1.20M – $1.60M
NOI $96,185 @ 7.0% cap · market cap 8.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.18M
$1.91M – $2.55M
NOI $152,820 @ 7.0% cap · market cap 12.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
243
Businesses Nearby
Explore this area
Business Placement
Demographics for 77078, TX
14,855
Population
5,607
Households
2.6
Avg Household Size
33
Median Age
12%
College-Educated
73%
High-School Grad
10.3 sq mi
ZIP Area
1,442
Density / Sq Mi
$38,838
Median Household Income
$28,600
Median Earnings
$1,336
Median Rent
$151,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - 15-unit multifamily property in a desirable Houston location.
Where is this apartment building located?
The property is located at 9849 Mesa Drive Houston, TX.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Investor special with 15 units; Located in a highly desirable part of Houston; Surrounded by up and coming construction
