Duplex with Attached
For Sale
$469,400
A-1006 Garapan St, Houston, TX 77091
New construction duplex with two independent residences, each featuring an attached garage and an open-concept layout.
Property Size2,600 SF
Price / SF$180.54
Days on Market66
Property Features for A-1006 Garapan St
General Information
Standard status
Active
Size
2,600 SF
Property subtype
Residential Income
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,541
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Michael Group Realty LLC
Listed By:
Michael Lindsay · License #6502345204
(248) 346-6322
Source:
Exprealty
Added: Jul 14
Changed: Sep 4
Last Checked: Sep 17 at 4:34AM
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 Michael Group Realty LLC
Investment Insights
Based on property information with market context.
Introducing a new construction duplex with two independent residences, offering a flexible setup for owner-occupants, multigenerational living, or investors. Each unit (Unit A and Unit B) offers approximately 2,600 square feet with three spacious bedrooms and two full bathrooms. Interiors are built around an open-concept floor plan with designer finishes and a gourmet kitchen featuring modern cabinetry and premium countertops. The primary suite includes a luxurious ensuite, and secondary bedrooms are generously sized. Energy-efficient features and systems are included, along with an attached garage and ample storage for each residence.
Located in Northwest Houston, the property provides convenient access to Downtown Houston via major highways I-45 and Loop 610. The surrounding area includes shopping, dining, entertainment destinations, parks, and recreational amenities.
Located in Northwest Houston, the property provides convenient access to Downtown Houston via major highways I-45 and Loop 610. The surrounding area includes shopping, dining, entertainment destinations, parks, and recreational amenities.
Key Highlights
- Two independent residences, Unit A and Unit B
- Approximately 2,600 square feet per unit
- Three bedrooms and two full bathrooms per unit
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
$34,054
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
7.25%
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%
$681,080
$681.1K
Cap Rate 7%
$486,486
$486.5K
Cap Rate 9%
$378,378
$378.4K
Market Conditions
NOI Build-Up for 2,600 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
$51.5K $19.80/SF
− Vacancy
−$2.8K −$1.09/SF
EGI
$48.6K $18.71/SF
− OpEx
−$14.6K −$5.61/SF
NOI
$34.1K $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%
$681,080
Cap Rate 7%
$486,486
Cap Rate 9%
$378,378
Alternative Uses
Best Use
Multifamily LT 5
$486.5K
$425.7K – $567.6K
NOI $34,054 @ 7.0% cap · market cap 7.25%
Second Best
Apartment 5plus
$420.8K
$368.2K – $490.9K
NOI $29,456 @ 7.0% cap · market cap 6.28%
Theoretical Best
Office A
$668.6K
$585.0K – $780.0K
NOI $46,800 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
292
Businesses Nearby
Explore this area
Business Placement
Demographics for 77091, TX
28,020
Population
12,501
Households
2.2
Avg Household Size
34
Median Age
19%
College-Educated
73%
High-School Grad
7.1 sq mi
ZIP Area
3,946
Density / Sq Mi
$35,737
Median Household Income
$28,906
Median Earnings
$1,061
Median Rent
$223,700
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 - New construction duplex with two independent residences, each featuring an attached garage and an open-concept layout.
Where is this duplex located?
The property is located at A-1006 Garapan St Houston, TX.
What is the asking price?
The asking price for this property is $469,400.
What are key features of this property?
This property features: Two independent residences, Unit A and Unit B; Approximately 2,600 square feet per unit; Three bedrooms and two full bathrooms per unit
