Large Two-Unit
For Sale
$540,000
A-15503 Waldron Cir, Houston, TX 77084
Two vacant residences provide immediate occupancy options with attached garages and private backyards.
Property Size3,846 SF
Price / SF$140.41
Days on Market22
Property Features for A-15503 Waldron Cir
General Information
Standard status
Active
Size
3,846 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 4BR/3BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$9,212
Amenities
attached garage
private backyard
Building Details
Buildings
1
Listing Agency:
Spirit Real Estate Group, LLC
(281) 742-9725
Listed By:
Ryan Whitley
(281) 742-9725
Source:
Exprealty
Added: Aug 3
Changed: Aug 20
Last Checked: Aug 23 at 6:53AM
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 Spirit Real Estate Group, LLC
Investment Insights
Based on property information with market context.
This 3,846-square-foot duplex contains two separate 4-bedroom, 3-bath residences, each measuring 1,923 square feet. Both units are vacant and feature open-plan interiors, an attached garage, and a private backyard. The layout provides the feel of individual single-family homes within a two-unit property.
The property is located in Cypress-Fairbanks ISD with access to Highway 6, US-290, and I-10. Shopping and dining are also identified nearby. Each side can be occupied separately, or both units can be leased, subject to the owner’s intended use and applicable verification.
The property is located in Cypress-Fairbanks ISD with access to Highway 6, US-290, and I-10. Shopping and dining are also identified nearby. Each side can be occupied separately, or both units can be leased, subject to the owner’s intended use and applicable verification.
Key Highlights
- 3,846 SF duplex with two 1,923 SF units
- Each unit includes 4 bedrooms and 3 baths
- Both units are vacant
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
$44,762
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
8.29%
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%
$895,240
$895.2K
Cap Rate 7%
$639,457
$639.5K
Cap Rate 9%
$497,356
$497.4K
Market Conditions
NOI Build-Up for 3,846 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
$86.8K $22.56/SF
− Vacancy
−$5.4K −$1.40/SF
EGI
$81.4K $21.16/SF
− OpEx
−$36.6K −$9.52/SF
NOI
$44.8K $11.64/SF
Area
ZIP 77084
Vacancy
6.20%
Lease Rate
$22.56 /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%
$895,240
Cap Rate 7%
$639,457
Cap Rate 9%
$497,356
Alternative Uses
Best Use
Multifamily LT 5
$712.0K
$623.0K – $830.7K
NOI $49,841 @ 7.0% cap · market cap 9.23%
Second Best
Apartment 5plus
$639.5K
$559.5K – $746.0K
NOI $44,762 @ 7.0% cap · market cap 8.29%
Theoretical Best
Office A
$989.0K
$865.4K – $1.15M
NOI $69,228 @ 7.0% cap · market cap 12.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
791
Businesses Nearby
Explore this area
Business Placement
Demographics for 77084, TX
109,808
Population
39,087
Households
2.8
Avg Household Size
34
Median Age
30%
College-Educated
84%
High-School Grad
31.7 sq mi
ZIP Area
3,464
Density / Sq Mi
$76,327
Median Household Income
$39,937
Median Earnings
$1,522
Median Rent
$232,600
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 - Two vacant residences provide immediate occupancy options with attached garages and private backyards.
Where is this duplex located?
The property is located at A-15503 Waldron Cir Houston, TX.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: 3,846 SF duplex with two 1,923 SF units; Each unit includes 4 bedrooms and 3 baths; Both units are vacant
