New Construction
For Sale
$979,900
A-d-5004 Carmen St, Houston, TX 77051
Two-story income property with four modern residences, open living areas, fireplaces, and kitchens designed around large islands.
Property Size5,122 SF
Price / SF$191.31
Days on Market13
Property Features for A-d-5004 Carmen St
General Information
Standard status
Active
Size
5,122 SF
Property subtype
Residential Income
Units
Unit Mix
4 x 3BR/2BA
Multifamily Units
4
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,231
Building Details
Stories
2
Listing Agency:
Brooks & Davis Real Estate
(832) 524-4526
Listed By:
Andre Beraud · License #0667248
(832) 524-4526
Source:
Exprealty
Added: Aug 20
Changed: Aug 29
Last Checked: Aug 30 at 8:18PM
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 Brooks & Davis Real Estate
Investment Insights
Based on property information with market context.
Completed as new construction, this two-story quadplex contains four residences arranged as two duplex buildings. Each unit offers three bedrooms and two full bathrooms, with 5,122 square feet across the property. Interior plans emphasize open-concept living, custom accent-wall treatments, contemporary lighting, and a fireplace in the main living area. Kitchens feature oversized islands with seating, while the owner suites include vaulted ceilings, decorative wall detailing, and large windows.
The property is positioned in a growing Houston neighborhood near the Texas Medical Center and Downtown. Access to I-610 and SH-288 places major employment centers, city destinations, and dining within convenient reach. The combination of four residential units, contemporary construction, and a consistent three-bedroom layout provides a clearly defined multifamily configuration.
The property is positioned in a growing Houston neighborhood near the Texas Medical Center and Downtown. Access to I-610 and SH-288 places major employment centers, city destinations, and dining within convenient reach. The combination of four residential units, contemporary construction, and a consistent three-bedroom layout provides a clearly defined multifamily configuration.
Key Highlights
- Four‑unit quadplex completed as new construction
- 5,122 SF two‑story multifamily property
- Each residence includes 3 bedrooms and 2 full bathrooms
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
$67,086
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
6.85%
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%
$1,341,720
$1.3M
Cap Rate 7%
$958,371
$958.4K
Cap Rate 9%
$745,400
$745.4K
Market Conditions
NOI Build-Up for 5,122 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
$101.4K $19.80/SF
− Vacancy
−$5.6K −$1.09/SF
EGI
$95.8K $18.71/SF
− OpEx
−$28.8K −$5.61/SF
NOI
$67.1K $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%
$1,341,720
Cap Rate 7%
$958,371
Cap Rate 9%
$745,400
Alternative Uses
Best Use
Multifamily LT 5
$958.4K
$838.6K – $1.12M
NOI $67,086 @ 7.0% cap · market cap 6.85%
Second Best
Apartment 5plus
$829.0K
$725.4K – $967.1K
NOI $58,028 @ 7.0% cap · market cap 5.92%
Theoretical Best
Office A
$1.32M
$1.15M – $1.54M
NOI $92,196 @ 7.0% cap · market cap 9.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
533
Businesses Nearby
Explore this area
Business Placement
Demographics for 77051, TX
18,323
Population
7,453
Households
2.5
Avg Household Size
34
Median Age
15%
College-Educated
78%
High-School Grad
7.4 sq mi
ZIP Area
2,476
Density / Sq Mi
$40,030
Median Household Income
$31,914
Median Earnings
$1,332
Median Rent
$171,900
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 - Two-story income property with four modern residences, open living areas, fireplaces, and kitchens designed around large islands.
Where is this quadplex located?
The property is located at A-d-5004 Carmen St Houston, TX.
What is the asking price?
The asking price for this property is $979,900.
What are key features of this property?
This property features: Four‑unit quadplex completed as new construction; 5,122 SF two‑story multifamily property; Each residence includes 3 bedrooms and 2 full bathrooms
