Gated Duplex with Attached
For Sale
$559,900
Ab-3510 Grassmere St, Houston, TX 77051
Brand-new gated duplex with two units, each offering 3 bedrooms, 2.5 baths, and an attached 2-car garage.
Property Size3,236 SF
Price / SF$173.02
Days on Market127
Property Features for Ab-3510 Grassmere St
General Information
Standard status
Active
Size
3,236 SF
Total Parking Spaces
4
Property subtype
Residential Income
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,562
Amenities
gated driveway access
private fenced areas
landscaping
sidewalks
gutters
open-concept layout
modern kitchens with stainless steel appliances
durable flooring
Listing Agency:
REALM Real Estate Professionals - West Houston
(281) 870-0000
Listed By:
Adefemi Rogers · License #0717103
(832) 304-4655
Source:
Exprealty
Added: May 18
Changed: Sep 12
Last Checked: Sep 21 at 10:16AM
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 REALM Real Estate Professionals - West Houston
Investment Insights
Based on property information with market context.
Brand-new gated duplex offering approximately 3,236 SF of total living space across two spacious units. Each unit features three bedrooms and 2.5 bathrooms, with approximately 1,618 SF of interior living space. Both residences include an open-concept layout and modern kitchens with stainless steel appliances.
Each unit has an attached 2-car garage, gated driveway access, and private fenced areas. Exterior improvements include landscaping, sidewalks, and gutters.
Set up for both investors and owner-occupants, this duplex combines a functional, private configuration with a newer build and rental appeal. It is positioned in Houston’s Medical Center South area, with access to the Texas Medical Center, Downtown Houston, major highways, universities, shopping, and dining.
Each unit has an attached 2-car garage, gated driveway access, and private fenced areas. Exterior improvements include landscaping, sidewalks, and gutters.
Set up for both investors and owner-occupants, this duplex combines a functional, private configuration with a newer build and rental appeal. It is positioned in Houston’s Medical Center South area, with access to the Texas Medical Center, Downtown Houston, major highways, universities, shopping, and dining.
Key Highlights
- Approximately 3,236 SF total living space
- Two units, each with 3 bedrooms and 2.5 bathrooms
- Approximately 1,618 SF interior living space 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
$42,384
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
7.57%
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%
$847,680
$847.7K
Cap Rate 7%
$605,486
$605.5K
Cap Rate 9%
$470,933
$470.9K
Market Conditions
NOI Build-Up for 3,236 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
$64.1K $19.80/SF
− Vacancy
−$3.5K −$1.09/SF
EGI
$60.5K $18.71/SF
− OpEx
−$18.2K −$5.61/SF
NOI
$42.4K $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%
$847,680
Cap Rate 7%
$605,486
Cap Rate 9%
$470,933
Alternative Uses
Best Use
Multifamily LT 5
$605.5K
$529.8K – $706.4K
NOI $42,384 @ 7.0% cap · market cap 7.57%
Second Best
Apartment 5plus
$523.7K
$458.3K – $611.0K
NOI $36,661 @ 7.0% cap · market cap 6.55%
Theoretical Best
Office A
$832.1K
$728.1K – $970.8K
NOI $58,248 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
222
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?
Duplex - Brand-new gated duplex with two units, each offering 3 bedrooms, 2.5 baths, and an attached 2-car garage.
Where is this duplex located?
The property is located at Ab-3510 Grassmere St Houston, TX.
What is the asking price?
The asking price for this property is $559,900.
What are key features of this property?
This property features: Approximately 3,236 SF total living space; Two units, each with 3 bedrooms and 2.5 bathrooms; Approximately 1,618 SF interior living space per unit
