Gated Short-Term Rental
For Sale
$669,999
De-850 Elkhart St, Houston, TX 77091
Two completed townhomes offer furnished rental flexibility, private garages, and upgraded interiors in a gated setting.
Property Size3,182 SF
Price / SF$210.56
Days on Market24
Property Features for De-850 Elkhart St
General Information
Standard status
Active
Size
3,182 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$13,460
Listing Agency:
Home Pros Real Estate Group
(915) 502-1439
Listed By:
Christopher Moran · License #0655612
(915) 502-1439
Source:
Exprealty
Added: Aug 9
Changed: Aug 31
Last Checked: Aug 31 at 5:58PM
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 Home Pros Real Estate Group
Investment Insights
Based on property information with market context.
This offering includes one or both of two matching gated townhomes completed in 2024. Each residence contains 1,591 square feet with three bedrooms, 2.5 baths, tall ceilings, and luxury vinyl plank flooring. Interior features include a quartz kitchen island, stainless steel appliances, gas cooking, and an upper-level primary suite with a freestanding soaking tub, oversized shower, and walk-in closet. Each home also has a private two-car garage equipped with an EV charger.
Unit D is leased, while Unit E operates as an Airbnb with supporting documentation available upon request. Unit E may be acquired with its furnishings. The property is located near Oak Forest, The Heights, major employers, shopping, dining, airports, and Houston’s expanding Apple, Foxconn, and Nvidia manufacturing corridor.
Unit D is leased, while Unit E operates as an Airbnb with supporting documentation available upon request. Unit E may be acquired with its furnishings. The property is located near Oak Forest, The Heights, major employers, shopping, dining, airports, and Houston’s expanding Apple, Foxconn, and Nvidia manufacturing corridor.
Key Highlights
- Two matching gated townhomes completed in 2024
- Each home measures 1,591 square feet with 3 bedrooms and 2.5 baths
- Private 2‑car garage with EV charger for each residence
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
$36,049
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
5.38%
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%
$720,980
$721.0K
Cap Rate 7%
$514,986
$515.0K
Cap Rate 9%
$400,544
$400.5K
Market Conditions
NOI Build-Up for 3,182 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
$69.9K $21.96/SF
− Vacancy
−$4.3K −$1.36/SF
EGI
$65.5K $20.60/SF
− OpEx
−$29.5K −$9.27/SF
NOI
$36.0K $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%
$720,980
Cap Rate 7%
$514,986
Cap Rate 9%
$400,544
Alternative Uses
Best Use
Apartment 5plus
$515.0K
$450.6K – $600.8K
NOI $36,049 @ 7.0% cap · market cap 5.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$818.2K
$716.0K – $954.6K
NOI $57,276 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
503
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?
Short term rental property - Two completed townhomes offer furnished rental flexibility, private garages, and upgraded interiors in a gated setting.
Where is this short term rental property located?
The property is located at De-850 Elkhart St Houston, TX.
What is the asking price?
The asking price for this property is $669,999.
What are key features of this property?
This property features: Two matching gated townhomes completed in 2024; Each home measures 1,591 square feet with 3 bedrooms and 2.5 baths; Private 2‑car garage with EV charger for each residence
