Multifamily Property for Sale in Houston, TX

  • Price: $1M
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Houston, TX 77023
  • Size: 11,249 SF
  • Year built: 1946

Description

We are pleased to present a multi-family investment opportunity at 4831-4839 Gulf Fwy, Houston, TX. This property features 12 units across three 4-plexes with classic mid-1940s architecture. Located inside the 610 Loop near the University of Houston, the site offers convenient access to the Texas Medical Center, Hobby Airport, and downtown Houston within the evolving EADO and Eastwood neighborhoods. Property Details: - Unit Mix: (11) 1BR/1BA and (1) 2BR/1BA. - Layout: Each address includes a detached front duplex and rear garage apartments. - Parking/Storage: Each unit includes an assigned garage space or storage area. There are six individual 1-car garages located beneath the rear units. - Features: Hardwood floors throughout, separate gas and electric meters, and a shared water meter. - Condition: Two units were fully renovated following fire damage in 2024; other units have been prepared as "rent ready" as needed. Leasing and Financials: - Current Rents: 1BR units at $800; 2BR unit at $1,000; renovated units at $1,200. - Gross Rents: $6,500 - $7,000/month. - Lease Terms: All tenants are long-term on month-to-month leases with below-market rents. - Occupancy: Two 1BR/1BA units are currently vacant and require interior renovations. - Expenses: Insurance is estimated at approximately $36,000/year. Terms of Sale: The property is being sold "as-is" with existing tenants. Please conduct drive-bys only and do not disturb occupants. There will be no showings or interior access without an accepted offer. Please note that limited financial information is available, and the property is being sold based on land value and improvements only. Directions: From Northbound I-45, take exit 43B to Tellepsen St., then follow Broadmoor St. and Lombardy St. to the property. Building SF: 11249 | Land Size: 18750.0 SF | Year Built: 1946 | Listing Type: FOR SALE

Market Context

This multifamily in Houston, TX is listed for sale at $1,000,000 across 11,249 SF. The building dates to 1946. It has been on the market for 39 days. Compare it against other multifamily listings for sale in Houston, TX — <a href="/search/sale/multifamily/texas/houston">view the full market</a>.

As of Q1 2026, the Houston multifamily market showed average asking rents near $1400.00/unit/mo, rents up 9.2% year over year, and cap rates around 4.8%. Source: Consensus Q1 2026 market report.

Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Multifamily market FAQ

What is the typical cap rate for multifamily in Houston?
About 4.8% as of Q1 2026, per Consensus.

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