Houston Multifamily for Sale
Exceptional investment opportunity in the heart of Houston's Neartown/Museum District — 3312 Crawford Street is a fully renovated four-unit quadplex operating as a proven hybrid short-term rental (STR) and long-term rental (LTR) asset offered at $900,000 ($225,000/unit) with a projected stabilized NOI of $88,866 and a 9.9% cap rate. Built in 1930 and comprehensively renovated in 2020, the property combines historic architectural character with modern finishes, updated systems, and a turnkey dual-strategy income model that delivers significantly above-market cash flow in one of Houston's strongest and most supply-constrained multifamily submarkets.
The property consists of four distinct units across two income strategies. The Oak 1 (~1,010 SF) and The Oak 2 (~950 SF) operate as fully furnished Airbnb short-term rental units generating projected monthly revenue of $4,560 each — reflecting approximately $150/night at 55% annual occupancy — a meaningful premium over comparable inner-loop long-term rental market rents of $1,800–$2,200/month for 2BR units. The Cellar (~600 SF) and The Hideaway (~600 SF) are stabilized long-term rentals at $2,000/month each on month-to-month leases, providing reliable baseline income. Total projected gross scheduled rent is $157,440/year across all four units.
What makes this offering uniquely compelling for commercial buyers is the availability of two consecutive years of IRS Schedule E verified income documentation. Gross rents received were $74,220 in 2024 and $74,037 in 2025 — rare third-party verified income history that removes the guesswork from underwriting and provides a proven baseline from which the stabilized pro forma projects meaningful upside as STR operations are fully optimized. Note: the zip code reflected on the Schedule E is a CPA data entry error; the property is located at 3312 Crawford Street, Houston, TX 77004. Key 2025 verified expenses include property taxes (HCAD) of $12,292, insurance of $14,624, and owner-paid utilities of $10,785. The stabilized pro forma reflects a 13% blended vacancy allowance, total operating expenses of $48,107, an operating expense ratio of 35.1%, and a net operating income of $88,866 — producing the 9.9% cap rate at the $900,000 asking price. At the CoStar-reported Neartown/River Oaks submarket market cap rate of 6.5%, the implied value of this asset is $1,367,173 — representing $467,173 of embedded value above the asking price on day one. The gross rent multiplier is 5.7x, comparing favorably to the typical inner-loop small multifamily range of 8–12x.
The property is located in the Neartown/River Oaks multifamily submarket, which CoStar identifies as one of Houston's strongest demand nodes and most supply-constrained submarkets as of Q2 2026. Current submarket vacancy stands at 9.6%, down from a peak of 10.6% in Q3 2025 and well below the Houston metro average of 12.7%. Critically, zero new multifamily units are expected to deliver in this submarket in 2026 — the first such supply gap in 15 years per CoStar — with the next wave of completions not anticipated until mid-2027. This creates an ideal window for continued vacancy compression, with CoStar projecting tightening toward 7–8% by 2028–2029. Average asking rents in the submarket are $2,025/unit, approximately $600 above the Houston metro average, supported by proximity to the Texas Medical Center (one of the largest employment hubs in the country), Downtown Houston, Greenway Plaza, Museum District, and Montrose entertainment. Household incomes in this corridor frequently exceed $200,000, anchoring a deep, diverse, and high-quality renter base. Investment activity in the submarket has averaged $308,000/unit across 34 transactions in the past 12 months per CoStar — well above this property's $225,000/unit ask.
Comparable sales support the pricing. The strongest 4-unit comp — 2602 Isabella Street (77004) — sold in August 2025 for $1,050,000 ($262,500/unit) at a 7.62% cap rate. 1660 Kipling Street (77006) sold in December 2025 for $860,000 ($215,000/unit). 1211 Miramar Street (77006) sold in February 2025 for $1,200,000 ($240,000/unit) on a 5-unit basis. At $225,000/unit, 3312 Crawford is priced above the comp median but below the top comparable — justified by its 2020 renovation, furnished STR operation, verified income history, and the substantial income premium generated by the Airbnb strategy. Houston's absence of traditional zoning provides additional operational flexibility, allowing a buyer to continue the current STR/LTR hybrid strategy or reposition without the entitlement risk present in other Texas markets.
A complete due diligence package is available upon request including 2-year IRS Schedule E (2024 and 2025), STR platform income documentation for The Oak 1 and The Oak 2 (available for qualified buyers upon request), current tenant leases for The Cellar and The Hideaway, 2025 HCAD property tax statement, 2025 insurance declaration, trailing 12-month utility bills, 2020 renovation documentation, stabilized pro forma, and CoStar comparable sale report. All information based on owner-provided data, IRS filings, and CoStar market research. Buyer to conduct independent due diligence and verify all income and expense figures.
