Houston Small Multifamily Market: Cap Rates, Rents, and Inventory by Zip
What is actually for sale and what it is asking, across the seventeen Houston zip codes where small apartment buildings and 2 to 4 unit properties trade at investor prices.
Data as of August 23, 2026. Refreshed weekly from HAR MLS and Crexi; method below.
| Zip | Area | 5+ unit for sale | 2 to 4 unit for sale | Median ask, 2 to 4 unit | Ask per door, 5+ | Stated cap, 5+ | Est. cap, 2 to 4 | Apartment rent | New build rent | Closed 12 mo | Closed $/SF | Sale to list |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 77029 | Northeast Houston | 1 | 18 | $359,900 | n/a | n/a | 5.7% | $1,650 | $1,699 | 49 | $159 | 100.0% |
| 77028 | Northeast Houston | 2 | 53 | $415,000 | $30,312 | n/a | 5.2% | $1,700 | $1,750 | 65 | $165 | 100.0% |
| 77016 | Northeast Houston | 4 | 22 | $427,500 | $64,592 | 8.5% (1) | 5.0% | $1,400 | $1,820 | 16 | $164 | 100.0% |
| 77051 | South Houston | 0 | 47 | $520,000 | n/a | n/a | 4.6% | $1,800 | $1,982 | 88 | $174 | 100.0% |
| 77033 | South Houston | 1 | 39 | $489,900 | n/a | n/a | 4.6% | $1,750 | $1,849 | 50 | $187 | 100.0% |
| 77021 | Medical Center South | 9 | 26 | $499,450 | $105,500 | 8.6% (3) | 5.3% | $1,099 | $2,375 | 35 | $186 | 100.0% |
| 77011 | East End | 6 | 26 | $294,000 | $93,750 | 5.6% (2) | 6.5% | $1,062 | $2,298 | 21 | $163 | 98.0% |
| 77023 | East End | 4 | 18 | $470,000 | $129,998 | 7.1% (2) | 4.0% | $1,050 | $2,297 | 16 | $149 | 96.0% |
| 77020 | East End | 6 | 25 | $459,999 | $73,330 | 10.3% (2) | 6.3% | $1,200 | $2,516 | 14 | $164 | 99.0% |
| 77082 | Alief | 0 | 9 | $300,000 | n/a | n/a | 10.1% | $1,330 | $2,175 | 2 | $72 | 95.0% |
| 77072 | Alief | 1 | 2 | $630,000 | $110,000 | n/a | n/a | n/a | n/a | 5 | $122 | 94.0% |
| 77088 | Acres Homes | 0 | 34 | $442,950 | n/a | n/a | 4.9% | $1,700 | $1,800 | 62 | $178 | 100.0% |
| 77091 | Acres Homes | 2 | 19 | $590,000 | $319,900 | 5.7% (2) | 4.7% | $1,700 | $2,300 | 12 | $171 | 97.0% |
| 77026 | Fifth Ward / Kashmere | 7 | 29 | $400,000 | $77,273 | n/a | 5.2% | $999 | $2,000 | 14 | $187 | 100.0% |
| 77004 | Third Ward | 11 | 48 | $637,450 | $59,667 | 9.3% (5) | 4.0% | $1,200 | $2,800 | 36 | $181 | 95.0% |
| 77022 | Independence Heights | 0 | 19 | $487,500 | n/a | n/a | 5.6% | $1,250 | $2,300 | 14 | $144 | 100.0% |
| 77093 | Northside | 2 | 11 | $350,000 | n/a | n/a | 7.0% | $1,550 | $1,850 | 8 | $183 | 100.0% |
Newer product is scarce: 4 of the 5+ unit listings and 249 of the 2 to 4 unit listings were built in 2010 or later.
Machine readable version: houston-multifamily-market.json. Cite as "InSync Homes and Loans, Houston Small Multifamily Market, data as of the date shown."
How to read the table
5+ unit for sale and ask per door
Active apartment buildings from the MLS and Crexi, deduplicated. Price per door is the asking price divided by the unit count where the listing states one.
Stated cap
The cap rate the listing publishes (Crexi field, MLS net operating income divided by price, or a figure in the remarks). The count in parentheses is how many listings in the zip state one; most small MLS buildings do not.
Estimated cap, 2 to 4 unit
Units times the zip's median closed lease (2015 and newer homes for new build product, apartment leases otherwise) times twelve, less 8 percent vacancy and 45 percent operating expenses, over the asking price. A screening number. Anything above about 12 percent usually means vacancy or condition is priced in.
Apartment rent and new build rent
Median closed lease in the last twelve months for units in multifamily buildings, and for 2 to 3 bedroom homes built 2015 or later. Both come from the MLS, not asking rents.
Closed 12 months, $/SF, sale to list
Closed multifamily sales in the zip over the trailing twelve months, the median price per building square foot, and the median closed price as a percentage of the final list price.
What the numbers say about buying small multifamily in Houston
Houston is delivering record apartment supply at the top of the market while small buildings in these zip codes still trade at a third or less of replacement cost, which is why existing 5 to 20 unit buildings at stated caps above 8 percent are the best risk adjusted use of investor capital here, and why building a new 5+ unit property to hold rarely pencils outside the Loop. The newest inventory is 2 to 4 unit product: duplex packages from builders, bought one at a time or in bulk, financed like houses and sold to retail buyers. Our commercial brokerage page explains how we screen both, and the commercial mortgage page covers the financing for each.
Frequently asked questions
Where does this Houston multifamily data come from?
Two sources, refreshed weekly: the Houston MLS (HAR) through its data feed for active 2 to 4 unit and 5+ unit listings, 12 months of closed multifamily sales, and 12 months of closed apartment leases; and the Crexi commercial marketplace for 5+ unit asking prices and broker stated cap rates. Listings above $3,000,000 are excluded so the table describes the small balance market.
How is the estimated cap rate calculated?
Units times the zip code's median closed apartment lease (or the median lease on 2015 and newer homes for new build 2 to 4 unit product), times twelve, less an 8 percent vacancy allowance and a 45 percent operating expense allowance, divided by the asking price. It is a screening number. Stated cap rates come from the listing itself.
Why are stated cap rates so much higher than estimated ones in some zip codes?
Stated caps are published mostly on older 5+ unit buildings with deferred maintenance and value add stories, while the estimates sit on newer duplexes priced for retail buyers. A 12 percent stated cap on a 1950s building and a 6 percent estimated cap on a 2024 duplex describe different risks, not a pricing error.
Which Houston zip codes are included and why?
Seventeen zip codes where small multifamily actually trades at investor prices: Northeast Houston (77029, 77028, 77016), South Houston and the Medical Center south side (77051, 77033, 77021), the East End (77011, 77023, 77020), Alief (77082, 77072), Acres Homes (77088, 77091), Fifth Ward and Kashmere Gardens (77026), Third Ward (77004), Independence Heights (77022), and Northside (77093). Request another zip and we add it.
Can I get the list of the actual properties behind these numbers?
Yes, through the weekly deal flow on the commercial real estate page. Tell us your unit count, price ceiling, zip codes, and cap rate floor and you receive the matching listings with links each week.
InSync Homes and Loans. Ben Helstein, Texas real estate broker and mortgage loan originator, NMLS #1577314. InSync Loans NMLS #1829321. Equal Housing Opportunity. Nothing on this page is a commitment to lend or a guarantee of terms; every loan is subject to lender underwriting, property review, and credit approval. Cap rate estimates are screens built from public listing data and market rents, not appraisals.