1318 Avenue A - Apartments FOR SALE


South Houston, TX 77587- Mount Vernon
$5,500,000 USD
281-451-8437
1318 Avenue A, South Houston, TX for Sale
$5,500,000 USD
Apartments - FOR SALE
1/40
null | Request Cap Rate

1318 Avenue A
South Houston, TX 77587
Mount Vernon


HIGHLIGHTS

  • 97% Occupancy
  • 2020 Construction
  • Separate Meter for Water and Electric
  • Comprehensive Safety: equipped with sprinkler systems throughout all buildings and units
  • Ideal Unit Mix of 35- 2 bed/1 bath units, 6- 2 bed/1.5 bath units, and 1- 1 bed/1 bath unit
  • On-Site Management- includes a dedicated on-sight office with a local part time manager

OVERVIEW

Highlights: This well-maintained multi-family property presents a compelling investment opportunity in a strategic Houston location. Built in 2020 and boasting a high occupancy rate, this property offers immediate cash flow and attractive features for both tenants and owners. Key Features: *Strong Occupancy: Currently operating at an impressive 97% occupancy, ensuring consistent rental income. *Modern Construction: Built in 2020, the property benefits from contemporary design and construction standards, potentially reducing near-term capital expenditures. *Separately Metered Utilities: All units are separately metered for both water and electrical, allowing for efficient utility management and direct billing to tenants. *Comprehensive Safety: Equipped with sprinkler systems throughout all buildings and units, providing enhanced safety and potentially lower insurance costs. *Flexible Utility Options: While the majority of units are fully electric, one building includes gas, offering flexibility for tenant preferences. *Ideal Unit Mix: Features a desirable mix of 35- 2 bed/1 bath units, 6- 2 bed/1.5 bath units, and 1- 1 bed/1 bath unit, catering to a broad tenant base. *On-Site Management: Includes a dedicated on-site office, facilitating efficient property management. A local, part-time manager is currently in place. *Ample Parking: Offers two reserved parking spots per unit, a significant amenity for residents. *Strategic Industrial Proximity: Located less than five minutes from at least five major chemical and oil refineries, potentially attracting a consistent tenant pool working in these industries. Investment Considerations: This property offers a unique blend of modern construction, strong occupancy, and efficient utility management. The strategic location near major industrial hubs provides a consistent demand for rental housing. The existing on-site management and well-maintained condition contribute to a streamlined investment experience. Don't miss this opportunity to acquire a high-performing multi-family asset in a key Houston location.

FOR SALE DETAILS

PRICE

$5,500,000 USD

PRICE/SF

$141 USD /SF

# OF UNITS

42

PRICE/UNIT

$130,952

CAP RATE

Request Cap Rate

% LEASED

98%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Investment Opportunity: 42-Unit High Occ.

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

2020

PARKING SPACES

100

LAND DETAILS

LAND ACRES

1.29 AC

LAND SF

56,192 SF

ZONING

-

APN/PARCEL ID

0341930000205

ASK ABOUT THIS PROPERTY

Kevin Riles, CCIMKevin Riles CommercialMore Info
281-451-8437

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Kevin Riles, CCIMKevin Riles CommercialMore Info
281-451-8437

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.