Located in the rapidly transforming Sunnyside area of Houston, this property presents an outstanding investment opportunity. The neighborhood is experiencing significant revitalization, with new construction and development projects enhancing the area's appeal and value. This well-maintained property consists of 20 duplexes, totaling 40 units, and is positioned to capitalize on the area's growth.
The property is strategically divided into several groups: two clusters of six duplexes each on Carmen Street (24 units), one group of four duplexes on Paula Street (8 units), and another group of four duplexes on Coffee Street (8 units). With a purchase price of $3,795,000 and a strong 7.8% cap rate, this income-generating asset produces a rental income of $41,360 per month and is not in a flood zone, having remained unaffected during recent hurricanes, according to the previous owner.
Extensive improvements have been made to enhance the property's value and efficiency, including major plumbing upgrades and a new roof installation on one duplex. Additionally, previous plumbing issues leading to higher water bills have been resolved, ensuring lower operating costs moving forward.
Rental rates remain highly competitive in this thriving area. Renewals are being signed at $995, while newly leased units are going for $1,095 in 2024 and $1,195 in 2025. The landlord covers water, trash, and sewer expenses, while tenants are responsible for electricity, making this a highly attractive rental option for tenants and a profitable venture for investors.
Recent upgrades include a new sewer line repair at 5014 Carmen Street and a new roof installation at 4921 Paula Street. The property is fully stabilized, with strong cash flow and consistent occupancy. Four units are on Section 8, ensuring reliable income streams.
With modernized infrastructure, strong rental demand, and a thriving neighborhood undergoing rapid growth, this property offers an exceptional investment opportunity in Houston’s evolving Sunnyside district.
For additional details, including a map of all properties, pictures, videos, the rent roll, and the 2024 profit and loss statement, refer to the listing in the data room.