LAS PALMAS

Address:
5601 Hamill, Houston, Texas 77039
Price:

Unpriced

Price / Unit:
N/A
Price / Square Foot:
N/A
Number of Units:
128
Avg Sq. Ft. / Unit:
833
Class:
"C" Property
Type:
1976 2 STORY, GARDEN STYLE APARTMENT COMMUNITY
Broker / Agent:

Description:

INVESTMENT INFORMATION:
 
1) Located in the East Aldine district in an unincorporated area of northeast Houston, Tx. in the county of Harris. The area is made up of largely Hispanic households. Many small industrial facilities are located in and near the community. Its location is inside Beltway 8, just east of Hwy 59 and west of Homestead Rd. The district government estimates that the district is 15 minutes driving distance from Downtown Houston, and is in proximity to the Houston Ship Channel, the Port of Houston, George Bush IAH, and Humble. The area is largely made up of homes dating in the mid to late 70's. Approximately 70% of the population in the East Aldine area are renters. The rental occupancy in the area is above average when compared to the city of Houston.
 
2) UpsideThe property is highly upgradeable. Properties in the area have approximately 27% higher rents than Las Palmas. Some interior improvements a new owner may consider to allow an increase in rents are granite counters, new lighting and hardware package, cabinet painting/replacement, faux wood flooring. In addition, a new owner could add some covered parking and charge back for trash and gas for additional income. Landscaping improvements would improve the curb appeal of the property. All two bedroom units have washer and dryer connections. There is one laundry room on the property. There is a Laundry contract in place which expires in January 2023. The seller has recently completed painting the exterior of the property.
 
3) It is the broker's opinion, that with continued interior and exterior upgrades, the property could see upside in the rents as the rents seem to be well below properties in the area that have been upgraded.
 
4) Rent and Occupancy Growth - The population growth in Texas cities has been steady, this trend should continue due to a lower cost of living and lower taxes. Texas has seen the highest influx of out-of-staters than any other state in the US. In addition, corporate move-ins are on the rise as well. This should sustain rent growth in major Texas cities well into the future.

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