1) Monroy - is a value enhancement opportunity. The property is being offered on the assumption of the in-place, below market, interest rate loan. Monroy is a 32 unit, "C" grade, garden style apartment community. The property is located in the unincorporated area of Clover Leaf (no city taxes) which is in the east Houston MSA between Wallisville Rd and I-10 East. The property has good access to Beltway 8 and I-10 East and other major streets and roads in the area. This area has a large blue collar workforce demographic with housing in the area being comprised of mostly B and C grade workforce housing with an average sales price of approximately $200K. The property is individually metered for electric and mater metered for gas and water, for additional income a new owner may be able to rebill water and gas through a RUBS. The owner completed an approximate $1.4M rehab in October 2020.
2) Location & Accessibility - The Monroy Apartments’ location in the Clover Leaf area is ideal as it sits within the Houston MSA as is afforded all the conveniences and employment of a large metropolitan city without the taxation of the city. Most of the residents in this area live within 30 minutes of their work (compared to the 75 minute average for the City of Houston). The location gives convent access to I-10 East, and Beltway 8, which allow access to the major employment centers in the area, including the Houston CBD., the Port of Houston, the numerous refineries along Highway 225 in Galena Park, and the multitude of Business along the I-10 East Corridor as well as Beltway 8. Monroy is approximately 9.5 miles northeast of the Port of Houston, 15 miles northeast of Hobby Airport, 23 miles northwest of the Houston Ship Channel, 15 miles northwest of the Bayport Industrial District, 13 miles east of the Houston Central Business District and 17 miles northeast of the Texas Medical Center. It is located near Kroger, Walmart Supercenter and the neighborhood schools are within a short commute.