ACRE VILLA APARTMENTS

Address:
8447 PARK PLACE BLVD., HOUSTON, TEXAS 77017
Price:

NO OFFICIAL ASKING PRICE

Price / Unit:
N/A
Price / Square Foot:
N/A
Number of Units:
40
Avg Sq. Ft. / Unit:
846
Class:
"C"
Type:
1962 CONSTRUCTED - GARDEN STYLE - 2 STORY APARTMENT COMMUNITY
Broker / Agent:

Description:

INVESTMENT HIGHLIGHTS 

  • Property Overview - The propertyis located just outside the 610 Loop of Houston, consists of 40 units, is 95% occupied and is located in the Gulf Freeway Sub-Market of Houston.  It is a dense and well-diversified area just outside of Loop 610.  Many of the employers in the sub-market are aligned along interstate 45 and Loop 610.  The Port of Houston Industrial Complex is approximately 2 miles north of the property.  The area is an older area of Houston with homes built in the 50's and 60's.  The market is a stable rental market area with occupancies above average when compared to the city of Houston as a whole. The property is a mile northwest of I-45 (Gulf Freeway) and a little less than a mile outside Loop 610. The current owner has expended 150K+ in CapX since 2015.
  • Offered "All Cash" Buyer to obtain new financing.  There is no assumable debt in place, allowing for unrestricted financing options to a buyer.

  • Acre Villa has ingress and egress on Park Place Blvd. It is located with ease of access to the Hobby Airport System, Port of Houston, Pasadena, Texas Medical Center, Downtown Houston, Clear Lake, Pearland and on.
  • Investment Overview - There seems to be upside with interior improvements and domestic rent increases. The property's rents seem to be well below its competition in the area. Since there are no units under construction or proposed for the sub-market area and rental rates and occupancy rates have steadily increased over the last year (4.25% rate increase over 2017), the property has prime opportunity to capture significant growth. In addition, the property has just started charging for water.  As of September there are approximately 22 tenants that are being billed back for water the other units will be charged upon renewal or turns. The property also has 6 storage units of which the property utilizes 2 and 3 of them are being leased at $40/unit and one is empty. There is one Laundry Facility  and the contract is up in November 2019, a new buyer will be able to renegotiate the contract at that time or install his own new orused appliances to capture all of the income from their use.

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