VERVE

Address:
3201 GARTH RD., BAYTOWN, TEXAS 77521
Price:

TO BE DETERMINED BY THE MARKET

Price / Unit:
N/A
Price / Square Foot:
N/A
Number of Units:
56
Avg Sq. Ft. / Unit:
827
Class:
"B"
Type:
1963 CONSTRUCTED, RECENTLY RENOVATED, 2 STORY APARTMENT COMMUNITY
Broker / Agent:

Description:

  1. Nicely rehabbed community with 98% occupancy as of the 2-25-19 Rent Roll - Conveniently located in the Baytown sub-market of Houston, Texas. The area is a stable market area with occupancies consistently above average when compared to the city of Houston. The area is approximately 23 miles east of downtown Houston, 11.5 miles southeast of the city limits of Houston and is part of the Houston MSA. Baytown is the third largest city in Harris County and has the easiest commute to Houston among all of Houston's surrounding communities. The property did not flood in 2017 during Hurricane Harvey.

  2. The property has ingress and egress on Garth Road where 20K+ Vehicles pass by each day.

  3. Located near major employment centers in Baytown with ease of access to the city of Houston. Major employers within a few miles of the property include ExxonMobil, Port of Houston, Covestro, Borusan Mannesmann, Chevron Phillips Chemical Co., Methodist Hospital, Enterprise Products Partners, Lone Star NGL, Oneok

  4. A Major Exterior and Interior Rehab was completed in 2017. The exterior rehab included the total remodel, down to the studs, of the Leasing office. In addition, Building 1 received a new roof, solar screens were added to the property, new signage, major landscaping improvements as well as improvements to the plumbing, fencing and parking lot improvements at a cost of approximately $1.63 million. Major improvements were also done to the interior of the units some of which include new appliances, lighting, hardware, mirrors, cabinets, interior doors, flooring, 2 tone paint, refloating of the kitchen and bathrooms, tile, window blinds and some plumbing upgrades at an approximate cost of $12,500/unit for a total interior rehab of approximately $700K.

  5. The property is sub-metered for electricity but they are not being utilized. The current owner uses a Capped RUBS for electricity. Water and Gas are on a RUBS with no Cap. Trash and Pest Control are billed back at a fee of $8 for Trash and $3 for Pest Control. Upside with domestic rent increases, income stabilization and reduction of the current operating expenses.

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