1 / 3015-Unit Multifamily in Houston, TX
Harris County, TX · listed Aug 18, 2025 (435 days)
- $/unit
- $173,333
- ▲ 73% vs TX · 81st pct
- Cap rate
- 5.7%
- ▼ 1.6 pts vs TX median
- NOI
- $149K
- $9,933/unit/yr
- Units
- 15
- 3 bldg · 1940
Financials
- Asking price
- $2,600,000
- Price per unit
- $173,333
- Price per sq ft
- $257
- Gross rent / year
- Not stated
- Net operating income
- $149,000
- NOI per unit
- $9,933
- Cap rate
- 5.7%
- Gross yield
- Not stated
- Occupancy
- Not stated
As stated by the seller. Verify during due diligence.
Building
- Units
- 15
- Unit mix
- 15 one-bedroom/one-bath units
- Buildings
- 3
- Year built
- 1940
- Building size
- 10,100 sq ft
- Avg unit size
- 673 sq ft
- Lot size
- Not stated
- Condition
- Value-add
Deal terms
- Owner financing
- Not stated
Listing
- Listed
- Aug 18, 2025
- Days on market
- 435 days
- On MultifamilyRadar
- Oct 28, 2026
- Last price change
- Not stated
- Location
- Approximate (~0.5 mi)
- Listing #
- 1189
About this property
Presenting (address on request)reet, a 15-unit Class C apartment complex situated on a highly visible corner lot in the heart of Houston’s vibrant Montrose neighborhood. Comprised of two front 4-plex buildings (built 1940) and a rear 7-unit garden-style building (built 1962), this property offers stable cash flow with immediate value-add upside through targeted renovations and rent growth.
Key Features:
- 15 one-bedroom/one-bath units with strong occupancy potential
- Total building area approximately 10,100 sq ft on a 0.29-acre lot
- On-site parking and laundry facilities
- Prime Montrose location — close to restaurants, shops, and major employment centers
- Excellent opportunity for investors seeking stable income and long-term appreciation
With proforma NOI of $151,850 and cap rate of 5.7% at $2.65M, this property represents a rare chance to acquire a small-batch, value-add multifamily asset in one of Houston’s most desirable neighborhoods.
Multifamily | 15 Units | $173,333/unit
Highlights
1. Prime Montrose Location
- Highly desirable, vibrant neighborhood with strong rental demand.
- Close to restaurants, shops, entertainment, and major employment hubs.
2. Stable Existing Cash Flow
- 15-unit Class C apartment complex with current NOI of $149,000/year.
- 100% rental unit configuration: 1-bedroom/1-bath units.
3. Value-Add Opportunity
- Potential to increase rents with targeted interior renovations and unit upgrades.
- Ancillary income opportunities: laundry, parking, or pet fees.
4. Small-Batch, Boutique Asset
- Two front 4-plexes and one rear 7-unit garden-style building on a corner lot.
- Total building area ~10,100 sq ft on 0.29-acre lot.
5. Attractive Proforma Metrics
- Proforma NOI: $151,850/year
- Cap Rate at $2.65M: 5.7%
- Price per Unit: $176,667/unit
6. Strong Upside Potential
- Value-add investor can improve NOI and cap rate with modest to moderate upgrades.
- Opportunity for long-term appreciation due to Montrose land value and redevelopment potential.
Location
Approximate area. The exact address is shared on request.
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