16-Unit Multifamily in Houston, TX
Harris County, TX · listed Aug 26, 2026 (63 days)
- $/unit
- $103,125
- ▲ 12% vs TX · 57th pct
- Cap rate
- 7.3%
- ▼ 0.1 pts vs TX median
- NOI
- $267K
- $16,665/unit/yr
- Units
- 16
- 3 bldg · 1960
Financials
- Asking price
- $1,650,000
- Price per unit
- $103,125
- Price per sq ft
- $128
- Gross rent / year
- $484,800
- Net operating income
- $266,640
- NOI per unit
- $16,665
- Cap rate
- 7.3%
- Gross yield
- 29.4%gross rent ÷ price
- Occupancy
- Not stated
As stated by the seller. Verify during due diligence.
Building
- Units
- 16
- Unit mix
- 28 two-bedroom/one-bath units and 10 one-bedroom/one-bath units
- Buildings
- 3
- Year built
- 1960
- Building size
- 12,922 sq ft
- Avg unit size
- 808 sq ft
- Lot size
- 15615 acres
- Condition
- Value-add
Deal terms
- Owner financing
- Not stated
Listing
- Listed
- Aug 26, 2026
- Days on market
- 63 days
- On MultifamilyRadar
- Oct 28, 2026
- Last price change
- Not stated
- Location
- Approximate (~0.5 mi)
- Listing #
- 1009
About this property
Lancia Flats offers investors the opportunity to acquire a substantially renovated 38-unit multifamily portfolio in Houston, Texas, at an attractive basis with significant near-term lease-up upside.
The portfolio consists of two properties located at (address on request) and (address on request) and includes 28 two-bedroom/one-bath units and 10 one-bedroom/one-bath units.
Ownership has completed substantial capital improvements across both properties. Improvements at 6821 Fairway include new flooring, kitchen cabinets, Formica countertops, bathroom vanities and fixtures, interior paint and multiple replacement windows. The 6840 Fairway property has undergone a comprehensive renovation including a new roof, electrical and plumbing systems, lighting, flooring, kitchens, bathrooms and windows throughout.
6840 Fairway recently received its Certificate of Occupancy and is now entering active lease-up. This allows a purchaser to acquire the property after the majority of physical repositioning and construction risk has already been addressed, while retaining the opportunity to capture value through stabilization.
At projected stabilized rents, the portfolio is expected to generate approximately $484,800 in annual gross scheduled rent and approximately $266,640 in stabilized NOI using a conservative 45% operating expense assumption.
The portfolio is offered at $3,550,000, approximately $93,400 per unit, representing a projected stabilized capitalization rate of approximately 7.51%.
The properties are also available individually at $2,000,000 for (address on request) and $1,650,000 for (address on request), for a combined individual asking price of $3,650,000.
This offering provides an investor with the opportunity to acquire a renovated Houston multifamily portfolio, complete the ongoing lease-up, and capture the resulting increase in cash flow and stabilized asset value.
38 Renovated Houston Units | 7.51% Stabilized Cap | Lease-Up Upside
Highlights
38-unit multifamily portfolio consisting of two properties located at 6821 and (address on request) in Houston
- Portfolio offered at $3,550,000, or approximately $93,400 per unit
- Stabilized annual gross scheduled rent of approximately $484,800
- Stabilized NOI of approximately $266,640 using a conservative 45% operating expense ratio
- Projected stabilized cap rate of approximately 7.51%
- Substantial recent capital improvements across both properties, significantly reducing near-term renovation requirements for a buyer
- 6840 Fairway recently received its Certificate of Occupancy and has entered active lease-up
- 6840 renovations include new roof, electrical, plumbing, lighting, flooring, kitchens, bathrooms and windows throughout
- 6821 renovations include new flooring, kitchen cabinets, Formica countertops, bathroom vanities and fixtures, interior paint and multiple replacement windows
- Attractive unit mix of 28 two-bedroom/one-bath units and 10 one-bedroom/one-bath units
- Immediate value-creation opportunity through continued lease-up and stabilization
- Properties available individually for a combined $3,650,000 or together at a $100,000 portfolio discount
Location
Approximate area. The exact address is shared on request.
Similar buildings nearby
| Property | Price | $/unit$/unit vs median | Cap |
|---|---|---|---|
 Houston, TXHigh yieldValue-add | $2M | $91K$91K | 7.3% |
 Houston, TX | $1.75M | $88K$88K | 7% |
 Houston, TX▼ 3% cutValue-add | $600K | $67K$67K | — |
 Houston, TXNewOwner financingStabilized | $3M | $167K$167K | 5.3% |
 Houston, TXStabilized | $1.4M | $100K$100K | 6.4% |
 Houston, TXStabilized | $1.25M | $156K$156K | 6.3% |