1 / 3022-Unit Multifamily in Houston, TX
Renovated 22-Unit Houston Multifamily with Lease-Up Upside
Harris County, TX · listed Aug 26, 2026 (63 days)
Exclusively listed by Elite Exit Advisors. Offering memorandum available.
- $/unit
- $90,909
- ▼ 9% vs TX · 43rd pct
- Cap rate
- 7.3%
- ▲ 0.0 pts vs TX median
- NOI
- $147K
- $6,660/unit/yr
- Units
- 22
- 3 bldg · 1960
Key facts from the offering memorandum
- Asking Price
- $2,000,000
- Units
- 22 (16 two-bedroom/one-bath, 6 one-bedroom/one-bath)
- Price per Unit
- $90,909
- Current Occupancy
- 10 of 22 units, per current rent roll (active lease-up)
From the broker's offering memorandum. The full memorandum (financials, rent roll) is available on request.
Financials
- Asking price
- $2,000,000
- Price per unit
- $90,909
- Price per sq ft
- $125
- Gross rent / year
- $266,400
- Net operating income
- $146,520
- NOI per unit
- $6,660
- Cap rate
- 7.3%
- Gross yield
- 13.3%gross rent ÷ price
- Occupancy
- Not stated
As stated by the seller. Verify during due diligence.
Building
- Units
- 22
- Unit mix
- 16 two-bedroom/one-bath and 6 one-bedroom/one-bath apartments
- Buildings
- 3
- Year built
- 1960
- Building size
- 16,050 sq ft
- Avg unit size
- 730 sq ft
- Lot size
- 0.58 acres
- Condition
- Value-add
Deal terms
- Owner financing
- Not stated
Listing
- Listed
- Aug 26, 2026
- Days on market
- 63 days
- On MultifamilyRadar
- Oct 29, 2026
- Last price change
- Not stated
- Location
- Approximate (~0.5 mi)
- Listing #
- 2251
About this property
The property is a renovated 22-unit multifamily property in Houston, Texas, made up of 16 two-bedroom/one-bath and 6 one-bedroom/one-bath apartments. Ownership has completed a substantial interior renovation program, so the remaining task for a buyer is lease-up.
Completed improvements include new flooring, new kitchen cabinets, Formica countertops, new bathroom vanities and fixtures, replacement of many of the heating and cooling units, plumbing work, fresh interior paint, replacement of several windows, and additional unit-level repairs.
Per the seller, the building was functional but needed cosmetic and plumbing work, which the renovation program addressed. The seller's trailing 12-month statement shows $266,747 of capital improvement spending on this property between September 2025 and August 2026, with very few expenses outside of capital improvements. The seller expects these renovations to substantially reduce maintenance and operating expenses going forward. That is the seller's expectation and has not yet been demonstrated by an operating history.
The property is operating and in active lease-up, with 10 of 22 units occupied per the current rent roll. The seller's stabilized pro forma assumes rents of $1,050 per month for two-bedroom units and $900 per month for one-bedroom units, which produces $266,400 in annual gross scheduled rent. Applying a 45% operating expense ratio, the seller projects stabilized NOI of $146,520. These are projections based on the seller's assumptions, not current results, and should be independently verified.
The property is operating today and ownership is actively leasing the vacant units. Occupancy and the rent roll may change during the marketing period. The rent roll, certificate of occupancy and renovation documentation are available upon request. The seller's trailing 12-month operating statement is available upon request.
The property is one of two nearby multifamily assets offered by the same seller. Its sister property, a 16-unit renovated building, may be purchased together with this one as a 38-unit portfolio.
Highlights
- 22-unit renovated multifamily opportunity at (address on request) in Houston
- Available individually or as part of a 38-unit portfolio with nearby (address on request)
- Unit mix: 16 two-bedroom / one-bath units and 6 one-bedroom / one-bath units
- Stabilized rents of $1,050 for 2BR units and $900 for 1BR units
- Approximately $266,400 stabilized annual gross scheduled rent
- Approximately $146,520 projected stabilized NOI using a conservative 45% operating expense ratio
- Existing tenancy provides in-place income with additional upside through continued lease-up
- Significant recent renovations including flooring, kitchen cabinetry, countertops, bathroom vanities and fixtures, interior paint, and several new windows
- Portfolio acquisition provides buyers the opportunity to acquire 38 total units across two recently improved properties in the same immediate area
Location
Approximate area. The exact address is shared on request.
Similar buildings nearby
| Property | Price | $/unit$/unit vs median | Cap |
|---|---|---|---|
 Houston, TX | $1.75M | $88K$88K | — |
 Houston, TXRenovated 16-Unit Houston Multifamily: New Roof & SystemsHigh yieldValue-add | $1.65M | $103K$103K | 7.3% |
 Houston, TX▼ 3% cutValue-add | $600K | $67K$67K | — |
 Houston, TXNewOwner financingStabilized | $3M | $167K$167K | 5.3% |
 Houston, TX58-Unit Texas Multifamily Portfolio: Houston and Big SpringExclusiveNewHigh yield | $5.13M | $88K$88K | 8.5% |
 Houston, TXStabilized | $1.25M | $156K$156K | 6.3% |