25-Unit Multifamily in Houston, TX

4706 Yellowstone Apartments presents an opportunity to acquire a substantially renovated 25-unit multifamily community in Houston, Texas, currently in active lease-up following an extensive repositioning program. Offered at $2,900,000, or approximately $116,000 per unit, the property allows an investor to acquire after significant renovation capital has already been deployed while retaining upside through continued lease-up and stabilization.

The renovation included substantial improvements throughout the property, including flooring, interior and exterior paint, mainline plumbing, electrical panels, granite countertops, cabinetry, HVAC, doors, windows and fixtures. The community also features controlled gated access and gated on-site parking. Individual apartment interiors have been finished with distinctive styling rather than a single uniform design throughout.

The current unit mix consists of 17 one-bedroom/one-bath units, six two-bedroom/one-bath units and two efficiencies. The property operates on an all-bills-paid model. Current housing-program-supported rent potential is up to $1,135 per month for one-bedroom units and $1,374 per month for two-bedroom units, with efficiencies currently underwritten at $800 per month.

Current stabilized underwriting reflects approximately $349,668 in annual gross potential rent and $174,897 in pro forma NOI, representing an approximately 6.03% stabilized pro forma capitalization rate at the $2.9 million asking price. Existing leasing demonstrates rent acceptance, while remaining lease-up, lease maturation and the burn-off of temporary concessions provide a defined path toward additional effective income growth.

The property is conveniently located near major Houston employment, education, medical and entertainment destinations, including the Texas Medical Center, University of Houston and NRG Stadium, with ongoing redevelopment and new construction occurring throughout the surrounding area.

A third-party appraisal prepared by Mitchell Valuation concluded a $3.25 million market value as of December 6, 2022. The historical appraisal utilized rental assumptions below current supported rent levels and is provided as an additional historical valuation reference; it is not represented as a current appraisal.

Offering Memorandum available for review. Third-party appraisal and additional due-diligence materials available to qualified prospective purchasers upon request.

Yellowstone | Houston Multifamily | 25 Units | $116K/Door