37-Unit Multifamily in Houston, TX

Glenwood Village is a two story, garden-style, condominium community located in the Beltway 8/I-45 South submarket of SE Houston, Texas. The asset was built in 1966. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, new appliances, in-unit washer and dryer connections, ceiling fans, patios and balconies and walk-in closets. The community totals 58 units, but 37 are currently for sale.

Per owner, there are 5 units per building. Buildings J and G need to be torn down. All units owned by this owner except 7 have been updated. Each unit rehab is different but $5k is the average cost per unit. Renovated units reportedly receive approximately $1200-$1350 depending on the unit. Current leasing concessions include a $300 rent referral. So tenants receive $100 off each month for 3 months after they have been here and only if they are current on rent.

With a fitting name, the Greater Hobby area of Houston sits nearly 14 miles southeast of downtown. A fitting name because many residents enjoy more space and lower cost of living than neighborhoods closer to the city, freeing up budgets and schedules. The Greater Hobby Area is a largely residential community alongside the William P. Hobby Airport.

While Downtown Houston is just a 20-minute drive away, there is still plenty to do in the Greater Hobby Area. There’s a diverse selection of restaurants that serve everything from bubble tea to Tex-Mex, and shops selling antiques or sporting gear. Greater Hobby also provides plenty of green spaces and recreation space for residents to enjoy without having to venture far from their apartments, such as Blackhawk Park.

37 Value Add Units Near Hobby Airport in Houston, Texas

• • Available on an All Cash or New Basis • Excellent Location In The I-45 South Submarket Of SE Houston • Opportunity to Grow Rents with HUGE units • Great Area Job Base • Blue Collar Profile • Close Proximity to Hobby Airport • Ideal to Continue Upgrades • This owner controls the HOA • Potential to sell off individual units