42-Unit Multifamily in South Houston, TX
TX · listed Aug 13, 2026 (76 days)
- $/unit
- $109,524
- ▲ 19% vs TX · 61st pct
- Cap rate
- —
- Gross yield
- —
- Units
- 42
- 3 bldg · 2020
Financials
- Asking price
- $4,600,000
- Price per unit
- $109,524
- Price per sq ft
- $118
- Gross rent / year
- Not stated
- Net operating income
- Not stated
- NOI per unit
- Not stated
- Cap rate
- Not stated
- Gross yield
- Not stated
- Occupancy
- 100%
As stated by the seller. Verify during due diligence.
Building
- Units
- 42
- Unit mix
- 35 two-bedroom/one-bath units, six two-bedroom/1.5-bath units, and one one-bedroom/one-bath unit
- Buildings
- 3
- Year built
- 2020
- Building size
- 38,930 sq ft
- Avg unit size
- 927 sq ft
- Lot size
- 1.29 acres
- Condition
- Stabilized
Deal terms
- Owner financing
- Not stated
Listing
- Listed
- Aug 13, 2026
- Days on market
- 76 days
- On MultifamilyRadar
- Oct 28, 2026
- Last price change
- Not stated
- Location
- Approximate (~0.5 mi)
- Listing #
- 2045
About this property
(address on request) is a 38,930-square-foot garden-style multifamily asset situated on a 55,974-square-foot (1.285-acre) site in South Houston, Texas. The property is identified in property records as Avenue A Apartments and in the review note as Del Rio Apartments, with 42 units, reported 100% occupancy, and a current asking price of approximately $4,600,000.
The asset last traded in 2022 for $4,349,100, or approximately $111.72 per square foot, and the current asking price implies roughly $118.16 per square foot and about $109,524 per unit. Year built is reported as 2020 in marketing and 2021 in appraisal records, while current tax records indicate a 2025 assessed value of $4,327,815 and a 2026 market value of $4,474,100.
The investment thesis is centered on the acquisition of a fully occupied, recently built multifamily property with measurable scale, a defined parcel footprint, and individual utility metering in an infill South Houston location. Recent lease activity through 2024 and 2025, combined with access to the broader Pasadena/Deer Park/La Porte submarket and nearby employment, medical, retail, and educational demand drivers, supports the property's workforce housing appeal.
Multifamily | 42 Units
Highlights
- Scaled 42-unit multifamily footprint on an infill parcel. The property delivers 38,930 square feet on a 1.285-acre site and is reported in the review note as a 42-unit garden-style community. That combination of unit count and site size provides meaningful operating scale in a land-constrained Southeast Houston location.
- Current asking basis is clearly defined. Public marketing indicates an asking price of approximately $4,600,000, which equates to about $118.16 per square foot and roughly $109,524 per unit. These metrics give investors a direct framework for evaluating entry basis against replacement cost, assessed value, and recent sale history.
- Recent construction profile with limited vintage risk. Year built is reported as 2020 in marketing and 2021 in appraisal records, positioning the asset as newer multifamily product relative to much of the surrounding workforce housing inventory. For buyers focused on maintenance exposure, that newer construction profile can support more predictable near-term capital planning.
- Defined basis from recent sale history. The asset sold in 2022 for $4,349,100, equating to approximately $111.72 per square foot. That transaction provides a concrete valuation reference point for investors underwriting current pricing and future appreciation potential.
- Full occupancy and active leasing history support tenant demand. Reported occupancy is 100%, and recorded lease events throughout 2024, 2025, and 2026 YTD indicate continued unit leasing activity across the property. This combination points to sustained absorption and operational momentum rather than a static rent roll.
- Operational features may support expense control. Individual water and electric meters, gated controlled access, fire sprinkler coverage, washer and dryer connections, and an on-site management office. Individual utility metering is particularly relevant because it may reduce direct owner exposure to rising utility costs, subject to verification of tenant billing structure and common-area utility responsibilities.
- Unit mix is oriented to workforce renter demand. The reported mix of 35 two-bedroom/one-bath units, six two-bedroom/1.5-bath units, and one one-bedroom/one-bath unit concentrates the property in practical layouts that can appeal to households seeking functional space at attainable price points. A predominantly two-bedroom mix can broaden household usability relative to smaller-format product.
- South Houston location connects residents to multiple demand drivers. The property is positioned near HCA Houston Healthcare Southeast, William P. Hobby Airport, neighborhood retail, San Jacinto College Central, the University of Houston, and major regional corridors including Interstate 45 and Interstate 610. This access pattern supports renter demand from employment, medical, retail, and education users across the broader southeast Houston area.
- Tax and public record benchmarks provide additional valuation context. Current records show a 2025 assessed value of $4,327,815 and a 2026 market value of $4,474,100, while the asking price is approximately 6.3% above the reported 2025 assessed value. Although assessed value is not a substitute for market pricing, it offers another benchmark for evaluating basis.
Location
Approximate area. The exact address is shared on request.
Similar buildings nearby
| Property | Price | $/unit$/unit vs median | Cap |
|---|---|---|---|
| South Houston, TX High yieldStabilized | $1.2M | $63K$63K | 10% |
| South Houston, TX NewHigh yieldStabilized | $1.05M | $55K$55K | 10% |
 South Houston, TXStabilized | $550K | $69K$69K | — |
 South Houston, TX | $700K | $70K$70K | — |
 South Houston, TXValue-add | $895K | $81K$81K | — |
 Pasadena, TX | $2.67M | $206K$206K | — |