1 / 250-Unit Multifamily in Houston, TX
Harris County, TX · listed Apr 8, 2026 (203 days)
- $/unit
- $65,000
- ▼ 35% vs TX · 18th pct
- Cap rate
- 0%
- ▼ 7.3 pts vs TX median
- Gross yield
- —
- Units
- 50
- 4 bldg · 1972
Financials
- Asking price
- $3,250,000
- Price per unit
- $65,000
- Price per sq ft
- Not stated
- Gross rent / year
- Not stated
- Net operating income
- Not stated
- NOI per unit
- Not stated
- Cap rate
- 0%
- Gross yield
- Not stated
- Occupancy
- 92%
As stated by the seller. Verify during due diligence.
Building
- Units
- 50
- Unit mix
- Not stated
- Buildings
- 4
- Year built
- 1972
- Building size
- Not stated
- Avg unit size
- Not stated
- Lot size
- 1.33 acres
- Condition
- Value-add
Deal terms
- Owner financing
- Not stated
Listing
- Listed
- Apr 8, 2026
- Days on market
- 203 days
- On MultifamilyRadar
- Oct 28, 2026
- Last price change
- Not stated
- Location
- Approximate (~0.5 mi)
- Listing #
- 1440
About this property
Ashway Apartments is a 50-unit multifamily asset absentee owned and not professionally managed presenting a strong value-add opportunity driven by operational inefficiencies rather than occupancy. Currently operating at 92% occupancy, the property generates only at a (27% NOI margin), highlighting significant underperformance relative to market standards.
Despite strong occupancy, the asset is not professionally managed, resulting in below-market rents,inefficient expense management, and missed income opportunities. The current performance does not reflect the asset’s true income potential.
With improved management and operational execution, the asset
naturally transitions into a higher-performing investment without
reliance on aggressive rent growth assumptions. By aligning rents to
market, tightening collections, and optimizing expenses, the property is
positioned for meaningful NOI expansion.
NOI is projected to grow to $220k+ in Year 1 and $290k+ by Year 5 with NOI margins expandig towards 45%-50%, consistent with well-operated multifamily assets.
well-operated multifamily assets.
The business plan centers on operational optimization, expense
control, and professional management implementation, transforming
the asset from an underperformer into a stabilized, cash-flowing
investment.
Multifamily | 50 Units | $65,000/unit
Highlights
1) High Occupancy with Immediate NOI Upside
- Currently operating at 92% occupancy, demonstrating strong demand
- NOI of only $144k (25% margin) is significantly below market
- Opportunity to increase cash flow without relying on lease-up
2) Substantial NOI Expansion Opportunity
- Market-level operations support 45%–50% NOI margins
- Potential to increase NOI to $240K–$290K+
- Represents opportunity to double current cash flow
3) Operational Value-Add (Not Capital Intensive)
- Upside driven primarily through:
- Expense reduction
- Professional management
- Operational efficiency
- No heavy renovation required to achieve meaningful returns. `
4) Proven Revenue Base with Modest Growth
- Stable revenue with projected growth:
- 2026: $531K
- 2030: $580K
- Investment thesis is margin expansion, not aggressive rent growth
Location
Approximate area. The exact address is shared on request.
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