58-Unit Multifamily in Houston, TX

This portfolio brings together three multifamily properties from one seller: two renovated Houston buildings with 22 and 16 units, and a 20-unit workforce and extended-stay housing property in Big Spring, Texas. Each building has its own asking price: $2,000,000 for the 22-unit Houston building, $1,650,000 for the 16-unit Houston building, and $1,480,000 for the Big Spring property, for a combined $5,130,000.

In Houston, the 16-unit building (12 two-bedroom/one-bath, 4 one-bedroom/one-bath) has been fully renovated with a new roof and new electrical, plumbing, lighting, flooring, kitchens, bathrooms and windows throughout. It received its Certificate of Occupancy on August 22, 2026 and has entered lease-up with no occupied units at the start. The 22-unit building (16 two-bedroom, 6 one-bedroom) has new flooring, kitchen cabinets, Formica countertops, bathroom vanities and fixtures, interior paint and several replacement windows, and 10 of its 22 units are occupied per the current rent roll.

The seller's stabilized Houston pro forma assumes two-bedroom rents of $1,050 (22-unit building) and $1,200 (16-unit building) and one-bedroom rents of $900 and $950. That produces $484,800 in annual gross scheduled rent and, at a 45% expense ratio, stabilized NOI of $266,640, or cap rates of 7.33% and 7.28% at the two Houston asking prices. These are projections from the seller's assumptions, not current results.

The Big Spring property (16 one-bedroom units and 4 studios, about 13,000 square feet) has moved from traditional long-term housing to a workforce and extended-stay model, with direct and walk-up bookings, weekly stays, monthly stays and Airbnb. Gross revenue for the last six months was $147,503 with NOI of $83,667, a 43.3% expense ratio on the seller's records. Annualized by the seller, that is $295,006 of revenue and $167,334 of NOI, an 11.31% cap rate at $1,480,000. Doubling six months of results assumes the next six months match.

Houston: ownership is actively leasing both buildings, and occupancy and the rent roll may change during the marketing period. Big Spring: on-site management, cleaning and maintenance operations are already in place, and revenue comes from direct and walk-up bookings, weekly and monthly stays, and Airbnb, so no single booking channel carries the property. Mineral rights are expected to transfer with the Big Spring property; roughly $100 per month of royalties is excluded from the NOI figures above.

Houston: (address on request) (22 units) and (address on request) (16 units), Houston, TX 77087, in the Golfcrest area. Big Spring: (address on request) 80, Big Spring, TX 79720 (20 units, about 13,000 sq ft rentable, 35 parking spaces). The 16-unit Houston building has 20 parking spaces.