CONTEMPO
Contempo Apartments
Marketing description
The Contempo, is a two story, apartment community located in the U of H/ I-45 South submarket of Houston, Texas. The asset was built in 1935 and 1965 and per HCAD was very extensively remodeled in 2016 and 2019.
The Contempo is perfect for the young professional or student who wants to live close to work and school. It’s just a short drive to the University of Houston, Texas Southern University, Rice University, Downtown, Midtown, Eado and the Medical Center and right around the corner are the best restaurants and bars in Houston!
Reportedly the property has been extensively rehabbed to the studs to include landscaping, new appliances, flooring, roofs, a/c's etc. The asset appears to be very clean.
The property is located in the 77004 zip code, and the area is known as Third Ward. Property values are appreciating nicely here! IMPORTANT: all units are master leased to Air B n B. Whisper price is $2,600,000.
Per owner, the airbnb does not cover any building related coverage. Although, airbnb does have its own insurance coverage. Tenants pay electric.
Investment highlights
♦ All Cash or New Loan Basis
♦ Located in the U of H/I-45 South submarket of Houston
♦ Property has been extensively rehabbed and updated "to the studs" per owner
♦ Excellent Inner Loop location
♦ Convenient to the University of Houston, Texas Southern University, Downtown Business District and the Texas Medical Center
♦ Excellent Drive-by on Southmore Blvd
♦ Located in Third Ward - government and civic partnerships have begun to revitalize the area
♦ Student housing gets premium rental rates
♦ Seller may consider carrying preferred equity!
♦ Per Owner, the Property is Fully Leased with 6 AirBnB units
♦ 6 Units are Leased as a Hospitality Unit Beginning in April
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