Montrose 8 Unit Multifamily
429 Hawthorne St Houston, TX 77006
Marketing description
Nestled in the historic Westmoreland neighborhood of Montrose, this Jacobean-Revival-style apartment complex offers a rare opportunity to acquire a character-driven, thoughtfully updated multifamily asset in one of Houston’s most desirable inner-loop submarkets. The property consists of eight well-maintained one-bedroom residences, each showcasing vintage architectural details such as original hardwood floors, charming windows, and inviting interior layouts that reflect the building’s historic pedigree. Significant capital improvements have been completed, including a full plumbing re-pipe, instant water heaters, foundation repair, a newer roof, and updated HVAC systems. Controlled access, ample storage, roof access, and parking for 10+ vehicles further enhance the asset’s appeal, while separate metering and central air conditioning in each unit support efficient long-term operations.
Financially, the property delivers strong in-place performance with average rents of approximately $1,700 per unit, generating gross annual income exceeding $155,000. With tenants covering utilities and recent system upgrades minimizing operating expenses, the asset produces an estimated Net Operating Income of approximately $85,000 annually. The fully occupied rent roll, combined with durable construction and modernized systems, provides reliable cash flow today while maintaining the potential for continued rent optimization and income growth over time.
Situated in Montrose’s coveted Westmoreland enclave, the property benefits from exceptional proximity to Downtown Houston, the Texas Medical Center, and Rice University, positioning it at the center of the city’s largest employment, education, and cultural hubs. Montrose remains one of Houston’s most established and supply-constrained neighborhoods, prized for its walkability, historic charm, and resilient renter demand. Ongoing reinvestment, limited new multifamily development, and a strong demographic profile continue to support long-term appreciation, making this asset a compelling blend of historic character, stable income, and enduring urban appeal.
Investment highlights
Rare 8-Unit Multifamily Asset in the historic Westmoreland enclave of Montrose, one of Houston’s most desirable and supply-constrained inner-loop submarkets
Character-Driven Jacobean Revival Architecture with original hardwood floors, vintage windows, and preserved historic charm — a highly differentiated renter draw
Significant Capital Improvements Completed, including full plumbing re-pipe, foundation repair, instant water heaters, newer roof, and updated HVAC systems
Strong In-Place Cash Flow with average rents of ~$1,700/unit and gross annual income exceeding $155,000
Attractive NOI of Approximately $85,000, supported by tenant-paid utilities, efficient operations, and recently modernized building systems
Fully Occupied Rent Roll providing immediate, stabilized income with low operational friction
Favorable Unit Mix consisting of eight 1-bedroom residences — ideal for Montrose’s renter demographic and consistent demand profile
Ample Parking & Functional Amenities, including 10+ parking spaces, controlled access, storage, and roof access — rare features for the submarket
Prime Urban Location near Downtown, the Texas Medical Center, and Rice University, anchoring long-term renter demand
Long-Term Upside Potential through continued rent optimization in a neighborhood with limited new multifamily supply and strong appreciation fundamentals
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