Brockvue Apartments (Houston, TX)
Multifamily
Marketing description
Brockvue Apartments presents a compelling opportunity to acquire a absentee owned/non-professionally managed 44- unit multifamily asset in Houston at an attractive basis of $65,000 per unit, significantly below replacement cost, with immediate cash flow and a clear path to operational upside.
The property is currently generating $426K in annual revenue with an in- place NOI of only 28.9% margin, offering investors a strong going-in yield with the ability to substantially increase performance through professional management and revenue optimization. Under a conservative pro forma, NOI is projected to grow to over $200K (44% NOI margin) by Year 1 of new ownership, representing a more than 110% increase in net income.
Revenue growth is driven by modest rent increases, improved occupancy stabilization to 95%, and operational efficiencies—without requiring a heavy capital expenditure program. This positions Brockvue as a true operational value-add deal, rather than a construction-heavy reposition.
Investment highlights
VALUE-ADD OPPORTUNITY WITH IMMEDIATE UPSIDE (Absentee Owned/Non-Professionally Managed)
Below-Market Occupancy – 86.4%
The property is currently operating at 86.4% occupancy, well below stabilized levels of 92%+, providing immediate upside through lease-up and improved tenant retention.
Significant NOI Growth Potential
In-place NOI of approximately $123K (28.9% margin) offers a clear opportunity to increase to $200k+ (44% margin) through operational improvements and revenue alignment—representing over $70k growth without having to raise rents.
ATTRACTIVE BASIS & STRONG GOING-IN RETURN
Low Basis – $65,000 Per Unit
Offered significantly below replacement cost, providing downside protection and strong long-term positioning in the Houston market.
Pro Forma Yield Expansion
Cap rate increases from 7.45% to 9.17%, driven by NOI growth rather than market speculation.
5 Year IRR
23.5%-25% projected based on normalizing NOI margin to market standards, increasing rents modestly over the span of 5 years, and selling at a 6.5% CAP Rate during a Sellers Market.
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