Listed by Marcus & Millichap - Houston
$675,000
River Road Apartments
Details
Property Type Retail, Multifamily
Sub Type Apartment Building
Square Footage 8,840
Net Rentable (SqFt) 8,840
Units 20
Cap Rate 6.62%
NOI $47,665
Occupancy 75%
Lease Expiration 12/13/2026
Pro-Forma Cap Rate 11.66%
Pro-Forma NOI $83,927
Class C
Year Built 1968
Buildings 3
Acreage 0.860
Investment Type Value Add
Lease Commencement 05/28/2026
Ground Lease No
Cash Flowing Asset $33,750 Per Unit
Marketing description
For all marketing information and access to OM please use this link: https://www.marcusmillichap.com/properties/304294/river-road-apartments
Investment highlights
Investment Highlights
- Attractive Entry Price Point - One of the most accessible acquisitions in Brazoria County with immediate cash flow from day one
- STRONG IN-PLACE RETURNS - Year 1 NOl of $90,828 delivers approximately a 14% cap rate at the offered price, well above Houston MSA averages
- PROVEN RENOVATION PREMIUM: 4 units renovated at ~$69K total capex, all signed at $960/month. clear, repeatable roadmap for the remaining 16 units
- IMMEDIATE VALUE-ADD UPSIDE - 75% occupancy leaves 5 units to stabilize, creating a direct path to NOI growth through lease-up alone
- COMPELLING RENT-TO-PRICE RATIO—$960/month market rent at $2.35/SF delivers strong yield relative to acquisition cost with minimal capital to stabilize
- PRIME HIGHWAY VISIBILITY - Located on E Brazos Avenue with strong street presence, supporting organic leasing demand and reduced vacancy loss
- BRAZORIA COUNTY GROWTH STORY - Positioned in the petrochemical corridor anchored by BASF, Dow, and LyondellBasell, driving steady workforce housing demand
Listing Contacts
Listed by Marcus & Millichap - Houston
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$47,665.00
$3,972.08/mo
Valuation Metrics
0
DSCR
7.06%
Cap Rate
7.06%
ROI
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