4613 CAVALCADE ST # 10 Houston TX 77026-4100

Partners is pleased to present the opportunity to purchase this 10 unit apartment complex located just a few blocks from Highway 59/69N & the 610 Loop, and 10 minutes northeast of Downtown Houston. This property consists of 10 two-bedroom one-bath apartments, totaling approximately 7,680 sf of rentable area on a 15,000 sf lot. The property is fully gated with 10 parking spots and unit entrances behind powered sliding metal gates and additional guest parking in the driveway. The building was built in 1973 and completely renovated by a previous owner in 2021 and the remainder by the current owner in July of 2022. It was purchased by the current owner in early 2022 as part of a large portfolio and went through interior and exterior upgrades including exterior paint, windows, new parking lot resurfacing, landscaping, fencing, stone countertops, tubs, toilets and more. Upgrades were completed in July of 2022. There is a large economic vacancy for a new owner to capture between the old rent rates of $930 and the current market rates of $1080. Each unit is individually metered for power & gas, the landlord pays for water. The addition of a RUBS system will help a future landlord to reduce landlord responsibility for utility bills. This is an excellent opportunity to capture equity without having to do any construction or large additional capital improvements in a quickly gentrifying area with high population density. This property could be easily managed by a new owner to create additional NOI. Raise all rents to the market rate of $1,080 and the NOI jumps to $110,560/yr or an 11.6% CAP rate.

90% occupancy

All units renovated in the last 2 years

All central HVAC were recently repaired

Each unit metered for gas + electric