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PECAN APARTMENTS

Address:

404 W. Coombs St., Alvin, Texas 77511

Price:

Unpriced

Price / Unit:

N/A

Price / Square Foot:

N/A

Number of Units:

Avg Sq. Ft. / Unit:

818

Class:

"C+" Property, "C+" Area

Type:

1984 TWO-STORY, GARDEN STYLE APARTMENT COMMUNITY

Broker / Agent:

JIM HURD

Description:

INVESTMENT INFORMATION:

1) PECAN - is a value enhancement opportunity. The property is being offered on an "all cash" basis (new loan is required). Pecan is a 10 unit, "C+" grade, garden style apartment community located in a "C+" area of Alvin, Texas approximately 32 miles southeast of downtown Houston, Texas. The property is individually metered for electric and master metered for gas and water (the owner is billing back for water), for additional income a new owner may be able to bill back for gas and trash. The owner has performed some upgrades, there seems to be good upside with continued exterior and interior improvements.

2) Location & Accessibility - Located approximately 32 miles southeast from Downtown Houston. The property has ingress and egress from Coombs St and Taylor St. It is located within walking distance of S. Gordon St, under a mile from Hwy 6, approx. 1 mile to Hwy 35 Loop and is within walking distance of Alvin High School and the Rise Academy. It is approximtely 2 miles to Alvin elementary school and a little over a mile and a half to Alvin Jr. High. The property sits across the street from a Christian Day Care and learning center. Pecan is located approximately a 1/2 mile south of downtown Alvin, Texas.

3) Strong Rent Growth - The property is located in Alvin, Texas a tertiary market of Houston. This market has had a tremendous amount of growth and revitalization. A new owner should be able to capitalize on the area's growth with a moderate rehab. The population growth in Texas cities has been robust. Texas has seen the highest influx of out-of-staters than any other state in the US. In addition, corporate move-ins are on the rise as well. The rising construction costs and increased land costs coupled with high interest rates is expected to cripple new multi-family construction for the next few years. This scenario should keep rental rates on an upward trend and stabilize occupancies within all market classes in most Texas cities well into the future.

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PECAN APARTMENTS OM

Financials:

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