Description:
INVESTMENT HIGHLIGHTS:
Offers Due October 17th, 2024
A 2024 Closing is Strongly Preferred
1) Located in Houston's New Chinatown of Southwest Houston, TX. in the county of Harris. The area is one of Houston's Major Growth Areas and Town Park is located in the midst of its growth. The area boasts a large and vibrant Asian community with the second largest Indochinese population in the U.S. Houston's New Chinatown spawns its own economy with numerous eateries, grocery stores and the Hong Kong City Mall. Chinese banks line Bellaire Blvd., which has been dubbed the Wall Street of Houston's New Chinatown. In addition, the property is just a few miles from two of the most premier business districts in Houston, Galleria Uptown and the Westchase District and is approximately 5 miles from Houston's Energy Corridor. Also located within a short commute are the bedroom communities of southwest Houston such as Sugar Land (approximately 5 miles), Stafford (approximately 5 miles), the city of Bellaire (approximately 4 miles). The area has excellent cross town access via Beltway 8, WestPark Tollway, S. Gessner, Bellaire Blvd, and HWY 59, all of which are within 1/8 to 2 miles from the property allowing good access to every important business center in the Houston area.
2) The owner reports major capx repairs/upgrades done from Jan 2022 thru Aug 2024 of approximately $2000/unit. The capx repairs/upgrades consist of; Exterior Paint, Siding Repairs, Railings, Parking Lot Repairs, Office Remodel, Replaced the Roofs of 2 Buildings, some Units were Upgraded with Ceramic floors, granite counter tops, back splashes and some Fence Repairs. Most units have been upgraded with faux wood flooring and new carpet in recent years. The owner is still in the process of getting the newly remodeled office approved by the city.
3) The market rents for the property are below its competition in the area. It is the broker's opinion that upon new move-ins and lease renewals a new owner should be able to see upside in the rents. In addition, it is also the broker's opinion that with continued interior upgrades and upgrading the existing amenities, the property could see further upside in the rents. The area the property is in has seen tremendous growth over the years and this growth continues. It not only houses a huge Asian population, but it also draws a number of tourists to the area. Visitors come from all over to see the many attractions the area has to offer as the Nations largest Chinatown.