BLOCK AT MONTROSE - UNDER CONTRACT

Address:
1508 Calfornia St, Houston, TEXAS 77006
Price:

UNDER CONTRACT

Price / Unit:
N/A
Price / Square Foot:
N/A
Number of Units:
62
Avg Sq. Ft. / Unit:
674
Class:
"B+"
Type:
1952-58-59-65 CONSTRUCTED, RECENTLY RENOVATED, 2 STORY APARTMENT COMMUNITY
Broker / Agent:

Description:

INVESTMENT HIGHLIGHTS:

  1. OPEN HOUSE - TUESDAY, MARCH 19TH FROM 10:00 AM TO 2:00 PM. CALL 713.783.6262 FOR DETAILS.

  2. A Boutique multi-family community that is approximately 95% occupied. It is convienently located inside Loop 610 in the Montrose Area, "The Heart of Houston". The Block at Montrose is approximately one mile west of Houston's MetroRail stop which enhances the properties convient location giving it access to downtown Houston the Texas Medical Center, Midtown, the Theater District and a multitude of dining and entertainment venues. In addition the University of St. Thomas is a half mile southeast, Rice University is approx 2 miles southwest and the University of Houston is 3.2 miles southeast of the property.

  3. The property faces California St. The property has ingress and egress on California St and Missouri St. and is situated on approximately 8 lots or 1.0187 acres in the Montrose Area. 3) Located near major employment centers in Houston with ease of access to downtown Houston - home to 9 Fortune 500 Companies, Galleria, Greenway Plaza, Midtown, Texas Medical Center, Rice University, University of Houston, St. Thomas University, Midtown, Washington Corridor, Theater District and much more.

  4. Located near major employment centers in Houston with ease of access to downtown Houston - home to 9 Fortune 500 Companies, Galleria, Greenway Plaza, Midtown, Texas Medical Center, Rice University, University of Houston, St. Thomas University, Midtown, Washington Corridor, Theater District and much more.

  5. Seems to have upside in the rents with interior and exterior improvements. Developers have bought up older properties in the area and are building new high end construction and owners are rehabing existing construction which is driving up the rental rates in the area. Some recent high end construction in the same zip code as Block at Montrose are receiveing over $3.00 / SF in rents on 1000 SF units.

  6. The property is individual metered for electricity and master metered for water and gas. There is no RUBS in place for water and gas and there is not a fee charged to the tenants for Trash. A new owner could implement a RUBS for water and gas and charge a fee for Trash for additional income.

 

 

 

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