29 Unit Houston Apartment For Sale - Great Cash Flow 11% Cap

[Chris Bounds]

Updated! Click to view the Postlets Flyer.

Golfcrest Apartments

3045 Golfcrest Blvd., Houston, TX 77087

1BR/1BA Multi-Family, 29 units Offered at $869,000
Year Built 1955 Sq Footage 17,400 Bedrooms 1 Bathrooms 1 full Floors 2 Parking Uncovered Lot Size 27,219 sqft

This Class C property consists of 29 one bed / one bath units in two 2-story buildings located in the Gulfgate area off 45 South and 610 - a very HOT area for investors. Most apartments in the area stay 100% occupied. 21 units have been completely remodeled. The 2 vacant units need about $5k of rehab each. There are 3 W/D hookups in the boiler room for coin laundry machines. Managed by tenant. Great cash flow property with upside! Occupancy: 93% Cap Rate: 11% Current GOI: $169,241 Proforma GOI: $179,945 Proforma Value: $1.3M+ at 8% Cap Rate. Financials available upon request. Serious inquiries only please. Drive by, but do not disturb tenants.