Maison De Ville
Houston TX
Property Overview
- ASKING PRICE $7,900,000 ($65,300/UNIT)
- TOTAL # OF UNITS 121
- YEAR BUILT 1979
- TOTAL RENTABLE SF 92,400
- AVERAGE SF 764
- LOT SIZE (ACRES) 3.67
- ATTRACTIVE LOAN ASSUMPTION 3.44% INTEREST RATE
- LOAN BALANCE $4,541,906.26
Investment Summary
Maison De Ville is a partially renovated, 121-unit multifamily community located in the Greater Greenspoint submarket of Houston in Harris County, TX. Built in 1979 and situated on 3.67 acres, the garden-style property is comprised of 7, two-story buildings and 1 single-story leasing office of wood frame construction with a combination of brick and wood panel siding and pitched roofs. Capital improvements in recent years are in excess of $1,000,000.
Investment Highlights
▶ Strong value-add opportunity located on a major thoroughfare in the Greenspoint submarket of North Houston and only 10 minutes from George Bush Intercontinental Airport.
▶ Upgraded units are achieving approximately $200 premium compared to “classic” units”. There appears to be additional upside potential in rents by completing exterior renovations and adding amenities.
▶ All units have washer and dryer connections.
▶ Seller has recently upgraded 71 units with granite countertops, fresh paint, new flooring, new appliances, hardware and ceiling fans. An additional 7 units have been partially upgraded.
▶ Located in an Opportunity Zone, designed to spur economic development by providing tax benefits to investors.
▶ Rents in the submarket have grown 35% over the last 10 years & continue to rise due to lack of new construction.
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