List Search

5817 Downing St

Houston, TX 77020

$425,000

Multifamily For Sale  •  4,900 Sq Ft

Property Details

  • Property Type Multifamily
  • Total Building Size 4,900 Sq Ft
  • Lot Size 0.61 ac
  • Year Built 1940
  • Cap Rate 11.47 %
  • Zoning Residential
46 Transit Score
39 Walk Score

Description

Outstanding property located in prime Houston Multifamily  market complimented by an excellent long term tenant mix.  This complex consists of 7 Duplexes and 14 units.  There are 12 (twelve) efficiencies (studies) and 2 (two) 1 bedroom units.  This property has plenty of space to add more units so you can maximize your profit.  Five (5) duplexes are at full capacity.  Two (2) duplexes need to be repaired in order to obtain additional rental income.  This property features:

- 2 Duplexes need to be repaired in order to be leased.
- 10 units are currently for lease.
- All units might need roof and siding.  They’re small units, so if they are remodeled the rents could be increased.
- The property has two main entrances.
- City of Houston Picks up the Trash, no charge.
- Tenants bring their own window A/C units.
- Some Tenants have been leasing for 15+ Years
- Each unit has it’s own Electric Meter.
- Each Duplex has it's own Gas Meter.
- Each unit has separate mailbox.
- Each Unit has it's own address.
- There is only one Water Meter for the whole property.
- All units only have adult tenants.
- The Seller does not have financials yet.  Working on getting me what she can.

Highlights

Tenant Waiting List
Low Maintenance
Low Taxes
Low Utilities Bill
Cash flowing with solid tenants! - opportunity to increase rents too!

Financial Summary (Actual)

Net Operating Income: $49,729 (2018)
Cap Rate: 11.47 %
Total Expenses: $9,671
Andrea Saavedra 832-969-6818 Re/Max Real Estate Associates- Commercial Division
Andrea Saavedra 832-969-6818 Re/Max Real Estate Associates- Commercial Division