FREE book: The Book on Texas Real Estate Investing — download now

18-Unit Value-Add Apartment Complex in Southwest Houston with $120k in Recent Upgrades

13800 Lockway Dr, Houston
ROI
27.53% IRR
Strategy
Long Term Rental
18-unit value-add apartment complex in southwest Houston. Seller will accept $245k below asking price. $120k in recent upgrades. Grossed $170k last year, well over 1% rule with opportunity to increase. Great location just south of the Galleria, 15 minutes to Houston Medical Center. Many of the tenants have been in place 3-7 years. 18-unit apartment complex fully leased with recent upgrades including HVAC, roof, plumbing, electrical, boiler room, soffits. (8) 2 bed units and (10) 1 bed units. Built in 1965 with value-add potential to increase rents.

Enter your email to download the proforma

< Back to Daily Deals

18-Unit Value-Add Apartment Complex in Southwest Houston with $120k in Recent Upgrades

Listed 07/13/2023

13800 Lockway Dr, Houston

Purchase Price:$1,200,000

Cash Outlay:$384,000

Cashflow:$2,778/mo

Cap Rate:8.77%

IRR:27.53%

Talk to an agent about this property

Get a response in less than 24 hours.
Message

See other properties

Mid Term Rental

San Antonio OFF MARKET Down Town Duplex $299k

1119 W Myrtle St, San Antonio

Purchase Price:$299,000

Cash Outlay:$80,730

Cashflow:$48/mo

Cap Rate:5.59%

IRR:11.33%

Long Term Rental

Houston Single Family Rental $344k

10618 Cascade Creek Dr, Rosharon

Purchase Price:$344,000

Cash Outlay:$92,880

Cashflow:$354/mo

Cap Rate:6.63%

IRR:16.38%

Long Term Rental

San Marcos Fully Occupied Quadplex $399k

1634 Post Rd, San Marcos

Purchase Price:$399,000

Cash Outlay:$107,730

Cashflow:$549/mo

Cap Rate:7.05%

IRR:18.40%

Long Term Rental

DFW Fully Occupied Duplex $440k

11358 Quail Run St #358 & 360, Dallas

Purchase Price:$440,000

Cash Outlay:$118,800

Cashflow:$440/mo

Cap Rate:6.60%

IRR:16.22%

Long Term Rental

Houston Portfolio of 2 Single Family Homes $668k

10614 Cascade Creek and 10611 Crescent Peak, Rosharon

Purchase Price:$668,000

Cash Outlay:$180,360

Cashflow:$760/mo

Cap Rate:6.76%

IRR:17.01%

Long Term Rental

Houston Portfolio of 3 Single Family Homes $902k

10607 Crescent Peak, 10603 Cascade Creek, 10631 Cascade Creek

Purchase Price:$902,000

Cash Outlay:$243,540

Cashflow:$897/mo

Cap Rate:6.59%

IRR:16.18%