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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.

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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%

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