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

Long Term Rental

Houston Turnkey Rental Above 1% Rule | $130K

5818 Glenhurst Dr, Houston

Purchase Price:$130,000

Cash Outlay:$35,100

Cashflow:$429/mo

Cap Rate:9.79%

IRR:30.01%

Long Term Rental

Denison Fully Occupied Quad Producing $4,175/mo | $385K

120 E Monterey St, Denison

Purchase Price:$385,000

Cash Outlay:$103,950

Cashflow:$565/mo

Cap Rate:7.60%

IRR:19.38%

Long Term Rental

San Antonio Fourplex With Path to $9,650/mo | $720K

1535 W Laurel, San Antonio

Purchase Price:$720,000

Cash Outlay:$194,400

Cashflow:$934/mo

Cap Rate:7.39%

IRR:18.38%

Long Term Rental

Houston Open Concept Living with Split Floorplan | $275K

32239 Cedar Crest Dr, Waller

Purchase Price:$275,000

Cash Outlay:$74,250

Cashflow:$43/mo

Cap Rate:5.21%

IRR:10.93%

Long Term Rental

Houston Luxurious Home in Vibrant Enclave | $366K

5416 Robusto Pl, Houston

Purchase Price:$366,000

Cash Outlay:$98,820

Cashflow:$121/mo

Cap Rate:5.79%

IRR:12.32%

Short Term Rental

Allen Active Airbnb OR LTR Pool Home | $420K

902 N Allen Heights Dr, Allen

Purchase Price:$420,000

Cash Outlay:$113,400

Cashflow:$488/mo

Cap Rate:7.23%

IRR:18.88%