Houston, TX - 13M

202 units; 96% occupancy

All Bills Paid

Office Manager and leasing employees (2)

Maintenance total 5

Units are sub-metered for electric but owner of 14+ years says all bills paid works better for the blue collar clientele

Most units have electric ranges but there are some gas stoves in buildings 16 & 18

90% of the units are “Classic”

There are 6 remodeled units at a cost of $3k/unit (yielding a $200/unit monthly bump)

The upgraded units are: 29, 45, 79, 127, 138, 141

Flooring: square vinyl flooring 90% of the units

Ceramic tile in 5-6 units

Vinyl plank flooring recently upgraded in 10 units (yielding a $50/mo bump)

The units with floor upgrade: 3, 32, 43, 82, 88, 91, 94, 155, 164, 177

No Down Units

1 Laundry Room: the CSC laundry contract is expired (on month-to-month)

No washer/dryer connections in units (buyer can add connections but ABP component will increase water bill)

Most spiral staircases are being replaced (14 new staircases)

4 Boilers:
1 big boiler is 1.5 yrs old, supplies 8 buildings
3 smaller boilers are 5 yrs

Roofs, replaced when purchased:
Building 18 (with pitched roofs) was replaced in 2018
All others around 2014

Never flooded per Owner

No Government Assistance tenants

One tenant on Social Security always pays on the 26th of every month

Insurance was recently renewed (price dropped $72K):
2023 - $249,313
2024 - $176,915

Reserved Parking $35/mo; no covered parking

Pet non-refundable $400 (max 2 pets), no monthly pet rent (potential income)

Key Pad entry for parking

Cameras: 32

Most units have stovetop Firestop

Management does quarterly unit inspections

Plumbing is PVC or cast-iron, mostly cast iron

Wiring is Copper

Sewage backups are few and all minor backups, cleared in house

HVAC units; replaced as needed

Misc Income comes from vending machine and water dispenser and AT&T

Within last year the property passed their 5-year gas pressure test

Per owner: 323 parking spaces; ratio (space/unit) 1.60 – on-site and off-street parking

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