Houston, TX, 30M

Cashflow Plus Land!

Lake Houston Pines

Class B, built 1972 | 80% Reno’d | 255 units Value-Add Units

155 Apartments | 50 Duplexes+22 Acres**Houston, Texas**22 adjacent acres zoned for Multifamily (3-4 bedroom development opportunity) - Build a whole extra complex!

Assumable loan amount $18,000,000.

10 year FNMA fixed

5.27 % amortized over 35 years, 8.5 years left

due: $15 ,000,000 at closing.

Historically, Occupancy is 97% no collections

155 apartment units and 50 duplexes in a gated community.

200 units are updatedRents are still under-market.

Value Add and Reno opportunities will raise rents addt’l 20%

22 acres of land already zoned by the City of Houston for Multifamily Units.

Buyer will need to get permits. The owner estimates addt’l 20 units or Townhomes can be permitted. The Recommends 3 to 4 bedrooms; there are daily calls for them.

The rest of the finishes can be upgraded to premium. Over 200 units have connections for washers and dryers. Current ownership is not providing; neighboring property City Crossing achieving $50 as of 3 months ago.Smart tech package; some tenants already own Ring. New owner can combine a door keypad entry, Wi-Fi thermostat, and ring doorbell. Multiple area properties get a $25/mo premium for a ring doorbell and Wi-Fi thermostat, a cost of ~$100 total per unit to install.Currently no covered or reserved parking. Tenants will pay $25 for reserved, $50 for covered