Address: 7132 Lawndale Street, Houston, Texas, US
Created date: September 5, 2023
Date last updated: September 5, 2023
- ▻ Attractive, low interest rate Freddie loan in place and assumable: $3,004,000 balance; 3.84% fixed interest with ~18 months interest only payments remaining; due in October 2031.
- ▻ Centrally located inside the 610 loop in the East End sub-market of Southeast Houston. Major developments underway by both the City, local community and prominent developers- see eastendhouston.com/category/projects, to name a few. Convenient access to 610, I-45, downtown, Texas Medical Center, Hobby Airport and major employment.
- ▻ Clean, well-maintained community with over $400,000 in CAPEX improvements spent in the last 18 months.
- ▻ 50% of the interiors have been upgraded, allowing for substantial value-add opportunity for a new owner to complete interior upgrades to the remaining units. Upgraded units are achieving over $175 in premium.
- ▻ Management is not currently charging RUBS for water nor gas. Implementing RUBS should provide additional value-add and increase “other income” substantially.
- ▻ There is high demand for quality apartment living in the sub-market due to lack of supply. The 150 acre East River Project by Midway Companies is minutes away with Phase I scheduled to open in 2023, poising the east and southeast of downtown quadrants for future, further development and gentrification.
Encanto Apartments is a renovated 60-unit multifamily community located in the Lawndale-Wayside submarket of Houston, TX. The property was built in 1960 and is comprised of 3, two-story brick buildings with flat roofs. Encanto Apartments offers spacious one- and two-bedroom apartments along with one studio unit. Amenities may vary by unit and include kitchens equipped with new appliances and updated cabinetry and countertops, renovated bathrooms, and tile flooring throughout. There is a property management office on-site, and laundry facilities and gated parking are provided. The well-maintained grounds span 1.49 acres and contain a variety of mature shade trees and blooming vegetation.