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MANGUM OAKS

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Address: 4702 Mangum Rd, Houston, TX 77092, USA

Texas + Apartment Buildings

Created date: September 20, 2024

Date last updated: November 13, 2024

▶ Excellent location in the highly desirable Oak Forest Neighborhood of Northwest Houston. The Garden Oaks/ Oak Forest neighborhood is consistently ranked as one of the hottest neighborhoods in Houston.
▶ Rents are significantly below market comparable properties. Owner is a non-profit with their main mission to provide affordable housing in good neighborhoods. They have not been raising rent to stay on mission.
▶ Current owner has not done a full rehab to interiors. They have only done heavy make-ready units. We estimate $5,000/unit in upgrades to get to the increased rent level of comparable assets.
▶ All HVAC have been replaced in the last 18 months. Air Conditioners are the top maintenance request among all multifamily in Houston. Previous owner replaced significant amount of underground plumbing and gas lines to the buildings. All breaker boxes have been upgraded.
▶ The average household income within a 1 mile radius is over $82,000. Median Household Income within a 1 mile radius is over $55,000.
▶ New owner can increase NOI by implementing RUBS for water, gas and trash. There is also potential to add an Internet package that could increase value by approximately $250,000. More aggressive management of economic occupancy and controllable expenses should yield significantly higher NOI.

Property Description

Mangum Oaks is a well-built 38 unit multifamily property located in the desirable northwest Houston neighborhood of Garden Oaks / Oak Forest. This looks to be an outstanding investment opportunity with current rental rates sitting approximately $250 below comparable properties. The rental rates are intentionally being held below market as the mission of the non-profit ownership. Additional revenue streams can be earned via improved interiors, technology (internet, digital locks and thermostats), and valet trash. The property provides a good mix of one- and two-bedroom units, mature landscaping, gas stove tops and all new HVAC systems.Mangum Oaks sits on 1.02 acres of beautiful green space providing outdoor living for the residents. Additionally, this tranquil, neighborhood setting enhances the desirability of the units and shows the thoughtful planning and quality construction of the property.

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Key Property Information

Listing Status:	Unavailable
Listing Type:	Call for offers
Property Types:	Apartment Buildings
No. of Units:	38
Year Built:	1960
Lot Size:	25,302.00 Sq ft
Opportunity Zone:	No
Property Website	Click Here