Multifamily Investment Opportunity
Price
$18,500,000
🏢 Off-Market Investment Opportunity: 268-Unit Value-Add Class-C Multifamily Property
📍 9555 Crofton St, Houston TX 77016
Discover the potential of this prime investment in a vintage 1976 multifamily property. Offering 268 units, this Class-C gem presents a remarkable value-add opportunity that savvy investors won't want to miss. Financials readily provided with valid Proof Of Funds. Please submit all offers directly to sarter@promiselandrealtyllc.com
Property Highlights:
Gross Income: $2,280,557
Expenses: $964,450
Net Operating Income (NOI): $1,316,107
Current Cap Rate: 7.11%
Occupancy: 92%
Unlock its true potential with a pro forma NOI projected at $1,961,649.27, boasting an impressive pro forma cap rate of 10.60%. This property stands ready to deliver exceptional returns while offering the chance for further enhancement.
Investment Breakdown:
Asking Price: $18,500,000
Price Per Door: $69,029
Buyer's Fee: +3%
Why This Investment: Positioned for investors with a keen eye for opportunities that exceed the norm, this offering is tailored for those seeking assets that perform at a 7% cap rate or better. The 268 units present a substantial income stream, and the property's vintage adds to its allure as a value-add prospect. Value add lies in getting this property to 100% occupancy and
Location Advantage: Situated at 9555 Crofton St in the heart of Houston, TX, this property benefits from a strategic location that offers convenience and connectivity. With established infrastructure, local amenities, and access to key transportation routes, this multifamily complex is primed for success.
Invest Wisely: Seize the moment to acquire a property with immense potential for growth. With an attractive current cap rate and the promise of a significantly higher cap rate post-enhancements, this investment speaks to those who are committed to generating substantial returns.
Explore the possibilities of this off-market listing today and take a step towards maximizing your portfolio's performance. Contact us now to learn more about how you can secure this valuable investment opportunity.
Property Rental Comps
Property Map
"Your #1 Source for Off Market Investment Properties, NATIONWIDE"
PROMISE LAND REALTY, LLC
Work: 864-762-2509
All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. *Realtors add your fee on top*