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Buy&Hold (Multifamily): (33 UNITS) Northeast Houston, TX Portfolio + $2,100,000

Updated: 18 hours ago

Multifamily Investment Opportunity





Price

$2,100,000


OFF-MARKET MULTIFAMILY PORTFOLIO

100% Occupied | Value-Add | Development Upside

Northeast Houston, TX

33 Units Across 3 Parcels | $2,100,000


EXECUTIVE SUMMARY

Presenting an exclusive off-market opportunity to acquire a 33-unit, fully stabilized multifamily portfolio in Northeast Houston, spread across three strategically located properties: Lorraine, Crane, and Reid. With 100% occupancy, below-market rents, and untapped utility reimbursement potential (RUBS), this portfolio is already cash-flowing with significant upside.One parcel includes an additional 0.8 acres of land with development blueprints already in hand — offering a rare hybrid of turnkey cash flow and future expansion.


PORTFOLIO OVERVIEW

Lorraine St.

  • 16 Units | Built 1955

  • ±8,500 SF Building on ±4,792 SF Lot

  • All Utilities Paid by Owner


Crane St.

  • 5 Units | Built 1949

  • ±3,437 SF Building on ±14,170 SF Lot

  • Electric Paid by Tenants | Water/Trash by Owner


Reid St.

  • 12 Units + 0.8 Acres of Developable Land | Built 1990

  • ±10,098 SF Building on ±26,249 SF Lot

  • Electric Paid by Tenants | Water/Trash by Owner

  • Blueprints for new units available (included – $18K value)





INVESTMENT HIGHLIGHTS

100% Occupancy – Day one income

Below-Market Rents – Current rents between $750–$975

Pro Forma Rents Up to $1,250 (Section 8 comps)

No RUBS Yet – Utility bill-back potential

Individually Metered Electric

Washer/Dryer Connections in Units

Pitched Roofs + Central HVAC Systems

0.8 Acres for Development – Add units, increase density


FINANCIAL SNAPSHOT

  • Asking Price: $2,100,000

  • Price/Unit: $63,636

  • Current Cap Rate: 7.6%

  • Pro Forma Cap Rate (Yr 2): 9.7%+

  • Pro Forma NOI: $189,900

  • Insurance (Assumed): $900/unit

  • Capital Reserves: $230/unit

  • Rent Comps: $850 – $1,550/month (1–3BR Units)


PROPERTY FINANCIALS:





UPSIDE OPPORTUNITIES

RUBS Implementation – Sub-meter or bill back water/trash to tenants

Rental Upside – Increase rents 10–30% to match market & Section 8

Development Play – Use included plans to build on extra 0.8 acres at Reid St.


SUBMIT OFFERS & INQUIRIES TO:


Submit all offers & questions directly to:📧 investments@promiselandrealtyllc.com


TEAM PROMISELAND DISCLAIMER

This is a private, off-market opportunity exclusively marketed by Promiseland Realty LLC.Unauthorized use of property photos, details, or marketing materials is strictly prohibited. Only active TEAM PROMISELAND affiliates may share or promote this listing.Violators will incur a $500 fine per occurrence.



OFFICIAL PROMISELAND LENDING PARTNER


100% Financing for Rehab Projects – Powered by Residential Capital Partners

ResCap is a direct private lender offering zero-money-down loan options for 1-4 unit residential investment flips & rentals across the U.S.

🔹 100% Financing – Covers purchase + rehab

🔹 Fast Closings – ~10 days

🔹 Credit Requirements – 620+ FICO (Rehab), 660+ FICO (DSCR)

🔹 Loan Size – $75K–$1.25M

🔹 Rates – 10.9%–11.9% | 2–3% origination | 1st lien

🔹 Serviced In-House | Virtual Inspections | No Owner-Occ or Rural Props

Nationwide Coverage (Excludes: AK, AZ, NV, PA)

Proof of Funds Available

This listing is proudly sponsored by Residential Capital Partners – trusted lending for the nation’s best flippers.
For more info email sarter@promiselandrealtyllc.com or text (864) 762-2509



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The #1 Source for Off Market Real Estate.




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.

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