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801 Allen-Genoa RdSouth Houston, TX 77587

177-unit multifamily complex, excellent condition

Overview

Added:
Dec 11, 2024
Days on market:
117
Terracita Apartments presents a compelling investment opportunity in South Houston, Texas. This 177-unit multifamily community, situated on a 5.35-acre lot at the intersection of S Allen Genoa Rd and Shaver Rd, boasts a prime location with exceptional visibility and three-sided street access. Built in 1972 and extensively renovated in 2016 (a $1.7MM investment), the property comprises fourteen two-story buildings featuring wood frame construction with brick and vinyl siding. The complex includes a desirable unit mix, with 63% consisting of two- and three-bedroom units, each equipped with upgraded appliances, granite-style countertops, wood plank flooring, and walk-in closets. Individual HVAC systems ensure resident comfort. Community amenities include a business center, laundry facilities, a swimming pool, and a newly added outdoor kitchen. The property's 98.2% occupancy rate speaks to its strong performance and desirability. The existing loan offers an attractive 5% interest rate and allows for mezzanine debt. Further potential exists to increase rental income by approximately $150 per unit through interior renovations and to implement a water conservation program. This well-maintained property, a 2017 Houston Apartment Association Property of the Year Finalist, presents a rare opportunity for significant return on investment. The property includes 145,922 square feet of net rentable space.

Highlights

  • Strong unit mix: 63% two- and three-bedroom units.
  • High visibility: Triple street access at major intersection.
  • Well-maintained: $1.7M recent capital improvements.
  • Value-add opportunity: $150/unit rent increase potential via interior renovations.
  • Water conservation potential: Opportunity to implement cost-saving program.
  • Favorable financing: Existing loan at 5% interest with mezzanine debt capacity.

Property Details for 801 Allen-Genoa Rd

Property type
Apartment buildings
Class
C
Year Built/Renovated
1972/2016
Buildings
14
Stories
2
Lot Size (sq. ft)
233,046 SF
Units
177

Location Insight

City
South Houston
County
Harris
State
Texas
Latitude
29.6585257
Longitude
-95.2091644
801 Allen-Genoa Rd, South Houston, Texas

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801 Allen-Genoa Rd
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