For Sale
$3,099,000

2703 Mason StHouston, TX 77006

16-unit boutique building, high ROI

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional 16-unit apartment building presents a compelling value-add investment opportunity in Houston's desirable Montrose/Museum District. Built in 1955 and extensively renovated in 2024, this two-story, 9,240 square foot building boasts 9,640 square feet of net rentable space, offering a strong current NOI of $201,800 and a pro-forma NOI of $270,591, translating to a 6.51% current cap rate and a projected 8.73% pro-forma cap rate. The property features 16 units, each with a refrigerator, stove, microwave, washer, and dryer. Seven of the sixteen units underwent a complete 2024 renovation, including upgraded electrical and plumbing systems, new flooring, appliances, a new roof, and fresh exterior paint. The property also includes a brand-new, year-round dipping pool and spa, a dog park, and 16 on-site parking spaces. Located at 2703 Mason St, Houston, TX 77006, this B-class property sits on a 9,240 square foot lot and is zoned B1 for real, residential, multi-family use. The current occupancy rate is 87.5%, with full occupancy projected by November 1, 2024. The asking price is $3,099,000, representing a price per unit of $193,687.50 and a price per square foot of $335.39. The property's prime location offers unbeatable walkability and proximity to Westheimer, Downtown Houston, the vibrant Midtown nightlife, the Museum District, and the renowned Houston Medical Center. The majority of units are currently below market rent, providing significant potential for increased revenue and a strong return on investment. This is a 1031 exchange eligible property.

Highlights

  • 16-unit apartment building in Houston's Montrose/Museum District, offering a value-add investment opportunity.
  • Recently renovated (2024), this 9,240 sq ft building features 9,640 sq ft of net rentable space, 16 units with in-unit laundry, and a strong NOI.
  • Current NOI of $201,800, pro-forma NOI of $270,591, resulting in a 6.51% current cap rate and a projected 8.73% pro-forma cap rate.
  • Features a new dipping pool and spa, dog park, and 16 on-site parking spaces. Located at 2703 Mason St, Houston, TX 77006, on a 9,240 sq ft lot, zoned B1.
  • Asking price: $3,099,000 ($193,687.50 per unit, $335.39 per sq ft). 87.5% occupancy, projected to be 100% by November 1, 2024. 1031 exchange eligible.

Property Details for 2703 Mason St

Property type
Apartment buildings
Square Feet
9,240 SF
Class
B
Year Built/Renovated
1955/2024
Buildings
1
Stories
2
Units
16

Location Insight

City
Houston
County
Harris
State
Texas
Latitude
29.7461385
Longitude
-95.3845691
2703 Mason St, Houston, Texas

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2703 Mason St
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