4831 Sycamore AvePasadena, TX 77503

Property Details for 4831 Sycamore Ave

Year built

1963

Property size (Sq ft)

9,470 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

Sycamore Flats, a 17-unit apartment building located at 4831 Sycamore Ave, Pasadena, TX 77503, presents a compelling investment opportunity. This Class C multifamily property, totaling 9,470 square feet, boasts a strong 94% occupancy rate as of October 2, 2024. Built in 1963 and extensively renovated between 2022 and 2023, the property features modernized interiors and a durable metal roof, minimizing deferred maintenance. The single-story building offers significant value-add potential through rent increases and addressing loss to lease, projected to boost earnings by nearly 12%. Situated in Harris County, approximately 20 miles southeast of downtown Houston, Sycamore Flats benefits from excellent access to major employment centers, highways, and airports within the Houston MSA. The property is offered free and clear of existing debt, with a current cap rate of 6.00% and a pro-forma cap rate of 6.95%. This turnkey investment provides immediate cash flow and strong potential for long-term growth, making it an attractive acquisition for discerning investors seeking a stable and appreciating asset in a desirable location. The property's recent renovations ensure minimal immediate capital expenditures, allowing investors to focus on maximizing returns.

Location Insight

City

Pasadena

County

Harris

State

Texas

Latitude

29.6705

Longitude

-95.1688

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