15240 Galveston RdWebster, TX 77598

Property Details for 15240 Galveston Rd

Year built

1983

Lot size

10.37 AC

Property type

Apartment buildings

Description

This exceptional 90-unit multifamily investment opportunity is located in the desirable Webster/Clear Lake submarket of Houston, Texas. The property, known as Townhomes on Three, comprises 15 two-story buildings situated on 10.37 acres. Built in 1983, this Class B property features 105,208 square feet of net rentable space and offers a mix of spacious two- and three-bedroom townhome-style residences. Each unit boasts an open floor plan, remodeled kitchens with energy-efficient appliances, updated plumbing fixtures, and in-unit washers and dryers. Many units also include oversized private patios. Residents enjoy access to a fitness center, a resort-style swimming pool, and controlled gated access. The property benefits from an attractive assumable loan with a 3.47% interest rate and approximately six years remaining. Twelve units remain to be upgraded, presenting a significant opportunity to increase net operating income (NOI) by approximately $151,800 annually through market-rate rent adjustments. The current owner has successfully increased rents for two-bedroom units to $1,500 and three-bedroom units to $1,900. Further revenue enhancement is possible by implementing a parking fee ($50/month) and valet trash service. All two-bedroom units have two covered parking spaces, and all three-bedroom units have attached two-car garages. The property's location offers strong demographics, with a median household income within a three-mile radius nearing $100,000. This property presents a compelling investment opportunity with significant upside potential. The permitted zoning is TIC.

Location Insight

City

Webster

County

Harris

State

Texas

Latitude

29.565

Longitude

-95.1437

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