2703 Mason StHouston, TX 77006

Property Details for 2703 Mason St

Year built

1955

Property size (Sq ft)

9,240 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

Houston

County

Harris

State

Texas

Latitude

29.7461

Longitude

-95.3846

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].