3815 Fannin StHouston, TX 77004

Property Details for 3815 Fannin St

Year built

1930

Construction

WOOD FRAME

Lot size

0.11 AC

Property size (Sq ft)

3,174 SF

Property type

Residential income homes

Property subtype

Serviced apartments

APN

130720000018

APU

130720000018

Description

This exceptional 15-unit apartment building, located at 3815 Fannin Street in Houston, Texas, presents a compelling investment opportunity. Priced at $850,000, this Class C multifamily property boasts significant recent renovations completed within the last 3-5 years. Extensive upgrades include a completely new roof, siding, windows (all 34 replaced), and exterior paint. The interior has also undergone substantial improvements, with most rooms remodeled, new electric baseboard heating units (compliant with city code), updated plumbing (including toilets replaced within the last two years), and a recently replaced hot water heater. The property benefits from an occupancy permit issued a couple of years ago, ensuring compliance with current city codes. Currently, the building features below-market rents, presenting a clear value-add opportunity for increased profitability through minor upgrades to common kitchens, hallway flooring, and bathrooms. The tenant profile consists primarily of working-class individuals employed in the surrounding area, with most tenants having occupied their units for five years or more. The property's location less than half a mile from Rice University's Ion Technology Hub further enhances its desirability and potential for future appreciation. The owner prefers month-to-month leases, a common practice for this type of property. This turnkey operation offers immediate cash flow and significant upside potential in a rapidly developing area of Houston. The property includes a carport. This is a rare opportunity to acquire a well-maintained, updated multifamily property in a prime Houston location.

• CAP approach

  CAP return

  Valuation

  6%

  $806,050

  6.5%

  $744,046

  7%

  $690,900

• Comparable approach

  Method

  Valuation

  Relative Method

  $727,177

  Geo Method

  $1,472,909

• Alternative Use

  Use

  Valuation

  Residential

  $744,046

  Hospitality

  $681,542

  Educational

  $567,035

  Medical

  $586,536

  Retail

  $882,055

Location Insight

City

Houston

County

Harris

State

Texas

Latitude

29.7368

Longitude

-95.3792

CBSA code

26420

CBSA name

HOUSTON-SUGAR LAND-BAYTOWN, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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