2306 Mccue RdHouston, TX 77056

Property Details for 2306 Mccue Rd

Year built

1966

Construction

BRICK

Lot size

1.82 AC

Property size (Sq ft)

2,624 SF

Property type

Garden apartment buildings

APN

451400060143

APU

451400060143

Description

This exceptional 58-unit multifamily property, known as Marquee Uptown Apartments, presents a compelling redevelopment opportunity. Located at 2306 McCue Road in Houston, Texas, this Class A asset boasts 59,668 square feet on a 1.82-acre lot. Built in 1966 and renovated in 2007, the two-story building features covered parking and a saltwater pool. Currently operating at 89% occupancy, the property generates a Net Operating Income (NOI) of $527,263, representing a 2.85% cap rate and a price per unit of $318,965.52. The asking price is $18,500,000, translating to $310.05 per square foot and $233.30 per square foot based on land value. Significant recent improvements include a new copper piping system, a new roof, and sub-metered utilities where tenants reimburse approximately 80% of costs. The property also benefits from full-time landscaping and housekeeping services. Its prime location in the Galleria/Uptown area, a high-income demographic with over 187,000 residents within a 5-mile radius and average household incomes exceeding $94,000, offers significant potential for value enhancement. The property's high expense ratio reflects the owner's commitment to meticulous maintenance, evidenced by the 2016 Cornerstone Award from the Houston Apartment Association for best redevelopment. This property is being marketed as a covered land play.

• CAP approach

  CAP return

  Valuation

  6%

  $666,375

  6.5%

  $615,116

  7%

  $571,179

• Comparable approach

  Method

  Valuation

  Relative Method

  $601,170

  Geo Method

  $1,217,679

• Alternative Use

  Use

  Valuation

  Residential

  $615,116

  Hospitality

  $563,443

  Educational

  $468,778

  Medical

  $484,900

  Retail

  $729,210

Location Insight

City

Houston

County

Harris

State

Texas

Latitude

29.7443

Longitude

-95.4648

CBSA code

26420

CBSA name

HOUSTON-SUGAR LAND-BAYTOWN, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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