The Townhomes on Three

Webster, TX

Property Overview

Summary

OFFER PRICE Market
FIXED INTEREST RATE 3.47%
YOC 1983
AVERAGE UNIT SIZE SF 1,169
TOTAL NUMBER OF UNITS 90
TOTAL RENTABLE SF 105,208

Investment Summary

The Townhomes on Three is a newly renovated 90-unit multifamily community located in the Webster / Clear Lake submarket of Houston, TX in Harris County. Built in 1983 and situated on 6.00 acres, the garden-style property is comprised of 15, two-story townhouse-style buildings with brick siding, flat roofs, and attached two-car garages. The Townhomes on Three offers spacious two- and three-bedroom residences with an open floor plan concept. Interior amenities include remodeled kitchens equipped with energy-efficient appliances, new plumbing fixtures, in-unit washers and dryers, and oversized private patios. The common areas feature a fitness center, resort-style swimming pool, and controlled gated access.

Investment Highlights

▶ Attractive assumable loan at 3.47% w/ 6 years remaining.

▶ 12 units have not been upgraded. Current owner has recently increased and proven 2-bedroom units at $1500 and 3-bedrooms at $1900. New owner could increase annual NOI by $151,800 on new leases and renewals.

▶ Median 3-mile household income is nearly $100,000.

▶ All 2-bedroom units have 2 covered parking spots directly in front of their unit and all 3-bedroom units have direct access to a 2-car garage. Current owner is not charging for parking.

▶ All units come with washer and dryers. New owner could increase other income by charging $50 a month. New owner could also increase O/I by incorporating valet trash.