10001 Westpark Dr
Houston, TX 77042

We are pleased to present a stabilized high cash flowing asset. Sunrise Villas?? 2 offers an opportunity to acquire 29 individual condominium units with a high initial return on investment. All units for sale are leased, with 13 units receiving government subsidies through the Housing Choice Voucher (Section 8) program. VALUE ADDED: 33% BELOW Market Rent Roll Based on 101% FMR (zip code) 77042 The property currently has below market rents as follows: ?11 one-bedroom units averaging $809 per month. Maximized section 8 rent $913 per month. 18 two-bedroom units averaging $860 per month. Maximized section 8 rent $1,119 per month.? Currently if OPTIMIZED the rent-roll may be amplified by an ADDITIONAL $69,000 in yearly NOI? Built in 1983, Sunridge Villas Phase 2 is a 67-unit condominium community that sits on 2.76 acres in the heart of Houston’s Westchase District. The is a rental market in this area is historically strong with low vacancy and growing rents. The property is in a prime location near the cross-streets of Westpark and Gessner. Large commercial developments and a bus stop in front of the community offer residents high walkability and easy access to transportation. The area is fully developed and surrounding comparable’s have sold at higher prices. Currently, rent collection is handled by the existing owner with the assistance of an on-site maintenance person. The property is being sold as a high yield investment with excellent upside potential through gradual improvements. There is a strong demand for Class C rentals, and surrounding areas are fully developed, thereby limiting competition. Each condominium has its own central air unit, individual water heater, and electric meter. The HOA is responsible for the exterior maintenance of the property and carries a roof reserve to handle replacements as needed. HOA dues include insurance for the structure and covers water, sewer, and trash for all residents in the community. Properties can be left as-is for continued cash flow. This investment is offered at a lucrative 9.54% cap rate. Existing section 8 rents can be increased immediately to offset the cost of adding on-site property management to handle rent collection, tenant screenings, and maintenance requests. With further improvements and make ready on the units rents can be improved to Exponentially increasing cash flow, ultimately raise the equitable value of the property. All units require varying make-ready or updates estimated between $1,500 to $6,500 per unit. By gradually improving units, new tenants can be on-boarded at Fair Market Rents (FMR). The FMR for two-bedroom units in the Housing Choice Voucher program is $1119, an increase of 33.33% above existing averages. By converting all units to the voucher program, an investor will realize an additional $69,000 in NOI. resulting in an effective cap rate of 14.56% or respectively 13.7%. after hiring on onsite property management.