Appraisal in Hand for $466k | 117 Craig St
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Appraisal in Hand for $466k 117 Craig St
2 Unit Apartment Building $449,000 ($224,500/Unit) 8.01% Cap Rate Baytown, TX 77521
Investment Highlights
- Turnkey Rental - Already Leased
- Never Flooded
- Recently Renovated with blinds/fans/paint/appliances/fixtures
- PEX piping to mitigate any possible freezes
- Very Little Multifamily Inventory
Executive Summary
Duplex for sale.
No showings until executed contract. Any existing appliances will convey with sale.
Come see this well-maintained, renovated duplex (on a HUGE ~half acre lot) literally next to Sterling High School. Both units in EXCELLENT condition with stone countertops, brand new blinds, all new ceiling fans, carports, all hardwood flooring, PEX piping (don't worry about pipe busts during freezes) and brand new, fresh paint (all interior including kitchen cabinets). Any existing appliances convey at closing. Almost zero multifamily units available in all of Baytown. Walking proximity to school also provides a safe neighborhood environment.
Quiet neighborhood, walking distance to high school, and close to some of the biggest oil companies and refineries in the world (including but not limited to ExxonMobil, Motiva, Premcor Refining Group, Deer Park Refining, Total Petrochemicals, Valero, Kinder Morgan, Dow Chemical, etc.). Baytown is one of the strongest suburbs of Houston with stable employment, with ease of access to the Gulf Coast and good schools.
Financials based on proforma.
Both units have W/D connections. Owner installed new ceiling fans, new blinds, and new fresh paint as of Jan 2024 in both units.
117 Craig (Units A and B) - Rent is $4,000 ($2,000 per side Section 8 Tenants). 3/2 mirror image, 2,328 cumulative sqft, carport each side.
All tenants pay their own bills/utilities/lawn care. No HOA.
Operating Expenses of ~$2,500 represents only insurance.
Seller can provide survey.
Property has PEX plumbing so no concern for busted pipes during any ice storms.
Never flooded, even during Hurricane Harvey.
Seller is selling property to move money to larger investment.
No showings until executed contract. Any existing appliances will convey with sale.
Come see this well-maintained, renovated duplex (on a HUGE ~half acre lot) literally next to Sterling High School. Both units in EXCELLENT condition with stone countertops, brand new blinds, all new ceiling fans, carports, all hardwood flooring, PEX piping (don't worry about pipe busts during freezes) and brand new, fresh paint (all interior including kitchen cabinets). Any existing appliances convey at closing. Almost zero multifamily units available in all of Baytown. Walking proximity to school also provides a safe neighborhood environment.
Quiet neighborhood, walking distance to high school, and close to some of the biggest oil companies and refineries in the world (including but not limited to ExxonMobil, Motiva, Premcor Refining Group, Deer Park Refining, Total Petrochemicals, Valero, Kinder Morgan, Dow Chemical, etc.). Baytown is one of the strongest suburbs of Houston with stable employment, with ease of access to the Gulf Coast and good schools.
Financials based on proforma.
Both units have W/D connections. Owner installed new ceiling fans, new blinds, and new fresh paint as of Jan 2024 in both units.
117 Craig (Units A and B) - Rent is $4,000 ($2,000 per side Section 8 Tenants). 3/2 mirror image, 2,328 cumulative sqft, carport each side.
All tenants pay their own bills/utilities/lawn care. No HOA.
Operating Expenses of ~$2,500 represents only insurance.
Seller can provide survey.
Property has PEX plumbing so no concern for busted pipes during any ice storms.
Never flooded, even during Hurricane Harvey.
Seller is selling property to move money to larger investment.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$48,000
|
$20.62
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$48,000
|
$20.62
|
| Taxes |
$9,550
|
$4.10
|
| Operating Expenses |
$2,500
|
$1.07
|
| Total Expenses |
$12,050
|
$5.18
|
| Net Operating Income |
$35,950
|
$15.44
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $48,000 |
| Annual Per SF | $20.62 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $48,000 |
| Annual Per SF | $20.62 |
| Taxes | |
|---|---|
| Annual | $9,550 |
| Annual Per SF | $4.10 |
| Operating Expenses | |
|---|---|
| Annual | $2,500 |
| Annual Per SF | $1.07 |
| Total Expenses | |
|---|---|
| Annual | $12,050 |
| Annual Per SF | $5.18 |
| Net Operating Income | |
|---|---|
| Annual | $35,950 |
| Annual Per SF | $15.44 |
Property Facts
| Price | $449,000 | Apartment Style | Low Rise |
| Price Per Unit | $224,500 | Building Class | F |
| Sale Type | Investment | Lot Size | 0.47 AC |
| Cap Rate | 8.01% | Building Size | 2,328 SF |
| No. Units | 2 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2016 |
| Property Subtype | Apartment |
| Price | $449,000 |
| Price Per Unit | $224,500 |
| Sale Type | Investment |
| Cap Rate | 8.01% |
| No. Units | 2 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | F |
| Lot Size | 0.47 AC |
| Building Size | 2,328 SF |
| No. Stories | 2 |
| Year Built | 2016 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 2 | $2,000 | 1,164 |
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Presented by
Ruchi Mithal, Broker
Appraisal in Hand for $466k | 117 Craig St
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