15-Unit SRO Multifamily 3815 Fannin St

Kevin Riles Commercial is pleased to offer this TURN KEY opportunity to own a 15 room Single Room Occupancy (SRO) Property in Downtown/Midtown area of Houston. This property is located less the 1/2 mile from the ION Technology Hub developed by Rice University. In addition, the property has had extensive renovation over the last 3-5 years. Rents are below market. There is a value Add opportunity to increase rents with updating of the common kitchens , replacing the flooring in the hallways and minor upgrades of the bathrooms. Tenants are month to month but most have been there for 5 years. Owner prefers month to month in an SRO in case a tenant must be removed. Tenant profile is a working class hourly wage mix who work in the area. Excellent opportunity to own in the middle of downtown! Upgrade Summary: 
-  Occupancy Permit a couple years ago, everything is updated to the current city code.
-  The Property was leveled a few years ago.
-  The Entire siding was removed to the stud, two layers of insulation were applied.
-  Exterior Painted 3 yrs ago
-  Flat portion of the roof was replaced a few years ago with new/state of the art roofing materials.
 -  New hardly plunk installed to the entire exterior of the house and painted..
-  All 34 windows were removed and replaced with new state of art windows.
-  Most of the rooms were remodeled.
-  All gas heating units were replaced with electric baseboard units (city code)
-  Hot water heater replaced a couple years ago
-  All 3 toilets had been replaced 2 yrs ago
-  Entrance door painted May 2021
-  Carport repair February 2021