Rose Garden Apartments | 6301 Alfano St
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Rose Garden Apartments 6301 Alfano St
40 Unit Apartment Building $2,868,000 ($71,700/Unit) Houston, TX 77076
Executive Summary
Investment Multi Family Property that is currently 100% full while the market shows 9.5% vacancy rate. This building has a potential for a huge rent growth opportunity. All Rents are below CoStar Market Rates. Management believes rents could be raised 11% to 41% with an average rent increase of 22% per unit per year. Pro forma cap rate is 7.28%. CoStar shows current Cap Rates in that area at 6.63%. In 2011 all plumbing fixtures in all apartments were change. Also all wiring from the meter boxes to the breaker boxes in the apartments was changed. New electric smart meters were purchased and installed. Roof was redone in 2018. The hot water boiler was completely replaced in July of 2024.
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $2,868,000 | Building Class | C |
| Price Per Unit | $71,700 | Lot Size | 0.95 AC |
| Sale Type | Investment | Building Size | 29,550 SF |
| Sale Conditions | 1031 Exchange | Average Occupancy | 100% |
| No. Units | 40 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1965 |
| Property Subtype | Apartment | Parking Ratio | 1.73/1,000 SF |
| Apartment Style | Low Rise |
| Price | $2,868,000 |
| Price Per Unit | $71,700 |
| Sale Type | Investment |
| Sale Conditions | 1031 Exchange |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.95 AC |
| Building Size | 29,550 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1965 |
| Parking Ratio | 1.73/1,000 SF |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Range
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 36 | - | 621 |
| 2+1 | 4 | - | 800 |
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PROPERTY TAXES
| Parcel Number | 0770010030017 | Total Assessment | $2,493,722 (2023) |
| Land Assessment | $415,800 (2023) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $2,077,922 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
0770010030017
Land Assessment
$415,800 (2023)
Improvements Assessment
$2,077,922 (2023)
Total Assessment
$2,493,722 (2023)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
zoning
| Zoning Code | None |
| None |
-
Rick Stallings -
Coldwell Banker Commercial Realty
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Rose Garden Apartments | 6301 Alfano St
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