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1903 Portsmouth St
Houston, TX 77098
1903 Portsmouth · Multifamily Property For Sale
·
29 Units
Investment Highlights
- Outstanding Location in Montrose close to Upper Kirby, Hwy 59, TX Medical Center, Downtown, Rice University and The Museum District!
- Assumable Agency Loan
- Median Househould Income $106,000 within 1 Mile
Executive Summary
This is an exceptional opportunity to acquire two neighboring boutique multifamily assets—1903 (utilities included) and 1919 Portsmouth—in Houston’s sought-after Montrose neighborhood.
These well-located assets are minutes from Downtown, Midtown, the Texas Medical Center, Museum District, and Upper Kirby, offering amazing connectivity. The median household income is $106,000 within 1 mile! Hard corner location with access + parking on Portsmouth, Hazard & Norfolk.
Great Unit Mix with majority of units spacious 2-bedrooms, averaging ~ 920 SF. Rents are below renovated peers. There is strong upside through operational efficiencies including green energy upgrades such as water saving devices and contract service optimization plus moderate interior and exterior improvements. At today’s basis, the deal is projected to deliver favorable cash on cash returns.
These well-located assets are minutes from Downtown, Midtown, the Texas Medical Center, Museum District, and Upper Kirby, offering amazing connectivity. The median household income is $106,000 within 1 mile! Hard corner location with access + parking on Portsmouth, Hazard & Norfolk.
Great Unit Mix with majority of units spacious 2-bedrooms, averaging ~ 920 SF. Rents are below renovated peers. There is strong upside through operational efficiencies including green energy upgrades such as water saving devices and contract service optimization plus moderate interior and exterior improvements. At today’s basis, the deal is projected to deliver favorable cash on cash returns.
Property Facts
| Sale Type | Investment | Lot Size | 0.49 AC |
| Sale Condition | Bulk/Portfolio Sale | Building Size | 25,062 SF |
| No. Units | 29 | Average Occupancy | 93% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1964/2006 |
| Apartment Style | Low-Rise | Parking Ratio | 1.12/1,000 SF |
| Building Class | C |
| Sale Type | Investment |
| Sale Condition | Bulk/Portfolio Sale |
| No. Units | 29 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.49 AC |
| Building Size | 25,062 SF |
| Average Occupancy | 93% |
| No. Stories | 2 |
| Year Built/Renovated | 1964/2006 |
| Parking Ratio | 1.12/1,000 SF |
Amenities
Unit Amenities
- Washer/Dryer
- Crown Molding
- Granite Countertops
Site Amenities
- Controlled Access
- Courtyard
- Laundry Facilities
- Pool
- Tenant Controlled HVAC
- Gated
- Maintenance on site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | $1,603 CAD | 658 |
| 2+1 | 1 | $2,278 CAD | 961 |
| 2+1.5 | 9 | $2,209 CAD | 1,020 |
| 2+2 | 17 | $2,354 CAD | 980 |
Property Taxes
| Parcel Number | 0571230000014 | Improvements Assessment | $2,057,141 CAD |
| Land Assessment | $2,413,128 CAD | Total Assessment | $4,470,269 CAD |
Property Taxes
Parcel Number
0571230000014
Land Assessment
$2,413,128 CAD
Improvements Assessment
$2,057,141 CAD
Total Assessment
$4,470,269 CAD
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