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Contempto Condos 2508 Southmore Blvd 20 Unit Apartment Building $3,584,100 CAD ($179,205 CAD/Unit) 6.25% Cap Rate Houston, TX 77004
INVESTMENT HIGHLIGHTS
- 2508 Southmore Boulevard is home to the Contempto Condos, presented at an all cash or new loan basis.
- The property has been extensively rehabbed and updated "to the studs" per the owner.
- Per the owner, the property is fully-leased with six Airbnb units.
- Located in the U of H/I-45 South submarket of Houston, an excelled inner-loop location.
- The seller may consider carrying preferred equity.
EXECUTIVE SUMMARY
The Contempo is a two-story apartment community located in the U of H/ I-45 South submarket of Houston, Texas. It was built in 1935 and 1965 and, per HCAD, extensively remodeled in 2016 and 2019.
The Contempo is perfect for young professionals or students who want to live close to work and school. It’s just a short drive to the University of Houston, Texas Southern University, Rice University, Downtown, Midtown, Eado, and the Medical Center, and right around the corner are the best restaurants and bars in Houston.
The property has reportedly been extensively rehabbed to the studs, including landscaping, new appliances, flooring, roofs, a/c's, etc. The asset appears to be very clean.
The property is located in the 77004 zip code, and the area is known as Third Ward. Property values are appreciating nicely here. Important to note: all units are master leased to Airbnb.
According to the owner, Airbnb does not cover any building-related coverage, although it does have its own insurance coverage. Tenants pay for electricity.
The Contempo is perfect for young professionals or students who want to live close to work and school. It’s just a short drive to the University of Houston, Texas Southern University, Rice University, Downtown, Midtown, Eado, and the Medical Center, and right around the corner are the best restaurants and bars in Houston.
The property has reportedly been extensively rehabbed to the studs, including landscaping, new appliances, flooring, roofs, a/c's, etc. The asset appears to be very clean.
The property is located in the 77004 zip code, and the area is known as Third Ward. Property values are appreciating nicely here. Important to note: all units are master leased to Airbnb.
According to the owner, Airbnb does not cover any building-related coverage, although it does have its own insurance coverage. Tenants pay for electricity.
PROPERTY FACTS
| Price | $3,584,100 CAD | Building Class | C |
| Price Per Unit | $179,205 CAD | Lot Size | 0.65 AC |
| Sale Type | Investment | Building Size | 15,396 SF |
| Cap Rate | 6.25% | Average Occupancy | 100% |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1965 |
| Property Subtype | Apartment | Parking Ratio | 1.95/1,000 SF |
| Apartment Style | Garden | Opportunity Zone |
Yes
|
| Zoning | None | ||
| Price | $3,584,100 CAD |
| Price Per Unit | $179,205 CAD |
| Sale Type | Investment |
| Cap Rate | 6.25% |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.65 AC |
| Building Size | 15,396 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1965 |
| Parking Ratio | 1.95/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | None |
AMENITIES
UNIT AMENITIES
- Microwave
- Washer/Dryer
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Stainless Steel Appliances
SITE AMENITIES
- Courtyard
- Gated
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 16 | $1,571 CAD | 750 |
| 2+1 | 4 | $1,753 CAD | 790 - 916 |
1 1
Walk Score®
Very Walkable (83)
Bike Score®
Very Bikeable (79)
PROPERTY TAXES
| Parcel Number | 0611180000009 | Improvements Assessment | $1,098,170 CAD |
| Land Assessment | $617,352 CAD | Total Assessment | $1,715,522 CAD |
PROPERTY TAXES
Parcel Number
0611180000009
Land Assessment
$617,352 CAD
Improvements Assessment
$1,098,170 CAD
Total Assessment
$1,715,522 CAD
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Contempto Condos | 2508 Southmore Blvd
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