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2705 Lorraine St 16 Unit Apartment Building $1,289,811 CAD ($80,613 CAD/Unit) 8.21% Cap Rate Houston, TX 77026
Executive Summary
MAZ Real Estate is pleased to exclusivley offer the opportunity to acquire 2705 Lorraine St in Houston, TX.? This deal consists of 1 building with 6 studios and 10 (1) bedroom, (1) baths.?
Located just 10 minutes northeast of Downtown Houston, this property offers prime access within a rapidly transforming urban corridor.?
Positioned just off the major thoroughfare of US-59/I-69, which sees over 200,000 vehicles per day, the site benefits from high visibility and connectivity.?
The property sits within a growing commercial and residential zone, just minutes from Hardy Yards, Fifth Ward redevelopment, and the Houston Farmers Market.? Surrounded by new construction homes, local retail, and community-focused redevelopment projects, this location is ideally suited for investors or users looking to capitalize on Houston's inner-loop momentum.?
Implement RUBs: Currently, all utilities are paid by the owner. Introducing a RUBS would shift utility costs to tenants, improving net operating income and reducing owner expense exposure.
Increase Rents to Market: Opportunity to increase rents to $950, and apply for section 8, to increase further.
Exterior Enhancement: Opportunity exists for exterior improvements to further boost curb appeal and tenant retention.
Located just 10 minutes northeast of Downtown Houston, this property offers prime access within a rapidly transforming urban corridor.?
Positioned just off the major thoroughfare of US-59/I-69, which sees over 200,000 vehicles per day, the site benefits from high visibility and connectivity.?
The property sits within a growing commercial and residential zone, just minutes from Hardy Yards, Fifth Ward redevelopment, and the Houston Farmers Market.? Surrounded by new construction homes, local retail, and community-focused redevelopment projects, this location is ideally suited for investors or users looking to capitalize on Houston's inner-loop momentum.?
Implement RUBs: Currently, all utilities are paid by the owner. Introducing a RUBS would shift utility costs to tenants, improving net operating income and reducing owner expense exposure.
Increase Rents to Market: Opportunity to increase rents to $950, and apply for section 8, to increase further.
Exterior Enhancement: Opportunity exists for exterior improvements to further boost curb appeal and tenant retention.
Property Facts
| Price | $1,289,811 CAD | Building Class | C |
| Price Per Unit | $80,613 CAD | Lot Size | 0.11 AC |
| Sale Type | Investment | Building Size | 8,500 SF |
| Cap Rate | 8.21% | Average Occupancy | 88% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1955 |
| Property Subtype | Apartment | Parking Ratio | 0.82/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | None | ||
| Price | $1,289,811 CAD |
| Price Per Unit | $80,613 CAD |
| Sale Type | Investment |
| Cap Rate | 8.21% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 8,500 SF |
| Average Occupancy | 88% |
| No. Stories | 2 |
| Year Built | 1955 |
| Parking Ratio | 0.82/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | None |
Amenities
Unit Amenities
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Range
Site Amenities
- Gas Range
- Trash Pickup - Curbside
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | - | 250 |
| 1+1 | 10 | - | 500 |
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Good public transit
60/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 0331700000018 | Improvements Assessment | $836,666 CAD |
| Land Assessment | $195,215 CAD | Total Assessment | $1,031,881 CAD |
Property Taxes
Parcel Number
0331700000018
Land Assessment
$195,215 CAD
Improvements Assessment
$836,666 CAD
Total Assessment
$1,031,881 CAD
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2705 Lorraine St
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