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6218 Gehring St
Houston, TX 77021
Gehring Place Apartments · Multifamily Property For Sale
·
24 Units
INVESTMENT HIGHLIGHTS
- Strong Operating Stability and Rent Growth
- Exemplary Tenant Base
- Value-Add Investment with Continued Growth Potential
EXECUTIVE SUMMARY
Northmarq is pleased to present Gehring Place Apartments, a 24-unit multifamily community in one of Houston’s most desirable and centrally connected submarkets. The property is located in the heart of the Texas Medical Center, one of the world’s largest medical campuses with over 120,000 employees. Gehring Place offers investors an excellent value-add opportunity supported by recent exterior renovations and zero deferred maintenance needed. Interior units were last updated in 2016 and can be further upgraded with stainless appliances, new flooring, and updated bathrooms. Gehring Place also benefits from an exceptional tenant base and has earned a spot on Rice University’s preferred housing list. With an average household size of 1.9 residents within a two-mile radius, the property’s efficient floor plans are well aligned with local renter demographic.
Property Roundup:
24 units, 100% occupied for 5+ years with no delinquencies
All 1bd/1ba 650 SF
Located in the heart of the Med Center
Within 1 mile of Hermann Park, TMC, Levit Green
Excellent tenant base (medical employees, Rice U grad students, etc.)
Zero exterior work needed; New roofs installed in 2018 and 2024
Units were updated in 2016, opportunity to fully update flooring, appliances, bathrooms
Residents currently pay $55 monthly facilities fee for water and pest control – ability to increase to $100/mo.
Currently no bulk WiFi package
7.0% Going-In cap
10.90% Yr-1 Cash on Cash
12.50% 5-Yr avg. Cash on Cash
Property Roundup:
24 units, 100% occupied for 5+ years with no delinquencies
All 1bd/1ba 650 SF
Located in the heart of the Med Center
Within 1 mile of Hermann Park, TMC, Levit Green
Excellent tenant base (medical employees, Rice U grad students, etc.)
Zero exterior work needed; New roofs installed in 2018 and 2024
Units were updated in 2016, opportunity to fully update flooring, appliances, bathrooms
Residents currently pay $55 monthly facilities fee for water and pest control – ability to increase to $100/mo.
Currently no bulk WiFi package
7.0% Going-In cap
10.90% Yr-1 Cash on Cash
12.50% 5-Yr avg. Cash on Cash
PROPERTY FACTS
| Sale Type | Investment | Lot Size | 0.46 AC |
| No. Units | 24 | Building Size | 18,000 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 1957 |
| Building Class | C | Parking Ratio | 0.06/1,000 SF |
| Sale Type | Investment |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.46 AC |
| Building Size | 18,000 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1957 |
| Parking Ratio | 0.06/1,000 SF |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
SITE AMENITIES
- Courtyard
- Pool
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 24 | - | 650 |
PROPERTY TAXES
| Parcel Number | 0100050000039 | Improvements Assessment | $2,156,793 CAD |
| Land Assessment | $692,656 CAD | Total Assessment | $2,849,448 CAD |
PROPERTY TAXES
Parcel Number
0100050000039
Land Assessment
$692,656 CAD
Improvements Assessment
$2,156,793 CAD
Total Assessment
$2,849,448 CAD
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