PRICE REDUCED $1,800,000- NOW $3,500,000 2 Multifamily Properties Offered at $4,821,600 CAD in Houston, TX

BALABAN PLAZA | Formerly Offered at $5,300,000 | Now Offered at $3,500,000 !
Marketing description
Balaban Plaza | 53-Unit Multifamily Value-Add Opportunity | Houston, TX
PROPERTY OVERVIEW
Balaban Plaza presents a compelling value-add multifamily investment opportunity consisting of 53 apartment units, an existing restaurant/convenience store, and approximately 1 acre of adjoining open land offering additional potential for future income and development.
The property has been family owned for more than 50 years and has historically maintained rents below prevailing market levels, resulting in significant rental upside. Current apartment rents are estimated to be approximately 25%–30% below market, with the potential to increase Potential Gross Income by approximately $125,000 annually through a strategic rent-growth program.
The property has been well maintained, with major roof replacements completed within the past four years. Additional value can be created through landscaping, exterior painting, and interior unit improvements.
ADDITIONAL LAND OPPORTUNITY
Approximately one acre of open, flat land adjoins the western side of the apartment complex, next to a Church, providing a unique opportunity to expand the property's income-producing potential.
Potential concepts may include additional multifamily units, rental housing/mobile-home spaces, commercial development, or other income-producing uses, subject to verification of applicable county regulations, permitting, utilities, access, deed restrictions, and development requirements.
This additional land provides an investor with a rare opportunity to create value beyond the existing apartment income stream.
EXISTING COMMERCIAL COMPONENT
The property includes La Sabrosita, a fully functioning 45-seat restaurant and convenience store fronting Airline Drive.
The current tenant has operated the business at the property for approximately 15 years and reportedly intends to remain in place. The property owner is strictly the landlord and has no direct participation in the restaurant's operations. The tenant owns all business equipment and fixtures.
The existing commercial rent is below market, creating an estimated opportunity for approximately $12,000 in additional annual rental income without requiring improvements to the restaurant or convenience store.
VALUE-ADD STRATEGY
Balaban Plaza offers multiple avenues for increasing NOI and overall asset value:
1. Apartment Rent Growth:
Bring historically below-market rents closer to prevailing market levels, with estimated potential for approximately $125,000 in additional annual Potential Gross Income.
2. Interior & Exterior Improvements:
Improve unit interiors, landscaping, and exterior appearance to enhance tenant appeal and support higher rents.
3. Additional Land:
Explore development or alternative income-producing uses for the approximately one-acre adjoining parcel.
4. Commercial Rent:
Capture additional income from the existing restaurant/convenience store lease as rental rates are brought closer to market.
LOCATION
Balaban Plaza is strategically located at the intersection of Airline Drive and Gulf Bank Drive, providing convenient access to major Houston-area transportation corridors.
Approximate drive distances include:
13 miles to Downtown Houston
11 miles to George Bush Intercontinental Airport
16 miles to the Texas Medical Center
The property benefits from strong visibility along Airline Drive, which reportedly carries approximately 17,000 vehicles per day.
A large Catholic cathedral complex is located immediately south of the property, with another Catholic church adjoining the western side.
INVESTMENT SUMMARY
Balaban Plaza offers an investor the opportunity to acquire a long-held multifamily asset with below-market rents, multiple value-add strategies, an established commercial tenant, and approximately one acre of additional land.
With several independent avenues for increasing income—including apartment rent growth, commercial rent adjustments, physical improvements, and potential development of the adjoining land—the property presents a strong opportunity for an investor seeking cash-flow growth and long-term value creation in the Houston market.
Buyer to independently verify all property information, measurements, zoning, permitted uses, development potential, financial projections, and governmental requirements.
Investment highlights
53-Unit Multifamily Value-Add Opportunity | 1 Acre Additional Land | Restaurant/Convenience Store
Balaban Plaza is a 53-unit multifamily value-add investment opportunity offering multiple avenues for increasing income and long-term property value. The property features below-market apartment rents, approximately one acre of adjoining land, and an established restaurant/convenience store tenant.
KEY INVESTMENT HIGHLIGHTS
NEW ASKING PRICE: $3,500,000
$1,800,000 PRICE REDUCTION
Former Asking Price: $5,300,000
34% Reduction from Original Asking Price
53 multifamily units
28 one-bedroom | 22 two-bedroom | 3 studios
Apartment rents estimated at 25%–30% below market
Approximately $125,000 in potential annual apartment revenue upside
Approximately 1 acre of additional land
Potential for additional development or other income-producing uses, homes, ommercial storage, shop, etc
Existing 45-seat restaurant/convenience store
Approximately $12,000 in potential additional annual commercial rent
50+ years of family ownership
Low historical tenant turnover
Major roof replacements completed within the past four years
Significant value-add potential through interior improvements, landscaping, and painting
Approximately 17,000 vehicles per day on Airline Drive fronting restaurant
Convenient access to Downtown Houston on I45, George Bush Intercontinental Airport on Loop 8, and the Texas Medical Center
Listing Contacts

For more info, please contact realtor, John Pankiewicz, with Champions NextGen Real Estate at 713-631-9030.