Renovated 8-Unit Multifamily
For Sale
$1,999,500
12455 Melville Drive, Montgomery, TX 77356
Renovated 8-unit complex with two-bedroom, two-bath layouts, in-unit washer and dryer hookups, and a resort-style pool.
Property Size11,360 SF
Price / SF$176.01
Days on Market169
Property Features for 12455 Melville Drive
General Information
Standard status
Active
Size
11,360 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$3,247
Amenities
resort-style pool
Yes
2
Appraiser
31087
11360
Building Details
Building Size
11,360 SF
Year Built
1984
Stories
2
Tenancy
Multi
Listing Agency:
Executive Texas Realty
(281) 789-0411
Listed By:
Lucy Reyes
(281) 433-0226
Source:
Garygreene
Added: May 7
Changed: Oct 21
Last Checked: Oct 20 at 5:43PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Executive Texas Realty
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Investment Insights
Based on property information with market context.
This renovated 8-unit multifamily complex features four units on each side surrounding a central resort-style pool. Each residence is configured as a two-bedroom, two-bath home with an open-concept living area, sleek white quartz countertops, elegant cabinetry, and high-end finishes. Kitchens include a stylish backsplash and ample storage, and each unit has a utility room with washer and dryer hookup availability. An interior fireplace is included in the open-concept living space.
The property is described as being near Lake Walden, with a short walk to the water and easy access to outdoor activities, scenic views, and local amenities. Walkability is noted as limited (walkScore 11) and the area is characterized as car-dependent, with some bikeability (bikeScore 25).
The property is described as being near Lake Walden, with a short walk to the water and easy access to outdoor activities, scenic views, and local amenities. Walkability is noted as limited (walkScore 11) and the area is characterized as car-dependent, with some bikeability (bikeScore 25).
Key Highlights
- 1984‑built renovated 8‑unit complex with two‑bedroom, two‑bath layouts
- Each unit features an open‑concept living area with a fireplace
- Kitchens include quartz countertops, elegant cabinetry, and a stylish backsplash
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$119,360
Cap Rate
5.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,387,200
$2.4M
Cap Rate 7%
$1,705,143
$1.7M
Cap Rate 9%
$1,326,222
$1.3M
Market Conditions
NOI Build-Up for 11,360 SF
Gross rent
$230.4K $20.28/SF
− Vacancy
−$13.4K −$1.18/SF
EGI
$217.0K $19.10/SF
− OpEx
−$97.7K −$8.60/SF
NOI
$119.4K $10.51/SF
Area
Montgomery County, TX
Vacancy
5.80%
Lease Rate
$20.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,387,200
Cap Rate 7%
$1,705,143
Cap Rate 9%
$1,326,222
Alternative Uses
Best Use
Apartment 5plus
$1.71M
$1.49M – $1.99M
NOI $119,360 @ 7.0% cap · market cap 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.87M
$2.51M – $3.35M
NOI $200,750 @ 7.0% cap · market cap 10.04%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
8
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
130
Businesses Nearby
Explore this area
Business Placement
Demographics for 77356, TX
32,136
Population
14,982
Households
2.1
Avg Household Size
49
Median Age
44%
College-Educated
95%
High-School Grad
127.1 sq mi
ZIP Area
253
Density / Sq Mi
$113,750
Median Household Income
$55,533
Median Earnings
$1,608
Median Rent
$369,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Renovated 8-unit complex with two-bedroom, two-bath layouts, in-unit washer and dryer hookups, and a resort-style pool.
Where is this apartment building located?
The property is located at 12455 Melville Drive Montgomery, TX.
What is the asking price?
The asking price for this property is $1,999,500.
What are key features of this property?
This property features: 1984‑built renovated 8‑unit complex with two‑bedroom, two‑bath layouts; Each unit features an open‑concept living area with a fireplace; Kitchens include quartz countertops, elegant cabinetry, and a stylish backsplash
