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 Market161
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 13
Last Checked: Oct 12 at 6:20PM
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
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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Current Use
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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Market
Vacancy Rate% for Multifamily in South region
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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
