Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1620 Bay Area Boulevard Houston, TX 77058

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Value-add multifamily property with strong occupancy and rent growth potential.

    Added:
    Jan 27, 2026
    Days on Market:
    67
    Last Refresh:
    Apr 1 at 11:34 pm

    Property Features for 1620 Bay Area Boulevard

    General Information

    Standard status
    Active

    Building Details

    Year Built
    1977

    We can help!

    Listing Contact
    Russell Jones

    Listing agent Russell Jones

    Listing office

    Listing date Jan 27, 2026

    Source Nmrk

    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 Russell Jones

    Overview

    University Green Multifamily Investment Opportunity

    University Green presents a significant value-add opportunity, with a portion of units featuring classic interiors and a larger portion having received light upgrades. The property has demonstrated strong historical occupancy performance and benefits from favorable rent growth projections. There are currently no multifamily units under construction within the submarket.
    Location Intelligence

    Current Use by Public Records

    Julitak Tattoo Tattoo & Piercing Shop Premier Conveyors Pvt. ... Industrial Manufacturer University Green Apartments Apartment Complex

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Fort Bend
    State
    Texas
    Longitude
    -95.113
    Latitude
    29.5649

    Nearby Similar for Sale

    • $6,500,000

      New Car Wash on Highway

      Newly built express car wash on high-traffic Houston corridor.
      3703 Highway 6 S, Houston, TX 77082
      View Details
    • $950,000

      Versatile Office-Warehouse Flex Building

      Office-warehouse flex building on 0.60 acres in a high-visibility location.
      11043 Jones Road, Houston, TX 77070
      View Details
    • $1,300,000

      Houston Car Wash Business Opportunity

      Full-service car wash in a high-traffic Houston location.
      12573 Richmond Avenue, Houston, TX 77082
      View Details
    • $595,000
      3,440 SF

      Townhouse-Style Duplex Near NRG Stadium

      Houston duplex near NRG Stadium with modern amenities and spacious units.
      5140 Mallow Street, Houston, TX 77033
      View Details
    • $480,000
      2,236 SF

      Modern Duplex Near Medical Center

      Two-story duplex built in 2020, convenient location, fully equipped.
      6501 Osprey Drive unit: A+B, Houston, TX 77048
      View Details
    • $505,000
      3,200 SF

      Warehouse with Additional Building

      Warehouse and office building with development potential near downtown.
      1939 Hopper Rd, Houston, TX 77093
      View Details
    • $1,400,000

      Houston Multi-Unit Investment Opportunity

      Multi-unit commercial property in Houston, TX, ideal for investors.
      6706 Ralston Street, Houston, TX 77016
      View Details
    • $750,000
      4,320 SF

      Office Flex Space For Rent

      Office and flex space available for immediate move-in.
      16628 SEA LARK RD, Houston, TX
      View Details
    • $499,000
      3,232 SF

      High-Visibility Commercial Building For Sale

      Freestanding building in high-growth area, ideal for various businesses.
      5701 Martin Luther King Blvd, Houston, TX 77021
      View Details
    • $650,000

      Houston Drive-Thru Restaurant Opportunity

      Vacant restaurant property with drive-thru in dense Houston community.
      309 S Lockwood Dr, Houston, TX 77011
      View Details
    • $900,000
      8,800 SF

      Northwest Houston Industrial Buildings

      Three industrial buildings on 1.66 acres in Northwest Houston.
      11708 Euclaire Dr, Houston, TX 77086
      View Details
    • $580,000
      4,892 SF

      Versatile Commercial Office Condo

      Adaptable space for offices, events, studios, or specialized operations.
      9802 Whithorn Dr, Houston, TX 77095
      View Details

    FAQs

    What type of property is this?
    Apartment building - Value-add multifamily property with strong occupancy and rent growth potential.
    Where is this apartment building located?
    The property is located at 1620 Bay Area Boulevard Houston, TX.
    What are key features of this property?
    This property features: Significant value‑add opportunity with nearly 25% of units with classic interiors.; 70% of units in a lightly upgraded configuration.; Strong historical occupancy performance.
    (713) 425-5422
    We can help!
    Listing Contact
    Russell Jones
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!