Well-Maintained 15-Unit Apartment
1849 W Main St 15 Houston, TX 77098
1849 W Main St 15, Houston, TX, 77098
$2,500,000
For Sale
$2,500,000
Turnkey investment property with immediate cash flow and future growth.
Property Size10,800 SF
Lot Size0.29 Acres
Price / SF$231.48
Days on Market117
Property Features for 1849 W Main St 15
General Information
- Standard status
- Active
- Size
- 10,800 SF
- Lot size
- 0.29 Acres
- Property subtype
- Investment
Building Details
- Year Built
- 1940
Listing Agency
(310) 307-9998
Listed by
Amanda Smith
(310) 307-9998
Source
Elliman
Added: Mar 24 Checked: Jul 17 at 7:48 am
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 Amanda Smith
Investment Insights
Based on property information with market context.
This well-maintained 15-unit apartment complex is situated on a valuable corner lot within a rapidly improving neighborhood. The property consists of two 4-plex buildings constructed in 1940 and a 7-unit garden-style building built in 1962, totaling 10,800 square feet. The average unit size is 720 square feet. On-site amenities include laundry facilities, three garage units, two storage rooms, and ample parking. All units are equipped with central AC. The front buildings have been repiped with PEX plumbing and individual shut-offs. Recent capital improvements exceeding $100,000 include new roofs installed in 2020, electrical upgrades completed in 2021, and a resurfaced parking lot, also in 2021. Multiple HVAC replacements, new commercial laundry units, updated kitchens in two units, and several new water heaters have also been implemented. The Certificate of Occupancy was renewed in 2021. This turnkey investment offers strong current income and long-term upside, benefiting from steady tenant demand and a prime location.
Key Highlights
- Strong current income and long‑term upside potential in a rapidly improving neighborhood.
- Turnkey investment with over $100K in recent capital improvements.
- All units feature central AC; front buildings have PEX plumbing with individual shut‑offs.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $237.2k | $21.96 |
| − Vacancy | −$14.7k | −$1.36 |
| EGI | $222.5k | $20.60 |
| − OpEx | −$100.1k | −$9.27 |
| NOI | $122.4k | $11.33 |
10,800 SF · lease $21.96/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.75M
$1.53M – $2.04M
NOI $122,355 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.78M
$2.43M – $3.24M
NOI $194,400 @ 7.0% cap · market cap 7.78%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Turnkey investment property with immediate cash flow and future growth.
Where is this apartment building located?
The property is located at 1849 W Main St 15 Houston, TX.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Strong current income and long‑term upside potential in a rapidly improving neighborhood.; Turnkey investment with over $100K in recent capital improvements.; All units feature central AC; front buildings have PEX plumbing with individual shut‑offs.
