Renovated Multifamily Investment
2508-2512 Southmore Blvd. Houston, TX 77004
2508-2512 Southmore Blvd., Houston, TX, 77004
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For Sale
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20-unit multifamily property in Houston's East End submarket.
Property Size15,396 SF
Lot Size0.66 Acres
Price / SF$180.24
Days on Market58
Property Features for 2508-2512 Southmore Blvd.
General Information
- Standard status
- Active
- Size
- 15,396 SF
- Lot size
- 0.66 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 1935
Listing Agency
NORTHPEAK Commercial Advisors
Listed by
Matt Lewallen · License #CO FA.100022835
Source
Crexi
Added: May 22 Checked: Jul 17 at 4:41 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 NORTHPEAK Commercial Advisors
Investment Insights
Based on property information with market context.
Contempo Apartments presents a renovated 20-unit multifamily investment opportunity situated on Southmore Blvd. in Houston's rapidly evolving East End. The property is positioned between the Texas Medical Center, Museum District, University of Houston, and Downtown Houston. The property consists of three buildings totaling approximately 15,396 square feet on 0.66 acres. It features sixteen one-bedroom units and four two-bedroom units. Originally constructed in 1935 and 1965, the asset has undergone substantial renovations and capital improvements over the past decade, with ownership investing approximately $1.7 million into both interior upgrades and major building systems. Improvements include significant plumbing, electrical, roofing, structural, HVAC, fire sprinkler, landscaping, and interior renovation work. The property is currently fully leased with strong in-place cash flow and is being marketed primarily as a stabilized, in-place investment opportunity. The property is located approximately 1.2 miles from the Houston Museum of Natural Science, 1.7 miles from University of Houston, 2.2 miles from the Texas Medical Center, and approximately 3.5 miles from Downtown Houston and Daikin Park. Residents benefit from immediate access to healthcare, education, employment, and entertainment destinations, while investors benefit from durable renter demand supported by the surrounding Medical Center, university, and urban employment base. The asset's approachable size and renovated condition position it well for private investors and 1031 exchange buyers seeking a quality multifamily opportunity inside Loop 610.
Key Highlights
- Fully leased with strong in‑place cash flow, presenting a stabilized investment opportunity.
- Located in Houston's East End, near the Texas Medical Center, Museum District, University of Houston, and Downtown Houston.
- Substantial renovations and capital improvements totaling $1.7 million have been invested.
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 | $338.1k | $21.96 |
| − Vacancy | −$21.0k | −$1.36 |
| EGI | $317.1k | $20.60 |
| − OpEx | −$142.7k | −$9.27 |
| NOI | $174.4k | $11.33 |
15,396 SF · lease $21.96/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.49M
$2.18M – $2.91M
NOI $174,424 @ 7.0% cap · market cap 6.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.96M
$3.46M – $4.62M
NOI $277,128 @ 7.0% cap · market cap 9.99%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - 20-unit multifamily property in Houston's East End submarket.
Where is this apartment building located?
The property is located at 2508-2512 Southmore Blvd. Houston, TX.
What is the asking price?
The asking price for this property is $2,775,000.
What are key features of this property?
This property features: Fully leased with strong in‑place cash flow, presenting a stabilized investment opportunity.; Located in Houston's East End, near the Texas Medical Center, Museum District, University of Houston, and Downtown Houston.; Substantial renovations and capital improvements totaling $1.7 million have been invested.
