Search
Renovated Multifamily Investment Opportunity
For Sale
Contact for pricing

2508-2512 Southmore Blvd., Houston, TX 77004

20-unit multifamily property in Houston's East End submarket.

Property Size15,396 SF
Lot Size0.66 Acres
Price / SF$180.24
Days on Market151

Property Features for 2508-2512 Southmore Blvd.

General Information

Standard status Active
Size 15,396 SF
Total Parking Spaces 32
Lot size 0.66 Acres
Property subtype Multifamily
Occupancy 100%
Investment Type Stabilized

Building Details

Year Built 1935
Year Renovated 2016
Units 20
Tenancy Multi
Listing Agency: NORTHPEAK Commercial Advisors
Listed By: Matt Lewallen · License #CO FA.100022835
Source: Crexi
Added: May 22 Changed: Oct 16 Last Checked: Oct 19 at 5:11AM

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

Rey
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.

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.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr
$174,424
Cap Rate
6.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,488,480 $3.5M
Cap Rate 7%
$2,491,771 $2.5M
Cap Rate 9%
$1,938,044 $1.9M
Market Conditions
NOI Build-Up for 15,396 SF
Gross rent
$338.1K $21.96/SF
− Vacancy
−$21.0K −$1.36/SF
EGI
$317.1K $20.60/SF
− OpEx
−$142.7K −$9.27/SF
NOI
$174.4K $11.33/SF
Area
Houston, TX
Vacancy
6.20%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,488,480
Cap Rate 7%
$2,491,771
Cap Rate 9%
$1,938,044

Alternative Uses

Best Use
Apartment 5plus
$2.49M
$2.18M – $2.91M (±1% cap)
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 (±1% cap)
NOI $277,128 @ 7.0% cap · market cap 9.99%
Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence
Open Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Auto Parts Store Electrical Service Locksmith Home Appliance Store Pet Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,746
Businesses Nearby

Demographics for 77004, TX

37,005
Population
18,321
Households
2
Avg Household Size
31
Median Age
57%
College-Educated
96%
High-School Grad
5.2 sq mi
ZIP Area
7,116
Density / Sq Mi
$65,901
Median Household Income
$55,909
Median Earnings
$1,320
Median Rent
$384,100
Median Home Value
Check the figures for this property Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022
10.2% 2023
11.4% 2024
11.3% 2025

Frequently Asked Questions

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.
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
Why this one?
Saved
Reason not saved — we won't ask again