321 W Alabama St, Houston, TX

Located in Houston, TX, this two-level commercial building at 321 West Alabama & 3803 Bute Street offers a dynamic and unique mid-century design. The property features approximately 6,720 square feet of improvements on about 12,500 square feet of land. It includes seven total leasable units, consisting of four updated studio/efficiency apartments, each approximately 500 square feet. Additionally, there are two large lower-level commercial/retail units totaling approximately 4,000 square feet, each equipped with two bathrooms and washer/dryer connections. One unit, approximately 1,000 square feet, is currently used as a workshop/owner storage. The property has a large parking lot, a rare find in Old Montrose. All units are individually metered for electricity. Natural gas is available to the property but not currently in use on-site. The owner covers water and trash dumpster costs for all tenants. Commercial tenants operate on NN reimbursement for taxes and insurance, while tenants cover their on-premise electricity and maintenance. The property is located in Historic First Montrose Commons, on the edge of Midtown. It is a non-contributing structure, meaning no additional historic or other property taxes apply. The property spans corner-to-corner with approximately 42 feet of frontage on W. Alabama St., approximately 249 feet of frontage on Bute St., and approximately 60 feet of frontage on Sul Ross St. The property has a 5.16% NOI cap rate based on 100% occupancy and the current rent roll.