6821 Fairway Drive, Houston, TX 77087
Renovated 22-unit apartment community in Southwest Houston, offered as a stabilized, substantially preleased investment.
- Added:
- Jun 2, 2026
- Days on Market:
- 10
- Last Refresh:
- Jun 6 at 4:07 am
Property Features for 6821 Fairway Drive
General Information
- Standard status
- Active
- Size
- 16,050 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1960
Listing agent Ryan DeGennaro License #TX 9004042
Listing office Partners (713) 316-7059
Listing date Jun 2, 2026
Source Crexi
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 Partners
HighLights
- Renovated 22‑unit apartment community in Southwest Houston (Year built: 1960)
- Substantially preleased and presented as a stabilized multifamily investment
- Renovations include significant improvements to compete with renovated properties in the surrounding market
- Convenient access to Downtown Houston, the Galleria, Greenway Plaza, and the Texas Medical Center
- Near major transportation corridors, supporting connectivity to key Houston employment areas
Overview
The location is described as providing convenient access to major employment and destination nodes, including Downtown Houston, the Galleria, Greenway Plaza, and the Texas Medical Center. It also benefits from access to major transportation corridors, which can support day-to-day connectivity for residents.
For investors, Lancia Flats offers a starting point with in-place occupancy supported by its substantially preleased profile and stabilized positioning, along with the opportunity to continue enhancing operations over time. The renovated status may help it compete with other updated multifamily options in the surrounding market. Buyers evaluating smaller apartment communities in Houston’s infill environment may want to review unit mix, current lease terms, and the scope of completed renovations as part of their underwriting. The asset is offered for sale with an emphasis on renovated quality, established income, and ongoing operational focus.
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 | $352.5k | $21.96 |
| − Vacancy | −$21.9k | −$1.36 |
| EGI | $330.6k | $20.60 |
| − OpEx | −$148.8k | −$9.27 |
| NOI | $181.8k | $11.33 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Houston
- County
- Fort Bend
- State
- Texas
- Longitude
- -95.3042201
- Latitude
- 29.6939434
