6840 Fairway Drive, Houston, TX 77087
Fully renovated 16-unit apartment building with primarily two-bedroom units and an adjacent opportunity for scale.
- Added:
- Jun 2, 2026
- Days on Market:
- 9
- Last Refresh:
- Jun 6 at 2:07 am
Property Features for 6840 Fairway Drive
General Information
- Standard status
- Active
- Size
- 12,872 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
- Fully renovated 16‑unit multifamily community (year built 1960).
- Units are primarily 2‑bedroom apartments.
- Renovations include extensive updates to position the property within the surrounding rental market.
- Close to major Houston access points: I‑45, Loop 610, University of Houston, Texas Medical Center, Hobby Airport, and the Port of Houston.
- Adjacent scale opportunity: ability to acquire the recently renovated 22‑unit Lancia Apartments to create a larger multifamily portfolio.
Overview
The property is located in the Golfcrest submarket of Southeast Houston. It is near major regional access routes including I-45 and Loop 610, and it provides connectivity to major employment and economic centers such as the University of Houston, the Texas Medical Center, Hobby Airport, and the Port of Houston.
For investors or operators seeking a renovated small multifamily asset, Amblegrove Apartments offers a straightforward 16-unit configuration with primarily two-bedroom homes. The adjacent, recently renovated 22-unit Lancia Apartments presents an additional path to expand the footprint and create a larger multifamily portfolio through combined ownership. This makes the property a practical fit for buyers looking to manage a renovated residential income asset with an opportunity to scale through adjacency, where desired.
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 | $282.7k | $21.96 |
| − Vacancy | −$17.5k | −$1.36 |
| EGI | $265.1k | $20.60 |
| − OpEx | −$119.3k | −$9.27 |
| NOI | $145.8k | $11.33 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Houston
- County
- Fort Bend
- State
- Texas
- Longitude
- -95.3039469
- Latitude
- 29.6930172
