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    4831 Sycamore Ave Pasadena, TX 77503

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    17-Unit Apartment Building, Texas

    Property size:
    9,470 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    Sycamore Flats, a 17-unit apartment building located at 4831 Sycamore Ave, Pasadena, TX 77503, presents a compelling investment opportunity. This Class C multifamily property, totaling 9,470 square feet, boasts a strong 94% occupancy rate as of October 2, 2024. Built in 1963 and extensively renovated between 2022 and 2023, the property features modernized interiors and a durable metal roof, minimizing deferred maintenance. The single-story building offers significant value-add potential through rent increases and addressing loss to lease, projected to boost earnings by nearly 12%. Situated in Harris County, approximately 20 miles southeast of downtown Houston, Sycamore Flats benefits from excellent access to major employment centers, highways, and airports within the Houston MSA. The property is offered free and clear of existing debt, with a current cap rate of 6.00% and a pro-forma cap rate of 6.95%. This turnkey investment provides immediate cash flow and strong potential for long-term growth, making it an attractive acquisition for discerning investors seeking a stable and appreciating asset in a desirable location. The property's recent renovations ensure minimal immediate capital expenditures, allowing investors to focus on maximizing returns.

    Property Features for 4831 Sycamore Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    9,470 SF
    Class
    C

    Building Details

    Year Built/Renovated
    1963/2022
    Buildings
    1
    Stories
    1
    Units
    17

    HighLights

    • Prime Houston MSA location near major employment, entertainment, and highways.
    • Extensive capital improvements completed within the last 12 months, minimizing deferred maintenance.
    • Significant value‑add potential: increase effective gross income (EGI) by approximately 12% by addressing loss to lease and implementing rent increases.
    • Offered free and clear of existing debt.
    Property Profile Location Intelligence

    Current Use by Public Records

    Expertise Air-Flow Ductless ... Apartment Complex Professionally Clean House Cleaning Service Colon Brothers Roof ... Roofing Contractor

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Pasadena
    County
    Harris
    State
    Texas
    Longitude
    -95.168752090732
    Latitude
    29.670450527775

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    FAQs

    What type of property is this?
    Multifamily property - 17-Unit Apartment Building, Texas
    Where is this multifamily property located?
    The property is located at 4831 Sycamore Ave Pasadena, TX.
    What are key features of this property?
    This property features: Prime Houston MSA location near major employment, entertainment, and highways.; Extensive capital improvements completed within the last 12 months, minimizing deferred maintenance.; Significant value-add potential: increase effective gross income (EGI) by approximately 12% by addressing loss to lease and implementing rent increases.
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    4831 Sycamore Ave Pasadena, TX 77503
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    4831 Sycamore Ave Pasadena, TX 77503
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