Turnkey 11-Unit Apartment
For Sale
$895,000
911 Michigan St 8, Houston, TX 77587
Extensively renovated 11-unit apartment community with a courtyard-style layout and dedicated parking on a corner lot.
Lot Size0.33 Acres
Days on Market8
Property Features for 911 Michigan St 8
General Information
Standard status
Active
Lot size
0.33 Acres
Property subtype
Investment
Lease Term
Month-to-month
Additional Details
Highway Access
Yes
Multifamily Units
11
Building Details
Building Size
7,060 SF
Year Built
1966
Tenancy
Multi
Listing Agency:
Keller Williams Laredo
(713) 893-1854
Listed By:
Florencio Villalpando · License #0488752
(713) 893-1854
Source:
Elliman
Added: Jul 24
Changed: Jul 25
Last Checked: Jul 31 at 12:27PM
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 Keller Williams Laredo
Investment Insights
Based on property information with market context.
This extensively renovated 11-unit apartment community features an upgraded exterior and improvements that include roof work and HVAC upgrades, supporting a substantially improved income-producing property. The layout is courtyard-style, and the community sits on a 0.33-acre corner lot with dedicated parking and efficient utilities.
The property is located in the heart of South Houston, with convenience to Downtown Houston and Hobby Airport, as well as access to SH-225 and I-45. It is also positioned near major employers, medical centers, and industrial corridors, which can support consistent residential rental demand.
The remaining opportunity noted by the current owner is to align in-place rents with market levels.
The property is located in the heart of South Houston, with convenience to Downtown Houston and Hobby Airport, as well as access to SH-225 and I-45. It is also positioned near major employers, medical centers, and industrial corridors, which can support consistent residential rental demand.
The remaining opportunity noted by the current owner is to align in-place rents with market levels.
Key Highlights
- Extensively renovated 11‑unit apartment community built in 1966
- Courtyard‑style layout on a 0.33‑acre corner lot
- Dedicated parking available for residents
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 | $155.0k | $21.96 |
| − Vacancy | −$9.6k | −$1.36 |
| EGI | $145.4k | $20.60 |
| − OpEx | −$65.4k | −$9.27 |
| NOI | $80.0k | $11.33 |
7,060 SF · lease $21.96/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.14M
$999.8K – $1.33M
NOI $79,984 @ 7.0% cap · market cap 8.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.82M
$1.59M – $2.12M
NOI $127,080 @ 7.0% cap · market cap 14.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
11
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,866
Businesses Nearby
Explore this area
Business Placement
Demographics for 77587, TX
16,179
Population
5,549
Households
2.9
Avg Household Size
32
Median Age
9%
College-Educated
60%
High-School Grad
3.1 sq mi
ZIP Area
5,219
Density / Sq Mi
$52,407
Median Household Income
$30,669
Median Earnings
$1,174
Median Rent
$177,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Extensively renovated 11-unit apartment community with a courtyard-style layout and dedicated parking on a corner lot.
Where is this apartment building located?
The property is located at 911 Michigan St 8 Houston, TX.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Extensively renovated 11‑unit apartment community built in 1966; Courtyard‑style layout on a 0.33‑acre corner lot; Dedicated parking available for residents
