Turnkey 11-Unit Apartment
For Sale
$895,000
911 Michigan Street # 8, Houston, TX 77587
Extensively renovated 11-unit apartment community with a courtyard-style layout and dedicated parking on a corner lot.
Property Size7,060 SF
Lot Size0.33 Acres
Days on Market90
Property Features for 911 Michigan Street # 8
General Information
Standard status
Active
Size
7,060 SF
Lot size
0.33 Acres
Property subtype
Multi Family,5 Plus
Additional Details
Highway Access
Yes
Multifamily Units
11
Taxes and HOA fees
Annual Taxes
$15,681
Building Details
Building Size
7,060 SF
Year Built
1966
Tenancy
Multi
Listing Agency:
Keller Williams Summit
Listed By:
Florencio Villalpando · License #0488752
(713) 893-1854
Source:
Mpowerrealtygroup
Added: Jul 22
Changed: Oct 15
Last Checked: Oct 16 at 5:55PM
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 Summit
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Review the available facts, identify missing information and prepare questions for the agent.
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
Estimated NOI and Cap Rate
NOI / Yr
$79,984
Cap Rate
8.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,599,680
$1.6M
Cap Rate 7%
$1,142,629
$1.1M
Cap Rate 9%
$888,711
$888.7K
Market Conditions
NOI Build-Up for 7,060 SF
Gross rent
$155.0K $21.96/SF
− Vacancy
−$9.6K −$1.36/SF
EGI
$145.4K $20.60/SF
− OpEx
−$65.4K −$9.27/SF
NOI
$80.0K $11.33/SF
Area
Houston, TX
Vacancy
6.20%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,599,680
Cap Rate 7%
$1,142,629
Cap Rate 9%
$888,711
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.
How Realmo checks its estimates
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
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 Street # 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
