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    932 7Th Ave Texas City, TX 77590

    For Sale
    $980,000

    14-Unit Apartment Complex, High Potential

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    366
    This exceptional 14-unit apartment building, located at 932 7th Ave N in Texas City, Texas, presents a compelling investment opportunity. Built in 1970 and renovated in 2021, this Class C multifamily property sits on a 0.287-acre lot and comprises three, two-story buildings. Currently boasting 78.57% occupancy, the property offers 14 units at a price of $70,000 per unit, totaling an asking price of $980,000. The property's pro-forma cap rate is 8.43%, indicating strong potential for return on investment. Its strategic location near major petrochemical employers ensures consistent tenant demand. Significant value-add potential exists through various strategies, including raising rents to market rates, implementing a $25 monthly premium for the existing 10 carports, offering in-unit washer/dryer rentals at $50 per month, and introducing a $35 monthly utility billback program. These initiatives are projected to generate substantial additional annual income. The property's solid foundation and recent renovations provide a stable, cash-flowing asset with considerable upside for the discerning investor. The property's address is 932 7th Ave N, Texas City, TX 77590.

    Property Features for 932 7Th Ave

    General Information

    Property type
    Multifamily properties
    Class
    C
    Lot Size
    12,502 SF

    Building Details

    Year Built/Renovated
    1970/2021
    Buildings
    3
    Stories
    2
    Units
    14

    HighLights

    • Increase NOI through market rent adjustments and value‑add strategies.
    • Generate $3,000 annual revenue by leasing 10 existing carports at $25/month.
    • Boost income with $50/month in‑unit washer/dryer rentals.
    • Implement a $35/month utility billback program for added recurring revenue.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    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
    Texas City
    County
    Galveston
    State
    Texas
    Longitude
    -94.908414
    Latitude
    29.3916549

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    FAQs

    What type of property is this?
    Multifamily property - 14-Unit Apartment Complex, High Potential
    Where is this multifamily property located?
    The property is located at 932 7Th Ave Texas City, TX.
    What is the asking price?
    The asking price for this property is $980,000.
    What are key features of this property?
    This property features: Increase NOI through market rent adjustments and value-add strategies.; Generate $3,000 annual revenue by leasing 10 existing carports at $25/month.; Boost income with $50/month in-unit washer/dryer rentals.
    Request Owner's contact information
    932 7Th Ave Texas City, TX 77590
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    Realmo Value Estimation

    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.

    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
    932 7Th Ave Texas City, TX 77590
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