Montrose Area Boutique Apartment
For Sale
Contact for pricing
2703 Mason St, Houston, TX 77006
Remodeled 16-unit apartment building with dipping pool and dog park.
Property Size9,240 SF
Price / SF$301.95
Days on Market661
Property Features for 2703 Mason St
General Information
Standard status
Active
Size
9,240 SF
Class
B
Total Parking Spaces
16
Property subtype
Multifamily
Zoning
B1 -- Real, Residential, Multi-Family
Occupancy
87%
Investment Type
Value Add
Net Operating Income
$201,800
Building Details
Year Built
1955
Year Renovated
2024
Buildings
1
Stories
2
Units
16
Listing Agency:
Sanmore Investments
(713) 621-6466
Listed By:
boris sanchez · License #9006906
Source:
Crexi
Added: Nov 1, 2024
Changed: Aug 8
Last Checked: Aug 22 at 3:53PM
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 Sanmore Investments
Investment Insights
Based on property information with market context.
This sixteen-unit apartment building is located in the heart of the Montrose area, offering residents high walkability. The property features a newly remodeled quarter-million dollar dipping pool and spa, which is open year-round and heated in the winter. The property is two blocks from Westheimer and five minutes from Downtown. The modern-looking units include a refrigerator, stove, microwave, washer, and dryer. Residents have access to on-site parking and a dog park. Seven of the sixteen units were updated in 2024, including upgraded electrical and plumbing systems, new floors and appliances, and a new roof and exterior paint. The property is unrestricted, and the majority of units are below market rent.
Key Highlights
- Newly remodeled units (7/16 in 2024) feature upgraded electrical, plumbing, floors, appliances, new roof and exterior paint.
- Enjoy the brand new quarter‑million dollar dipping pool and spa, open year‑round and heated in winter.
- Unbeatable walkability in the heart of the Montrose area, two blocks from Westheimer and 5 minutes from Downtown.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$104,681
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.75%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,093,620
$2.1M
Cap Rate 7%
$1,495,443
$1.5M
Cap Rate 9%
$1,163,122
$1.2M
Market Conditions
NOI Build-Up for 9,240 SF
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.
Gross rent
$202.9K $21.96/SF
− Vacancy
−$12.6K −$1.36/SF
EGI
$190.3K $20.60/SF
− OpEx
−$85.6K −$9.27/SF
NOI
$104.7K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,093,620
Cap Rate 7%
$1,495,443
Cap Rate 9%
$1,163,122
Alternative Uses
Best Use
Apartment 5plus
$1.50M
$1.31M – $1.74M
NOI $104,681 @ 7.0% cap · market cap 3.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.38M
$2.08M – $2.77M
NOI $166,320 @ 7.0% cap · market cap 5.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,549
Businesses Nearby
Explore this area
Business Placement
Demographics for 77006, TX
24,129
Population
16,654
Households
1.4
Avg Household Size
36
Median Age
80%
College-Educated
98%
High-School Grad
2.3 sq mi
ZIP Area
10,491
Density / Sq Mi
$102,003
Median Household Income
$73,275
Median Earnings
$1,761
Median Rent
$599,500
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 - Remodeled 16-unit apartment building with dipping pool and dog park.
Where is this apartment building located?
The property is located at 2703 Mason St Houston, TX.
What is the asking price?
The asking price for this property is $2,790,000.
What are key features of this property?
This property features: Newly remodeled units (7/16 in 2024) feature upgraded electrical, plumbing, floors, appliances, new roof and exterior paint.; Enjoy the brand new quarter‑million dollar dipping pool and spa, open year‑round and heated in winter.; Unbeatable walkability in the heart of the Montrose area, two blocks from Westheimer and 5 minutes from Downtown.
