9200 Bissonnet St Houston, TX 77074

Property Details for 9200 Bissonnet St

Year built

1978

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a 272-unit Class C apartment building located at 9200 Bissonnet St, Houston, TX 77074, in Harris County. Built in 1978, this property comprises 18 two-story buildings, offering a compelling value-add proposition. The property currently boasts 92.6% occupancy. The existing buildings feature Georgian brick construction, providing a solid foundation for future enhancements. A significant advantage is the presence of washer/dryer connections in 176 units, presenting a clear path to increase value by adding connections to the remaining units. The property benefits from excellent visibility on Bissonnet Street, just east of Highway 59, with no immediate neighboring competitors. Market analysis reveals that Class B rental rates in the submarket average $1.48 per square foot, and have increased by 3.6% in the last six months, indicating strong potential for rental rate growth. The absence of new construction or proposed projects in the immediate area further strengthens the property's long-term prospects. This offering presents a motivated seller and is available for all-cash purchases. This is a rare chance to acquire a well-positioned asset at a substantial discount to peak pricing, with a history of over 10 years of continuous ownership.