2320 Mccue Rd Houston, TX 77056

Property Details for 2320 Mccue Rd

Year built

1960

Lot size

0.91 lot acres

Property type

Land

Description

Exceptional opportunity to acquire the 40-unit Carriage Square Apartments, a Class A multifamily property located at 2320 McCue Road in Houston, Texas, 77056. This 0.91-acre property boasts a strong 89% occupancy rate and a significant net operating income (NOI) of $338,763, yielding a 3.23% cap rate. The asking price is $10,500,000, translating to $262,500 per unit and $264.90 per square foot based on land value. Built in 1960 and renovated in 2007, this two-story building features a desirable European/French architectural style. Amenities include a freshwater pool, individually metered utilities, and in-unit washer/dryer connections. The property benefits from its location in the heart of the Galleria/Uptown trade area, a high-income demographic with over 187,000 residents within a 5-mile radius and average household incomes exceeding $94,000. The property is being offered as a redevelopment opportunity, classified as a value-add investment. The seller is open to seller financing. The property's strong performance is a testament to the owner's commitment to high-quality maintenance, including full-time landscaping and housekeeping services, seasonal decorations, and proactive replacements. This dedication is further evidenced by the 2016 Cornerstone Award from the Houston Apartment Association for best redevelopment. This is a rare chance to acquire a well-maintained, high-performing asset in a prime Houston location with significant upside potential.