214 Welch St Houston, TX 77006
- Business parks
- 4,028 SF
Current Use by Public Records
- Business parks
Property Details for 214 Welch St
- Year built
- 2023
- Property size
- 4,028 SF
- Property type
- Business parks
- Property subtype
- Serviced offices
Description
This exceptional 3-story, 8-unit apartment building in Houston's vibrant Montrose neighborhood presents a compelling investment opportunity. Boasting 4,028 square feet on a 5,000 square foot lot, the property features eight contemporary one-bedroom, one-bathroom apartments, each approximately 500 square feet, with brand new custom kitchens featuring quartz countertops and waterproof vinyl flooring. All units include stackable laundry connections and fire-rated metal doors. The building, constructed in 2023, offers a desirable 87.5% occupancy rate, generating a current NOI of $136,156 and a 5.00% cap rate, with a pro-forma cap rate of 6.96%. The property includes 10 parking spaces and is zoned B1. A stunning rooftop terrace with turf flooring, BBQ grills, and a pergola-shaded party area provides an attractive amenity. The building's prime location, just blocks from restaurants and nightlife, and minutes from the Houston Medical Center, Museum District, Midtown, and Downtown, makes it ideal for short-term rentals, corporate housing, or Airbnb. Seller financing is available with a 5.99% interest rate and a 20% down payment. The asking price is $1,955,000, or $244,375 per unit. This is a stabilized investment, situated outside of a flood zone, and is perfect for a 1031 exchange.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Houston
- County
- Harris
- State
- Texas
- Longitude
- -95.3856
- Latitude
- 29.7504
