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    6821 Fairway Ct Houston, TX 77087

    • Apartment buildings
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 6821 Fairway Ct

    Property type
    Apartment buildings

    Description

    This exceptional investment opportunity presents a 38-unit Class C multifamily portfolio located in Houston, Texas, at 6821 & 6840 Fairway, zip code 77087, within Harris County. Priced at $2,200,000 with owner financing available, this property offers significant value-add potential. The current rents are below market average, providing immediate upside potential through a robust leasing strategy. A $15,000 per unit renovation budget allows for complete upgrades, maximizing rent appreciation and overall property value. The strategic location in a high-demand area offers easy access to key amenities, schools, and public transportation, enhancing its appeal to tenants. Further income streams can be generated through the addition of amenities such as vending machines and on-site laundry facilities. This property represents a compelling investment opportunity for those seeking to capitalize on the strong Houston rental market and enhance property value through strategic renovations and operational improvements. The property's proven track record and potential for increased rental income make it an attractive addition to any investment portfolio. This is a rare opportunity to acquire a well-positioned multifamily asset with substantial upside potential in a thriving Texas market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.3042
    Latitude
    29.6937

    Comparable in this City

    • Value Estimation
      $430,000
      13,130 SF

      6403 Sloan St, Unit 18

      APARTMENT HOUSE (5+ UNITS) • 13,130 SF
      6403 Sloan St, Houston, TX 77087-2156
      View Details
    • Value Estimation
      $320,000
      3,528 SF

      7120 Vandeman St, Unit 4

      APARTMENT HOUSE (5+ UNITS) • 3,528 SF
      7120 Vandeman St, Houston, TX 77087-1768
      View Details
    • Value Estimation
      $280,000
      3,310 SF

      7002 Hemlock St, Unit 4

      APARTMENT HOUSE (5+ UNITS) • 3,310 SF
      7002 Hemlock St, Houston, TX 77087-1700
      View Details
    • Value Estimation
      $240,000
      4,454 SF

      5614 Chaffin St, Unit 6

      APARTMENT HOUSE (5+ UNITS) • 4,454 SF
      5614 Chaffin St, Houston, TX 77087-4238
      View Details
    • Value Estimation
      $380,000
      6,068 SF

      6414 Sloan St, Unit 8

      APARTMENT HOUSE (5+ UNITS) • 6,068 SF
      6414 Sloan St, Houston, TX 77087-2164
      View Details
    • Value Estimation
      $280,000
      5,770 SF

      4110 Duval St, Unit 13

      APARTMENT HOUSE (5+ UNITS) • 5,770 SF
      4110 Duval St, Houston, TX 77087-1366
      View Details

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    Similar Nearby for Lease

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      Prime Houston Office, 3,480 SF Available
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      Flex space available for lease in Houston, Texas.
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      View Details
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    6821 Fairway Ct
    Houston, TX 77087
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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