6705 Fairway Dr Houston, TX 77087

Property Details for 6705 Fairway Dr

Year built

1960

Property size

24,002 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents Sunset Valley Apartments, a stabilized multifamily property located at 6705 Fairway Dr, Houston, TX 77087. Priced at $2,525,000, this Class B apartment building boasts 28 units, offering a compelling 8.12% capitalization rate. The property, totaling 24,002 square feet, sits on a 0.55-acre lot in the desirable Golfcrest neighborhood. Completely renovated in 2023, the building features a mix of one- and two-bedroom units, all currently 100% occupied as of March 4, 2024. The property generates a Net Operating Income (NOI) of $205,000. Water is paid by the landlord, while electricity is individually metered for each unit. Built in 1960 and situated in a prime location near major thoroughfares and institutions, this two-story building offers a strong, stable income stream and significant potential for long-term growth. The property's price per unit is $90,178.57, and the price per square foot is $105.20. This turnkey investment has been approved by multiple lenders and inspections are available for qualified buyers. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a thriving Houston submarket.