101611 Home Sfr & Land Hitchcock Tx Hitchcock, TX 77563

Property Details for 101611 Home Sfr & Land Hitchcock Tx

Year built

1954

Property size

6,968 SF

Property type

Residential income homes

Description

This exceptional investment opportunity presents a portfolio of nine single-family rental homes and 7.2 acres of undeveloped land in Hitchcock, TX, within the Houston MSA. The nine homes, totaling 6,968 square feet, consist of five two-bedroom and four three-bedroom units, averaging 774 square feet each. Built between 1945 and 1965, these homes have undergone significant improvements, including kitchen and bathroom remodels, new roofs, HVAC units, and cosmetic updates. Currently 100% occupied with vetted tenants, the portfolio boasts a stabilized NOI of $85,251 and a 7.02% cap rate, with pro-forma figures reaching $89,216 and 7.34%, respectively. The asking price is $1,462,810, or $135,000 per unit, significantly below the Hitchcock median home price. The expansive 7.2-acre lot, featuring approximately 820 feet of frontage on Highway 519 and over 800 feet on Highland Bayou, presents significant development potential for retail, an RV park, or a built-for-rent project. The city's recent infrastructure improvements, including new water lines and fire hydrants, further enhance this opportunity. Hitchcock's advantageous location, offering a blend of small-town charm and proximity to major attractions like NASA's Johnson Space Center and Galveston, makes this a compelling investment. The property is fee simple ownership.