12302 Boreas Dr Houston, TX 77039

Property Details for 12302 Boreas Dr

Year built

1985

Property size

21,780 SF

Property type

Residential income homes

Property subtype

Apartment buildings

Description

This exceptional value-add multifamily investment opportunity presents 10 units within five single-story buildings totaling 21,780 square feet on a 5,280 square foot rentable area, situated in Houston's desirable Aldine neighborhood at 12302 Boreas Dr., 77039. Built in 1985 and renovated in 2007, the property boasts a 90% occupancy rate as of February 29, 2024, with all units featuring two bedrooms and one bathroom. Its prime location offers convenient access to major highways including I-69, I-45, Beltway 8, and the Hardy Toll Road, providing easy commutes to Downtown Houston. The property benefits from its proximity to schools and a blue-collar employment hub, ensuring a strong and stable renter base. Currently, rents are below market value, presenting a significant opportunity to increase cash flow through strategic renovations and rent adjustments. The property's Class C designation and 5.80% cap rate further highlight its investment potential. Implementing a RUBS system to optimize utility expenses will further enhance profitability. With the median home price in the area experiencing a remarkable 10% year-over-year increase, reaching $192,702, this property represents a compelling investment prospect with substantial upside potential for long-term returns. This is a rare chance to capitalize on robust rent growth in a thriving Houston neighborhood.