801 Allen-Genoa Rd South Houston, TX 77587
- Apartment buildings
- 5.35 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 801 Allen-Genoa Rd
- Year built
- 1972
- Lot size
- 5.35 lot acres
- Property type
- Apartment buildings
Description
Terracita Apartments presents a compelling investment opportunity in South Houston, Texas. This 177-unit multifamily community, situated on a 5.35-acre lot at the intersection of S Allen Genoa Rd and Shaver Rd, boasts a prime location with exceptional visibility and three-sided street access. Built in 1972 and extensively renovated in 2016 (a $1.7MM investment), the property comprises fourteen two-story buildings featuring wood frame construction with brick and vinyl siding. The complex includes a desirable unit mix, with 63% consisting of two- and three-bedroom units, each equipped with upgraded appliances, granite-style countertops, wood plank flooring, and walk-in closets. Individual HVAC systems ensure resident comfort. Community amenities include a business center, laundry facilities, a swimming pool, and a newly added outdoor kitchen. The property's 98.2% occupancy rate speaks to its strong performance and desirability. The existing loan offers an attractive 5% interest rate and allows for mezzanine debt. Further potential exists to increase rental income by approximately $150 per unit through interior renovations and to implement a water conservation program. This well-maintained property, a 2017 Houston Apartment Association Property of the Year Finalist, presents a rare opportunity for significant return on investment. The property includes 145,922 square feet of net rentable space.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- South Houston
- County
- Harris
- State
- Texas
- Longitude
- -95.2092
- Latitude
- 29.6585
