2703 Mason St Houston, TX 77006
- Apartment buildings
- 9,240 SF
Current Use by Public Records
- Apartment buildings
Property Details for 2703 Mason St
- Year built
- 1955
- Property size
- 9,240 SF
- Property type
- Apartment buildings
Description
This exceptional 16-unit apartment building presents a compelling value-add investment opportunity in Houston's desirable Montrose/Museum District. Built in 1955 and extensively renovated in 2024, this two-story, 9,240 square foot building boasts 9,640 square feet of net rentable space, offering a strong current NOI of $201,800 and a pro-forma NOI of $270,591, translating to a 6.51% current cap rate and a projected 8.73% pro-forma cap rate. The property features 16 units, each with a refrigerator, stove, microwave, washer, and dryer. Seven of the sixteen units underwent a complete 2024 renovation, including upgraded electrical and plumbing systems, new flooring, appliances, a new roof, and fresh exterior paint. The property also includes a brand-new, year-round dipping pool and spa, a dog park, and 16 on-site parking spaces. Located at 2703 Mason St, Houston, TX 77006, this B-class property sits on a 9,240 square foot lot and is zoned B1 for real, residential, multi-family use. The current occupancy rate is 87.5%, with full occupancy projected by November 1, 2024. The asking price is $3,099,000, representing a price per unit of $193,687.50 and a price per square foot of $335.39. The property's prime location offers unbeatable walkability and proximity to Westheimer, Downtown Houston, the vibrant Midtown nightlife, the Museum District, and the renowned Houston Medical Center. The majority of units are currently below market rent, providing significant potential for increased revenue and a strong return on investment. This is a 1031 exchange eligible property.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Houston
- County
- Harris
- State
- Texas
- Longitude
- -95.3846
- Latitude
- 29.7461
