412 8Th St South Houston, TX 77587
- Retail space
- 2,915 SF
- 0.17 lot acres
Current Use by Public Records
- Fritanga Nicaraguense La Carreta / Nicaraguan Restaurant
Property Details for 412 8Th St
- Year built
- 1945
- Construction
- CONCRETE BLOCKS
- Lot size
- 0.17 lot acres
- Property size
- 2,915 SF
- Property type
- Retail space
- APN
- 341930000381
- APU
- 341930000381
Description
This exceptional mixed-use property in South Houston, Texas, presents a compelling value-add investment opportunity. Located at 412 N 8th St, 77587, this property encompasses 3,123 square feet on a 7,190 square foot lot and includes three buildings with two stories. The property features a restaurant space, two smaller commercial units, and two residential rental units. Unit 3, a 2-bedroom, 1-bathroom apartment, is currently leased. Unit 2, a 1-bedroom, 1-bathroom apartment, is vacant, offering owner-occupancy potential. Built in 1945 and renovated in 2024, the property boasts a current NOI of $49,500, with a pro-forma NOI of $58,223, reflecting a 9.08% cap rate and a pro-forma cap rate of 10.68%. The asking price is $545,000 ($184.12/sq ft). The current occupancy is 70%, presenting a significant opportunity to increase cash flow by leasing the vacant apartment and the smaller commercial units upon the restaurant lease expiration this year. The property is situated in a non-flooding zone. This five-unit property offers a blend of commercial and residential income streams, making it an attractive investment for owner-users seeking a high return on investment. Detailed financial information is available upon request. Please do not disturb tenants.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $285,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $420,000
- 6.5%
- $415,000
- 7%
- $450,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $370,000
- Geo Method
- $440,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $445,000
- Retail
- $350,000
- Mixed-Use
- $465,000
- Hospitality
- $375,000
- Educational
- $405,000
- Residential Income
- $380,000
- Energy
- $375,000
- Income-Based Land
- $460,000
- Food Service
- $435,000
Location Insight
- Map
- Local Demand
- City
- South Houston
- County
- Harris
- State
- Texas
- Longitude
- -95.2217
- Latitude
- 29.6697
- CBSA code
- 26420
- CBSA name
- HOUSTON-SUGAR LAND-BAYTOWN, TX METROPOLITAN STATISTICAL AREA
