1014 Pr St Houston, TX 77002

This exceptional redevelopment opportunity presents a fully approved 19-unit apartment project situated in Houston's vibrant Market Square Historic District at 1014 Prairie St, Houston, TX 77002. The 14,338 square foot building, originally constructed in 1920 and currently vacant, boasts approved plans for a transformative renovation. These plans include a 1,750 square foot ground-floor retail space, 14 one-bedroom units, two two-bedroom units, and two studio units. A new fourth floor with patio terraces is also part of the approved design. The property sits on a 5,139 square foot lot and is a three-story building. This project is shovel-ready, offering significant potential for investors. The property is eligible for substantial tax incentives, including City, State, and Federal Historic Tax Credits, and benefits from its location in an Opportunity Zone. These incentives can significantly reduce tax liabilities and potentially provide bridge financing for construction. Its prime location near a food hall, bars, restaurants, Main Street, and the metro rail ensures high rental demand and strong investment potential. The asking price is $2,950,000, representing a price per unit of $155,263.16 and a price per square foot of $205.75. The property's APN is 0010560000004. The building could also be adapted for other uses.