1529 Welch St Houston, TX 77006

Property Details for 1529 Welch St

Year built

1925

Property size

3,128 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a stabilized triplex located at 1529 Welch St, Houston, TX 77006, in the desirable Montrose neighborhood. The property comprises two buildings, a charming duplex and a separate garage apartment, totaling 3,128 square feet on a 5,000 square foot lot. Built in 1925 and 1928, with renovations completed in 2000 and 2007, the property boasts updated HVAC systems and well-maintained interiors. The duplex features two spacious 2-bedroom, 1-bathroom units, each exuding historic charm with hardwood floors. The garage apartment offers a 1-bedroom, 1-bathroom unit. Currently operating at 100% occupancy, the property generates a substantial net operating income (NOI) of $45,216, with a pro-forma NOI of $58,416, reflecting significant upside potential due to below-market rents. The asking price is $699,900, representing a current cap rate of 6.46% and a pro-forma cap rate of 8.35%. The property's prime location offers easy access to the River Oaks Shopping Center, enhancing its appeal and rental prospects. This is a rare opportunity to acquire a high-performing multifamily asset in a highly sought-after Houston location. The land value alone is $125 per square foot. Each unit is priced at $233,300.