3509 Elgin St, Unit 380 Houston, TX 77004-3624
- High-rise multifamily apartments
- 131,590 SF
- 1.67 lot acres
Current Use by Public Records
- The Icon & Lofts at the Icon / Furnished Apartment Building / Student Dormitory
- Bank of America ATM / Atm / Financial Consultant
- Ghetto Kreationz / (Bike/Boat/Book/etc) Store
- Bank of America Video Banking / Bank / Loan Service
- Exotic Auras Beauty / Hair Salon / Nail Salon
Property Details for 3509 Elgin St
- Year built
- 2017
- Construction
- METAL FRAME
- Lot size
- 1.67 lot acres
- Property size
- 131,590 SF
- Property type
- High-rise multifamily apartments
- APN
- 1378730020001
- APU
- 1378730020001
Description
This exceptional Class A retail property at 3509 Elgin Street in Houston, Texas, 77004, offers a unique investment opportunity. The single-tenant building encompasses 5,800 square feet and is ideally situated across from the University of Houston campus (approximately 46,700 students) and near Texas Southern University (approximately 7,500 students), providing a substantial student population base. The property boasts a 97%+ occupancy rate within its 880-bed student housing component, reflecting strong demand. The area demonstrates significant growth in student housing and multifamily projects, ensuring long-term stability and potential appreciation. The property benefits from convenient access to Interstate 45 and is surrounded by numerous traffic generators, including well-known restaurants such as Pink Pizza, Frenchy's, McDonald's, Taco Bell, Wendy's, and Shipley's Donuts, as well as a Bank of America branch. Average household income within a two-mile radius exceeds $97,000. A grease trap is already installed, making it suitable for various food-related businesses. This property presents a compelling combination of retail space and high-performing student housing, offering a robust investment prospect in a dynamic and rapidly growing market.
Value Estimations
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $14,517,000
Market price range: $8.37M - $14.5M -
Alternative Use
- Use
- Estimation
- APARTMENT HOUSE (5+ UNITS)
- $11,035,000 Current use
- COMMERCIAL (GENERAL)
- $18,660,000 Change: +69% Conversion: Moderate
- RESTAURANT
- $17,260,000 Change: +56% Conversion: Difficult
- AUTO REPAIR, GARAGE
- $12,280,000 Change: +11% Conversion: Difficult
- RETAIL STORES
- $11,285,000 Change: +2% Conversion: Difficult
- OFFICE BUILDING
- $8,925,000 Change: -19% Conversion: Moderate
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Location Insight
- Map
- Local Demand
- City
- Houston
- County
- Harris
- State
- Texas
- Longitude
- -95.3493
- Latitude
- 29.7283
- CBSA code
- 26420
- CBSA name
- HOUSTON-SUGAR LAND-BAYTOWN, TX METROPOLITAN STATISTICAL AREA
