This Multifamily Property is Off-Market.

701 Preston Ave.
Pasadena, TX 77503 ·

264 Units · Multifamily For Sale

N/A

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VISTA DEL SOL

Price N/A Cap Rate 6.64%
No. Units 264 Occupancy 89%
Building Size 229,560 SF No. Stories 2
Property Type Multifamily Year Built 1970
Property Sub-type Garden/Low-Rise Lot Size 10.20 AC
Property Use Type Investment
Listing ID: 15213828 Date Created: 06/26/2007 Last Updated: 04/21/2008

Description

***PRICE REDUCED*** Vista del Sol is a 264 unit, brick and wood, Class "C-" quality project located in Pasadena, Texas approximately 9 miles southeast of downtown Houston. The property has excellent access to Hwy 225, Loop 610, and Beltway 8. Excellent job base due to its proximity to all the petrochemical facilities in Pasadena. Working class tenant profile. This propery has had several new roofs, mansards, parking lots and some new A/C's. Renovated in 2004. On site YMCA programs. There is great job growth in the area and Pasadena is a "barriers to entry" city for apartments. ASSUMPTION ONLY!

Vista del Sol is located in the City of Pasadena in southeastern Harris County. The area has excellent access to I-45, Beltway 8, Loop 610, SH 225 and is approx. 9 miles southeast of Downtown Houston. Employment in Pasadena is closely linked to the ship-channel industries, Bayport Industrial District, and the NASA/Johnson Space Center in nearby Clear Lake. Pasadena is part of the Bay Area Houston Market which is home to a billion dollar aerospace complex (NASA/Johnson Space Center), a multi-billion dollar petrochemical refining and specialty chemical refining industry, and an emerging biotechnology industry. The Port of Houston Authority is building a multibillion-dollar Bayport Container and Cruise Terminal on Pasadena and Seabrook industrial zoned property. When complete, Bayport will simultaneously berth and service up to 7 ships and lift up to 1.4 million containers. Historically Pasadena has been a blue-collar, working-class area. There has been minimal new apartment construction in the area in the past several years and overall occupancies are stable, averaging in the high 80% to mid 90% range.

Highlights

  • Assumption Only!
  • Property was renovated in 2004
  • Good rental upside
  • A Broker Disclosure Form has been included as a part of this Offering Memorandum
  • PRICE REDUCED!!!

Research

701 Preston Ave., Pasadena, TX 77503 (Harris County)

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