Foley Hill Apartments 1004 S Hill St 28 Unit Apartment Building $2,000,000 ($71,429/Unit) 7.70% Cap Rate Alvin, TX 77511

Foley Hill is a 100% occupied 28-unit multifamily asset located in Alvin, TX about 30 miles south of downtown Houston. This asset is positioned on +/-.43 acres and was built in 1978, although the last unit to be remodeled was in August 2025. Each unit is a 2 bed 1 bath that is approximately 870 sf. There is a laundry room on site that provides additional income opportunity to the owner. Alvin has strong rental demand as it is a hub to gulf coast commerce such as Galveston, the Port of Houston and many oil/chemical companies.
The 2025 year-end NOI was $153,334 including the cost of an on-site manager, with high occupancy for most of the year. The consistent demand for these units proves a new owner has room to move rents, by as much as $100 without any additional capex. There is also an unfinished storage unit in one of the buildings that could be rented for storage, or some other use to generate additional cash flow. A RUBS system or partial reimbursement for water utilities could also be implemented, although this was not used to calculate the proforma.
The out-of-state owner of this property has consistently reinvested into this property with significant capital improvements such as a new roof in 2023, 20 units upgraded with modern touches, 50% or more of HVAC systems replaced and a planned replacement of electrical panels in early 2026. This asset is currently managed by an on-site manager in lieu of rent, who would consider staying on with the next owner. It is a stable, 100% occupied property that will be in high-demand for years to come and could be easily added to an investor’s portfolio with ease.