1208 N Chenango St
Angleton, TX 77515
Four Palms Apartments · Multifamily Property For Sale · 23 Units

Four Palms Apartments located at 1208 N Chenango is a 23-unit, newly constructed multifamily asset completed in 2024 and offered at $2,200,000 through a lender-directed REO disposition. The property is priced at a significant discount to both replacement cost and the Houston market average of $136,423 per unit, placing the property at $95,652 per unit.
The REO ownership structure has suppressed operational performance — not the asset itself. The building is modern, fully leased, and structurally sound. What it lacks is
professional management and two straightforward capital improvements that together transform the income profile. A buyer acquires a 2024-built, fully occupied asset at a
below-replacement-cost basis with clearly defined, low-risk upside.
Because this is a 2024 new construction, the building’s plumbing and electrical systems were designed to be sub-meter compatible from day one. There is no demolition, no
replumbing, and no rewiring required. Installing individual utility meters is a straightforward, low-cost capital improvement that immediately shifts the majority of utility costs to tenants.