1414-1416 Austin St
Houston, TX 77002
Plaza & Peacock Apartments · Multifamily Property For Sale · 32 Units

Property tours are available by appointment ONLY. Please contact Juan Cuevas to schedule at jcuevas@marcusmillichap.com or 713-452-4200. Investment Highlights: ñ17,600 SF, 32-Unit, studio apartments in the Houston CBD Tremendous value-add through renovation/completion and lease-up (AirBnB model or traditional multifamily apartments) Neither building experienced any flooding during Hurricane Harvey Extensive CapEx already completed including new TPO Roofs Great central business district location only 1 block from the Toyota Center Historical building with tax credits for renovation Dense demographics with a 2017 population of ñ433,933 and Avg HH Income of $95,603 (5 miles) Investment Overview: Peacock Plaza Apartments is a 32-unit, historical apartment property located in the heart of downtown Houston, Texas, at 1414 - 1416 Austin Street. Located in the heart of Houston, Texas, this Property is separated from The Toyota Center by a one-block city park, three blocks from the George R. Brown Convention Center, five blocks from BBVA Compass Stadium and six blocks to Minute Maid Park, home of the 2017 World Series. This was also at the entrance to Super Bowl Village when This was also at the entrance to Super Bowl Village when Houston hosted the Super Bowl earlier this year. Peacock Plaza Apartments presents investors with a tremendous value-add opportunity to own a multifamily asset in an irreplaceable location with significant upside through lease-up as either a traditional multifamily rental or a more lucrative vacation rental approach. With a combined GLA of ñ17,600 SF and 32-total studio apartments, both buildings were designed by Lenard Gabert and are historical properties in Downtown Houston. Building One, on the north side of the property, was built in 1924 and Building Two was built in 1926. Over the last couple of years, the seller has invested in extensive recent capital improvements totaling close to ñ$500k including electrical, foundation repair, roof, brick restoration, lighting and appliance upgrades, and hallways/bathroom updates. The two buildings which have pier and beam foundations and brand new TPO membrane roofs both of which are still under the transferable warranty. The foundation was completely repaired by Olshan and they also replaced ñ284 feet of beam and ñ592 feet of joist in Building One and ñ216 feet of beam and ñ1,13