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The French Quarter Residence 2550 S Bypass 35 40 Unit Apartment Building For Sale Alvin, TX 77511
INVESTMENT HIGHLIGHTS
- Ideal for the small investor
- Great opportunity to purchase a value-add investment
- Alvin is a strong sub-market of Houston
- 19 units have received a complete remodel - remodeled units get $175/$200 bump
- Excellent access to major employment centers
- All cash or possible owner financing
EXECUTIVE SUMMARY
The French Quarters Residence is a 40-unit gated-community located in Alvin, Texas. Alvin is a commuter suburb of Houston and is part of the booming Galveston/Brazoria sub-market.
Designed and well-built in 1961, the property features a garden-style architecture with predominately brick veneer exterior and pitched roofs that were replaced in 2008, a roofer has recently fixed all leaks. Residents enjoy cozy two-bedroom units designed with comfort and modern living in mind featuring new black appliances and tile flooring. The complex consists of four buildings and an adjacent leasing center that enjoys extensive frontage along a major highway, S Loop 35. S. Loop 35 (the Hwy 35 Bypass) and Mustang Road, and boasts a daily traffic count of over 19,000. This is a major drive-by location.
It is less then one-half mile from Alvin Community College. The college is home to a student body of over 5,000 students and over 500 employees. The property is approximately 21 miles from downtown Houston.
The property fell into disrepair and a new owner took over and started a partial rehab which includes:
New sheetrock
New copper wiring
New A/C or modified to meet code
New wood cabinets with soft close device
Quartz and wood countertops
Luxury, walk-in showers
Black or stainless steel appliances
Gas stoves
Wired smoke detectors
Plumbing drains are new PVC
New fans and fixtures
The property has pitched roofs estimated to be 13 years old. Four buildings with four boilers. The ground drain lines are cast iron. There are 21 Classic Units which rent for $800 - $900. There are 19 completely remodeled units which rent for $975 - $1,100. A RUBS was implemented in December 2022 for water/gas/trash/and pest control (about 66% implemented). Tenant pays electricity.
Designed and well-built in 1961, the property features a garden-style architecture with predominately brick veneer exterior and pitched roofs that were replaced in 2008, a roofer has recently fixed all leaks. Residents enjoy cozy two-bedroom units designed with comfort and modern living in mind featuring new black appliances and tile flooring. The complex consists of four buildings and an adjacent leasing center that enjoys extensive frontage along a major highway, S Loop 35. S. Loop 35 (the Hwy 35 Bypass) and Mustang Road, and boasts a daily traffic count of over 19,000. This is a major drive-by location.
It is less then one-half mile from Alvin Community College. The college is home to a student body of over 5,000 students and over 500 employees. The property is approximately 21 miles from downtown Houston.
The property fell into disrepair and a new owner took over and started a partial rehab which includes:
New sheetrock
New copper wiring
New A/C or modified to meet code
New wood cabinets with soft close device
Quartz and wood countertops
Luxury, walk-in showers
Black or stainless steel appliances
Gas stoves
Wired smoke detectors
Plumbing drains are new PVC
New fans and fixtures
The property has pitched roofs estimated to be 13 years old. Four buildings with four boilers. The ground drain lines are cast iron. There are 21 Classic Units which rent for $800 - $900. There are 19 completely remodeled units which rent for $975 - $1,100. A RUBS was implemented in December 2022 for water/gas/trash/and pest control (about 66% implemented). Tenant pays electricity.
PROPERTY FACTS
| Sale Type | Investment | Building Size | 34,120 SF |
| No. Units | 40 | Average Occupancy | 93% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1965 |
| Apartment Style | Garden | Parking Ratio | 1.73/1,000 SF |
| Building Class | C | Opportunity Zone |
Yes
|
| Lot Size | 1.61 AC | ||
| Zoning | 0053 | ||
| Sale Type | Investment |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.61 AC |
| Building Size | 34,120 SF |
| Average Occupancy | 93% |
| No. Stories | 2 |
| Year Built | 1965 |
| Parking Ratio | 1.73/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | 0053 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Heating
- Ceiling Fans
- Tile Floors
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Tub/Shower
- Walk-In Closets
SITE AMENITIES
- 24 Hour Access
- Laundry Facilities
- Picnic Area
- Property Manager on Site
- Grill
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 40 | - | 853 |
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PROPERTY TAXES
| Parcel Number | 0225-0030-000 | Improvements Assessment | $3,297,180 |
| Land Assessment | $227,930 | Total Assessment | $3,525,110 |
PROPERTY TAXES
Parcel Number
0225-0030-000
Land Assessment
$227,930
Improvements Assessment
$3,297,180
Total Assessment
$3,525,110
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The French Quarter Residence | 2550 S Bypass 35
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