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Third Street Village 310 Waco Ave 48 Unit Apartment Building For Sale League City, TX 77573
Investment Highlights
- All Cash or New Loan Basis
- Existing Loan in Default
- Very Strong Submarket
- Located in the League City submarket of SE Houston
- Ideal to continue further upgrades
- Near Hwy 45, Hwy 3 and Hwy 146
Executive Summary
3rd Street Village is located in the heart of the Clear Lake-League City-Webster submarket of SE Houston, Texas area. The asset was constructed in 1970 and has since had some rehab. 3rd Street Apartments offers residents a swimming pool, patios/balconies and open parking.
This is a distressed deal. A buyer must correct expenses here.
Although the rent roll shows units as individually metered, the property in fact has a single master meter for electricity. All tenants pay a flat fee that covers utilities, which often leads to higher-than-average usage. Additionally, many HVAC systems are outdated or in need of repair, further contributing to increased electricity costs.
The previous property management company had an active Comcast internet service for the intercom and office, costing approximately $480/month. Current owner has since canceled this service.
A CapEx list and a CapEx Forecast is available upon request for details on planned improvements. In addition, it is recommended to reserve at least $50,000 for major items such as sewer line replacement, roof repairs or replacement, and exterior maintenance.
This is a distressed deal. A buyer must correct expenses here.
Although the rent roll shows units as individually metered, the property in fact has a single master meter for electricity. All tenants pay a flat fee that covers utilities, which often leads to higher-than-average usage. Additionally, many HVAC systems are outdated or in need of repair, further contributing to increased electricity costs.
The previous property management company had an active Comcast internet service for the intercom and office, costing approximately $480/month. Current owner has since canceled this service.
A CapEx list and a CapEx Forecast is available upon request for details on planned improvements. In addition, it is recommended to reserve at least $50,000 for major items such as sewer line replacement, roof repairs or replacement, and exterior maintenance.
Property Facts
| Sale Type | Investment | Building Class | C |
| Sale Condition | Distress Sale | Lot Size | 1.17 AC |
| No. Units | 48 | Building Size | 46,183 SF |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1970/2022 |
| Apartment Style | Garden | ||
| Zoning | None | ||
| Sale Type | Investment |
| Sale Condition | Distress Sale |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.17 AC |
| Building Size | 46,183 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1970/2022 |
| Zoning | None |
Amenities
Unit Amenities
- Washer/Dryer Hookup
- Heating
- Kitchen
Site Amenities
- Laundry Facilities
Fairly walkable
50/100
Very drivable
80/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 5125-0001-0007-000 | Improvements Assessment | $3,305,120 |
| Land Assessment | $194,880 | Total Assessment | $3,500,000 |
Property Taxes
Parcel Number
5125-0001-0007-000
Land Assessment
$194,880
Improvements Assessment
$3,305,120
Total Assessment
$3,500,000
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Contact the Sale Advisor
Third Street Village | 310 Waco Ave