The Dynasty Apartments 3501 N Macgregor Way 96 Unit Apartment Building $6,800,000 ($70,833/Unit) Houston, TX 77004
INVESTMENT HIGHLIGHTS
- The Dynasty Apartments, at 3501 N MacGregor Way, present a 96-unit apartment complex with recent updates.
- The Dynasty Apartments unit-mix consists of one and two-bedroom units.
- Conveniently located near Houston's Medical Center, a highly-populated realm with strong renter demand.
- Houston's MacGregor neighborhood is an urban-suburban node in Houston's Third Ward.
EXECUTIVE SUMMARY
EXP Realty is pleased to present The Dynasty Apartments to the market of investor or developer acquisition. The property is a 96-unit apartment complex comprising 60 one-bed/ one-bath units and 36 two-bed/ one-and-a-half-bath units. 3501 N MacGregor Way is situated on a 2.65-acre corner lot, enabling easy accessibility and visibility. The Dynasty Apartments cater to the demand of renters in Houston's east Medical Center Area and have been well-maintained over time. There is upside potential to tap into via interior and exterior upgrades and renovations to enable at or above market-rate rents.
FINANCIAL SUMMARY (ACTUAL - 2023) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Taxes |
$90,666
|
$1.48
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$90,666
|
$1.48
|
PROPERTY FACTS
| Price | $6,800,000 |
| Price Per Unit | $70,833 |
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| No. Units | 96 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.65 AC |
| Building Size | 61,176 SF |
| Average Occupancy | 25% |
| No. Stories | 2 |
| Year Built/Renovated | 1970/2010 |
| Tenancy | Single |
| Parking Ratio | 1.63/1,000 SF |
| Opportunity Zone |
Yes |
AMENITIES
UNIT AMENITIES
- Kitchen
- Oven
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 60 | - | 539 |
| 2+1.5 | 36 | - | 736 |
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PROPERTY TAXES
| Parcel Number | 0410310330014 | Total Assessment | $4,970,187 |
| Land Assessment | $2,541,462 | Annual Taxes | $90,666 ($1.48/SF) |
| Improvements Assessment | $2,428,725 | Tax Year | 2023 |
