40 UNIT APT COMPLEX - NEAR UH/TSU - RENOVATED 3643 N MacGregor Way 40 Unit Apartment Building $4,750,000 ($118,750/Unit) Houston, TX 77004

INVESTMENT HIGHLIGHTS

  • MacGregor Palms Apartments provides an 85% occupied multifamily investment with extensive property renovations and an easily accessible location.
  • Key property features include modern interiors, central heat/cooling, energy-efficient windows, and a complete appliance package.
  • The exceptional investment is placed just minutes from the University of Houston, Texas Southern University, and the Medical Center Area.
  • A Ratio Utility Billing System (RUBS) is being implemented, significantly increasing rental income and NOI by shifting utility costs to tenants.

EXECUTIVE SUMMARY

This exceptional investment opportunity includes a fully renovated 40-unit multifamily property at 3643 N MacGregor Way in Houston, Texas.

This prime property is minutes from the University of Houston, Texas Southern University, and the Texas Medical Center, ensuring high rental demand. The complex comprises 28 two-bedroom and 12 three-bedroom units, offering a total rentable area of 29,068 square feet. Following a comprehensive renovation in 2021, including interior upgrades, exterior repairs, and modernized systems, the property is in excellent condition with 85% occupancy.

The apartments feature modern interiors, central heating and cooling, energy-efficient windows, and a complete appliance package. Each unit is separately metered for electricity, offering cost efficiency for both tenants and the owner. The property’s prime location provides easy access to major transportation routes and nearby amenities such as Hermann Park and the Museum District, appealing to a diverse tenant base, including students and professionals.

Furthermore, the owner is implementing a Ratio Utility Billing System (RUBS), which will significantly increase rental income and net operating income by shifting utility costs to tenants. This value-add opportunity enhances the property’s profitability and makes it even more appealing to investors seeking steady cash flow and long-term appreciation.

PROPERTY FACTS

Price $4,750,000
Price Per Unit $118,750
Sale Type Investment
No. Units 40
Property Type Multifamily
Property Subtype Apartment
Apartment Style Garden
Building Class C
Lot Size 1.25 AC
Building Size 32,134 SF
Average Occupancy 85%
No. Stories 2
Year Built/Renovated 1957/2021
Parking Ratio 1.3/1,000 SF
Opportunity Zone Yes

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
2+1 28 - -
3+1 12 - -
Bike Score®
Very Bikeable (72)

PROPERTY TAXES

  • Listing ID: 33780285

  • Date on Market: 11/6/2024

  • Last Updated:

  • Address: 3643 N MacGregor Way, Houston, TX 77004