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Las Lilas 415 Fairview St 9 Unit Apartment Building $1,759,000 ($195,444/Unit) 7.50% Cap Rate Houston, TX 77006
INVESTMENT HIGHLIGHTS
- Premier Montrose Location
- Ninth unit is currently used as storage but could easily be converted to a rentable unit.
- Eight units on long term rentals with great returns.
- Frontage on Fairview Street
EXECUTIVE SUMMARY
Investors!!! What a great opportunity to own a multifamily rental unit in the heart of Montrose. Property contains 9 total units. Eight units on long term rentals with great returns. Washer/Dryer and Refrigerator included. On-Site parking. NEW ROOF April 2025. Ninth unit is was just updated/remodeled and available for lease.. Great Montrose location and walking distance to several area cafes, bars, retail etc.
PROPERTY FACTS Under Contract
| Price | $1,759,000 | Building Class | C |
| Price Per Unit | $195,444 | Lot Size | 0.11 AC |
| Sale Type | Investment | Building Size | 6,342 SF |
| Cap Rate | 7.50% | Average Occupancy | 90% |
| No. Units | 9 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1940 |
| Property Subtype | Apartment | Parking Ratio | 1.89/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | N/A - N/A | ||
| Price | $1,759,000 |
| Price Per Unit | $195,444 |
| Sale Type | Investment |
| Cap Rate | 7.50% |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 6,342 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built | 1940 |
| Parking Ratio | 1.89/1,000 SF |
| Zoning | N/A - N/A |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Washer/Dryer Hookup
- Ceiling Fans
- Kitchen
- Hardwood Floors
- Stainless Steel Appliances
- Family Room
SITE AMENITIES
- Courtyard
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | $1,200 | 425 |
| 1+1 | 7 | $1,500 | 600 - 625 |
| 2+1 | 1 | $1,800 | 975 |
1 1
Walk Score®
Walker's Paradise (92)
Bike Score®
Very Bikeable (74)
PROPERTY TAXES
| Parcel Number | 0140760000008 | Improvements Assessment | $383,737 |
| Land Assessment | $550,000 | Total Assessment | $933,737 |
PROPERTY TAXES
Parcel Number
0140760000008
Land Assessment
$550,000
Improvements Assessment
$383,737
Total Assessment
$933,737
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Las Lilas | 415 Fairview St
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