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5304 Polk St
Houston, TX 77023
Polk Apartments · Multifamily Property For Sale
·
20 Units
PROPERTY FACTS
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Washer/Dryer
- Heating
- Kitchen
- Oven
- Range
SITE AMENITIES
- Laundry Facilities
- Property Manager on Site
- Security System
ABOUT 5304 POLK ST , HOUSTON, TX 77023
We are proud to present The Polk Apartments, a mixed-use apartment/retail property currently selling at 12.13% cap rate. It includes 18 apartment units and a shopping center with 2 locales. The tenants of the shopping center include a convenience store paying $2K in rent until 2020, plus a Salon with a month-to-month contract paying $1K per month. The current owner has the salon manager also collect rents and manage the 18 apartment units as well. The Polk Apartments are fully occupied and have 10 studios, 6 one bedrooms and 2 two bedrooms, all one bath. The apartments all have month-to-month tenants. The units, totaling over 14K square feet, are in rehab-able condition but are currently producing income every month, so an opportunity for repositioning is available. All tenants pay for their own light. Landlord includes water, gas and trash. Upon repositioning, the After Repair Value based on a sales cap rate of 9% and comparable sales in the area, is $1.6M. Please see attached Asis/Proforma financials for an analysis. The Polk Apartments did not flood during Hurricane Harvey. Sorry, no seller financing available. Boris Sanchez (Seller's Broker) can assist with hard money or bank financing if needed , please inquire within. Please see attached financials and feel free to call or email with any questions. Comparable Sales: 5327 Bell St. (two blocks away) sold for $60K per door 11/17. 1704 Sam Wilson St. (1 mile away) sold for $72K per door 9/17 6902 JW Peavy Dr. (1.5 miles away) sold for $68K per door 8/17
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 10 | $550.00 | 625 |
| 1+1 | 6 | $650.00 | 725 |
| 2+1 | 2 | $750.00 | 825 |
| 4+1 | 1 | $1,000 | 800 |
| 5+1 | 1 | $2,000 | 1,100 |
PROPERTY TAXES
| Parcel Number | 0121280020001 | Improvements Assessment | $715,495 |
| Land Assessment | $600,000 | Total Assessment | $1,315,495 |
PROPERTY TAXES
