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621 S Richey St
Pasadena, TX 77506
Alta Vista · Multifamily Property For Sale
·
514 Units
Investment Highlights
- Deploy repositioning and value-add strategy to address deferred maintenance, bring down units online, enhance operations, and drive occupancy to mar
- Repurpose building next to leasing office to another amenity, such as a clubhouse with a gym, to increase retention and competitive position
- Class A and Class B communities average 93% and 92% occupancy, respectively, in the submarket
- Implement RUBS and a bulk cable agreement to increase NOI
- Light renovations, including granite countertops and new cabinets, are achieving $20 to $40 premiums
- Nearly $500 rent gap with average Class A rent in the submarket and $200 rent gap with average Class B rent in the submarket
Property Facts
| No. Units | 514 | Building Size | 406,330 SF |
| Property Type | Multifamily | Average Occupancy | 24% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built/Renovated | 1970/2017 |
| Building Class | C | Parking Ratio | 2.05/1,000 SF |
| Lot Size | 28.28 AC |
| No. Units | 514 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 28.28 AC |
| Building Size | 406,330 SF |
| Average Occupancy | 24% |
| No. Stories | 2 |
| Year Built/Renovated | 1970/2017 |
| Parking Ratio | 2.05/1,000 SF |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Walk-In Closets
Site Amenities
- Clubhouse
- Courtyard
- Day Care
- Laundry Facilities
- Playground
- Pool
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 89 | $786.50 | 440 - 770 |
| 1+1 | 233 | $865.00 | 770 |
| 2+1 | 47 | $1,058 | 799 |
| 2+2 | 61 | $1,186 | 900 |
| 3+2 | 84 | $1,387 | 1,100 - 1,200 |
Property Taxes
| Parcel Number | 0281760000002 | Improvements Assessment | $23,059,100 |
| Land Assessment | $7,569,510 | Total Assessment | $30,628,610 |
Property Taxes
Parcel Number
0281760000002
Land Assessment
$7,569,510
Improvements Assessment
$23,059,100
Total Assessment
$30,628,610
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