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8006 Richards St 6 Unit Apartment Building $750,000 ($125,000/Unit) 7.33% Cap Rate Houston, TX 77029
EXECUTIVE SUMMARY
This package includes a fully leased 3,840 sq. ft. multifamily property along with the adjacent lot, currently utilized as resident parking. The property features six spacious units — five (1x1) apartments and one (3x1) unit — all rent-stabilized and 100% occupied. With annualized revenue exceeding $80,000 (pro forma $88,000), this income-generating asset offers minimal maintenance requirements, no immediate CAPEX needs, and excellent operational stability. Each unit is individually metered, providing the potential to increase NOI by passing utilities to tenants. Located in a mixed industrial and residential corridor just minutes from Downtown Houston and the Houston Ship Channel, the property benefits from strong surrounding residential and commercial growth, making it a turnkey investment opportunity with both steady cash flow and long-term upside potential.
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
FINANCIAL SUMMARY (ACTUAL - 2023) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $750,000 | Building Class | C |
| Price Per Unit | $125,000 | Lot Size | 0.12 AC |
| Sale Type | Investment | Building Size | 3,968 SF |
| Cap Rate | 7.33% | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1981/2022 |
| Property Subtype | Apartment | Parking Ratio | 4.03/1,000 SF |
| Apartment Style | Garden | Opportunity Zone |
Yes
|
| Zoning | None - None | ||
| Price | $750,000 |
| Price Per Unit | $125,000 |
| Sale Type | Investment |
| Cap Rate | 7.33% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 3,968 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1981/2022 |
| Parking Ratio | 4.03/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | None - None |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Ceiling Fans
- Kitchen
- Tub/Shower
- Family Room
- Pantry
SITE AMENITIES
- Trash Pickup - Curbside
- Public Transportation
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 5 | - | - |
| 3+1 | 1 | - | - |
1 1
PROPERTY TAXES
| Parcel Number | 0292400580002 | Total Assessment | $384,699 (2025) |
| Land Assessment | $42,500 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $342,199 (2025) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
0292400580002
Land Assessment
$42,500 (2025)
Improvements Assessment
$342,199 (2025)
Total Assessment
$384,699 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
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LP Real Estate Holdings
8006 Richards St
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