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9898 Forum Park Dr
Houston, TX 77036
The Carlisle · Multifamily Property For Sale
·
124 Units
Investment Highlights
- Conveniently situated near Highway 59 and the Westpark Tollway with easy access to The Galleria.
- One- and two-bedroom units ranging from 750 to 1,300 square feet.
- 96% occupied with 124 total units across 10 buildings on ± 5.01 acres.
- Major employment centers include Houston Baptist University and Memorial Southwest Hospital.
- Units feature private patios, granite countertops, laminate flooring, and washer/dryer connections.
- Assumable Freddie Mac debt at 3.19% interest rate with term remaining until 12/1/2040.
Executive Summary
The Carlisle offers the opportunity to acquire a stabilized, 97% occupied multifamily asset at 9898 Forum Park Drive in southwest Houston. Located near major employment centers like the Westchase District and I-69, the property taps into strong local workforce housing demand in a growing Houston metro.
Current ownership has absorbed the bulk of major capital expenditures. Major capex costs include a full roof replacement in 2016, vinyl siding replacement, a complete exterior paint refresh completed within the last few months, a centralized gas boiler replaced around 2014, and targeted repairs to the galvanized plumbing as needed. On the interior side, over 90% of the units have been upgraded with granite countertops, repainted cabinets, laminate flooring in living areas, updated fixtures, and black/white appliances.
Beyond stable existing yields, the property holds clear upside. A buyer can immediately capture proven rent premiums by updating the remaining 8 to 10 classic units on turn. Additionally, every unit features full washer/dryer hookups which provides an opportunity to increase by providing washer/dryer units.
Broker Of Record
Patrick Graham
Matthews Real Estate Investment Services, Inc
528005, 9005919 (TX)
2699 Howell St., Suite 400, Dallas, TX 75204 (866) 889-0550.
Current ownership has absorbed the bulk of major capital expenditures. Major capex costs include a full roof replacement in 2016, vinyl siding replacement, a complete exterior paint refresh completed within the last few months, a centralized gas boiler replaced around 2014, and targeted repairs to the galvanized plumbing as needed. On the interior side, over 90% of the units have been upgraded with granite countertops, repainted cabinets, laminate flooring in living areas, updated fixtures, and black/white appliances.
Beyond stable existing yields, the property holds clear upside. A buyer can immediately capture proven rent premiums by updating the remaining 8 to 10 classic units on turn. Additionally, every unit features full washer/dryer hookups which provides an opportunity to increase by providing washer/dryer units.
Broker Of Record
Patrick Graham
Matthews Real Estate Investment Services, Inc
528005, 9005919 (TX)
2699 Howell St., Suite 400, Dallas, TX 75204 (866) 889-0550.
Property Facts
| Sale Type | Investment | Building Size | 117,940 SF |
| No. Units | 124 | Average Occupancy | 98% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1981/2016 |
| Apartment Style | Garden | Parking Ratio | 1.84/1,000 SF |
| Building Class | B | Opportunity Zone |
Yes
|
| Lot Size | 5.01 AC |
| Sale Type | Investment |
| No. Units | 124 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 5.01 AC |
| Building Size | 117,940 SF |
| Average Occupancy | 98% |
| No. Stories | 2 |
| Year Built/Renovated | 1981/2016 |
| Parking Ratio | 1.84/1,000 SF |
| Opportunity Zone |
Yes |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Fireplace
- Storage Space
- Washer/Dryer Hookup
- Heating
- Granite Countertops
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Pool
- Property Manager on Site
- Security System
- Tenant Controlled HVAC
- Gated
- Cabana
- Storage Space
- Maintenance on site
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 68 | - | 750 |
| 2+2 | 52 | - | 1,145 - 1,255 |
| 2+2.5 | 4 | - | 1,300 |
Property Taxes
| Parcel Number | 1121370000042 | Improvements Assessment | $5,604,112 |
| Land Assessment | $1,745,888 | Total Assessment | $7,350,000 |
Property Taxes
Parcel Number
1121370000042
Land Assessment
$1,745,888
Improvements Assessment
$5,604,112
Total Assessment
$7,350,000
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