Balaban Plaza Quadruple Investment 2 Multifamily Properties Offered at $5,300,000 in Houston, TX

Balaban Plaza is a “Quadruple Investment Opportunity” ideally located just east of I45. near newly renovated 4 lane Gulf Bank Drive. Included are a 53 unit apartment complex, PLUS restaurant/convenience store, car lot and One acre of open land. The four opportunities in this investment package are as follows:
1st- The 53 unit apartment complex has been family owned for over 50 years, well maintained with steady and long term tenants. Vacancy rate is under 10%. The major renovations of roofs have recently been completed during the last 4 years. There is tremendous potential for rental increases. The neighborhood is very safe, being between two Church Complexes. It’s an easy commute to work with I 45 being only 5 minutes away, Loop 8 is 10 minutes, Bush Airport is 15 minutes and downtown Houston is 15 minutes away. The apartments have their own water supply with 2 deep wells, and a waste water processing facility.
2nd- Investment opportunity. One acre of open land which would be suitable for additional opportunities, such as lots for new homes or mobile homes, or commercial business. This land is directly adjacent to a Catholic Church. The property is within the unincorporated area of Houston, therefore no building restrictions apply.
3rd- Investment opportunity - Also included is a convenience store and restaurant "La Sabrosita" located at the east end of the property. This store/restaurant adjoins Airline Drive and has continuous high traffic and customers. The same tenant has leased and managed the business for 15 years, and has no intention of leaving. The convenience store and restaurant generate steady additional monthly rental income.
4th- Investment opportunity is a car lot fronting Airline Drive just north of Gulf Bank Dr. Airline frontage is 175 feet. The auto traffic in this area is approximately 19,000 vehicles per day. This is a 0.82 acre tract of land. This tract has tremendous potential for a car lot, retail buildiing or other type of business.
Rarely do you find an investment opportunity with four sources of income. A one acre of raw land, a 53 unit apartment complex, a restaurant/convenience store and also a car lot.
The asking price for the four investment opportunities is:
1-53 unit apartment complex- $3,800,000 ($71,698/unit)
2-One acre of open land- $400,000
3-Convenience store/restaurant- $500,000
4-0.48 acre car lot fronting Airline Dr- $600,000
Total- $5,300,000
For more info, please contact realtor, John Pankiewicz, with Champions NextGen Real Estate at 713-631-9030.