Property Listing No Longer Available for Sale

1609 Castle Court and 1529 Bonnie Brae

Houston, TX

Multi-family for Sale - $1,925,000 - 10,614 Sq. Ft. on 0.29 acres


Property Info

CIMLS#859335
Location
  1609 Castle Court and 1529 Bonnie Brae
  Houston TX 77006
UpdatedAugust 14th, 2016
TypeMulti-family
Price$1,925,000
Building10,614 Sq. Ft.
Land0.29 acres

Property Description

Rare hard-to-find portfolio of two 6-plex apartment buildings located in an exclusive neighborhood in the heart of the highly desirable Inner Loop 610 area. 100% occupied. Completely renovated. 6 cap on in-place income, 7 cap pro-forma. Upside potential. Central HVAC in eight apartments. Window units in two apartments. Four units have individual full-size washer and dryer appliances included. Minutes from the major employment centers of the Galleria/Uptown, CBD/Downtown, Medical Center and Greenway Plaza. Also minutes from major shopping malls, all four professional sports venues, all four performing arts venues, and an endless choice of exquisite fine dining establishments. High-demand lot for new home construction. New residential construction underway on nearby sites, with many recently built multi-million dollar homes noticeable throughout the neighborhood.

Location Description:

Exclusive neighborhood located in the heart of the most desirable Inner Loop 610 area minutes from the major employment centers of the Galleria/Uptown, CBD/Downtown, Medical Center and Greenway Plaza. Also minutes from major shopping malls, all four professional sports venues, all four performing arts venues, and an endless choice of exquisite fine dining establishments.

Highlights:

>> Two rare hard-to-find 6-plexes.

>> 100% occupied.

>> 6 cap on in-place income, 7 cap pro-forma.

>> Upside potential.

>> Central HVAC in 10 apartments.

>> Highly desirable Houston residential in-fill properties.

>> Houston Certificates of Occupancy.

>> Completely renovated.

>> Full-Size W/D units in 4 apartments (castle Court).

>> Central laundry (Bonnie Brae).

>> Located in exclusive neighborhood, across the street (Bonnie Brae) and one block from (Castle Court) highly desirable Mandell Park.

>> Within comfortable walking distance of the Menil Museum.

>> Minutes to major employment centers of Galleria/Uptown, CBD/Downtown, Greenway Plaza & Medical Center.

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Financials

Cash

Sales Info:

>> Cap rate: 7.04%

>> Commision split: 50.0%

>> NOI: $135493