Balaban Plaza - 1.3 Million Price Drop! 2 biens | Immeuble residentiel | À vendre | 3 402 451 € | Houston, TX

Balaban Plaza is a 53-unit multifamily submarket investment opportunity with close acces to major highways. Rents are underpriced from 25% to 30% of the rental market. There is a potential to increase Market Potential Gross income by $125,000 per year. There are 28 1-bedroom, 22 2-bedroom & 3 studios. The complex has been family owned for over 50 years, and rents have not kept up with the market. Therefore there is low tenant turnover. The property has been well maintained with major roof replacements having been completed during the last 4 years. There is tremendous value added potential by adding landscaping, painting , and interior improvements. Poperty has an excellent location at the corner of Airline Dr and Gulf Bank Dr. The location is an easy 13 miles to downtown Houston, 11 miles to Bush International Airport and 16 miles to the Texas Medical Center, the largest medical center in the world. All can be reached by nontoll freeways. This a safe area with a large Catholic Cathedral complex on South side of property and another Catholic Church adjoining on the West side of property.
Additionally, there is “One Acre” of open land adjoining the West side of the complex. The land has a potential for more apartment constuction, or spaces for mobile homes for rent. OR any business could be constructed on the one acre as there are no restrictions since property is NOT in the Houston City limits. There are MANY potential options to increase income on this one acre of cleared, open flat land.
Also there is a full functioning 45 seat restaurant plus convenience store which fronts Airline Dr called “La Sabrosita” on the east end of the property. Traffic count on Airline Dr is about 17,000 vehicles per day. This restaurant has been leased out to the current tenant for 15 years. He has NO plans on leaving since it is a profiable business for him. The owner has NO direct participation in “La Sabrosita”, as he is only the landlord leasing out the building and collecting rents. All equipment and fixtures are owned by the tenant. The rental on this building is also under market. There is a potential to charge up to $12,000 per year additional rent with NO additonal updates to the restaurant and convenience store.
In Summary, there is tremendous potential to increase value of 53 units by increasing the undermarket rents. Seoncondly, the open one acre has many options to derive additional income and value. Thirdly, the restaurant/conveniece store can have its undervalued renatal income inreased from the current tenant of 15 years. This is a fabulous investment opportunity in a great location of Houston
For more info, please contact realtor, John Pankiewicz, with Champions NextGen Real Estate at 713-631-9030.