1403 Maryland StHouston, TX 77006

For Sale
$1,100,000

Prime Montrose rental portfolio, 3 units, 100% occupancy.

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional investment opportunity presents a three-unit multifamily property located at 1403 Maryland Street in Houston, Texas's desirable Montrose neighborhood, within the charming Hyde Park subdivision. The property, built in 1938 and boasting 3,110 square feet, sits on a lot that could be combined with the adjacent 1405 Maryland Street for a total of 10,000 square feet. Currently operating at 100% occupancy, this asset offers a compelling return with staggered lease expirations and a history of low vacancy (less than 2 months over 10 years) and high tenant renewal rates (exceeding 90%). The property has undergone significant renovations in 2015, 2023, and 2024, reflecting the owner's commitment to meticulous maintenance and premium finishes. Upgrades include retrofits, upgraded fixtures, and pristine landscaping. The owner has actively managed operating expenses, including annual tax protests, resulting in cost savings passed on to tenants. This property is well-positioned to benefit from future rent growth and is offered at $1,100,000 ($366,667 per unit and $353.70 per square foot). The City of Houston is scheduled to repave Maryland Street and install a new water main in 2024 and 2025, further enhancing the property's value. Serious inquiries only.

Highlights

  • $1,100,000 asking price for a three-unit multifamily property in Houston, TX.
  • 100% occupancy with staggered lease expirations.
  • Three units totaling 3,110 square feet, priced at $353.70 per square foot and $366,667 per unit.
  • Built in 1938 with renovations in 2015, 2023, and 2024.
  • Located in the desirable Montrose/Hyde Park area.

Property Details for 1403 Maryland St

Property type
Multifamily properties, Residential income homes
Square Feet
3,110 SF
Year Built
1938
Buildings
1
Stories
2
Units
3

Location Insight

City
Houston
County
Harris
State
Texas
Latitude
29.7482466
Longitude
-95.395808
1403 Maryland St, Houston, Texas

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1403 Maryland St
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