2306 Mccue RdHouston, TX 77056

For Sale
$18,500,000

58-unit multifamily, redevelopment opportunity

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional 58-unit multifamily property, known as Marquee Uptown Apartments, presents a compelling redevelopment opportunity. Located at 2306 McCue Road in Houston, Texas, this Class A asset boasts 59,668 square feet on a 1.82-acre lot. Built in 1966 and renovated in 2007, the two-story building features covered parking and a saltwater pool. Currently operating at 89% occupancy, the property generates a Net Operating Income (NOI) of $527,263, representing a 2.85% cap rate and a price per unit of $318,965.52. The asking price is $18,500,000, translating to $310.05 per square foot and $233.30 per square foot based on land value. Significant recent improvements include a new copper piping system, a new roof, and sub-metered utilities where tenants reimburse approximately 80% of costs. The property also benefits from full-time landscaping and housekeeping services. Its prime location in the Galleria/Uptown area, a high-income demographic with over 187,000 residents within a 5-mile radius and average household incomes exceeding $94,000, offers significant potential for value enhancement. The property's high expense ratio reflects the owner's commitment to meticulous maintenance, evidenced by the 2016 Cornerstone Award from the Houston Apartment Association for best redevelopment. This property is being marketed as a covered land play.

Highlights

  • New copper plumbing installed.
  • Sub-metered utilities; tenants cover approximately 80%.
  • High-end washer/dryer included in unit.
  • Professional landscaping services provided.
  • Covered parking included with lease.
  • New roof installed this year.

Property Details for 2306 Mccue Rd

Property type
Multifamily properties, Other land
Square Feet
59,668 SF
Class
A
Year Built/Renovated
1966/2007
Buildings
1
Stories
2
Lot Size (sq. ft)
79,279 SF
Units
58

Location Insight

City
Houston
County
Harris
State
Texas
Latitude
29.744267576889
Longitude
-95.46426897615
2306 Mccue Rd, Houston, Texas

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2306 Mccue Rd
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