2512 Calumet StHouston, TX 77004

This exceptional Houston investment property boasts seven units across two buildings: a remodeled three-unit building and a newly constructed four-unit building. Located in a prime area near the Medical Center, Houston Zoo, University of Houston, Memorial Park, Galleria, and Downtown Houston, this property offers a compelling combination of established income and significant value-add potential. The 6,090 square foot property sits on an 11,128 square foot lot and includes on-site amenities such as assigned parking, a communal laundry room, a fire pit, and a BBQ area. Built in 1935 and extensively renovated in 2022, the property currently generates substantial Airbnb income, with a Net Operating Income (NOI) of $133,810 in 2023 and $84,320 year-to-date in 2024. A pro-forma NOI of $173,000 is projected with the addition of two more units, representing a significant value-add opportunity. The property is fully furnished and turnkey, requiring no immediate renovations or maintenance. The asking price is $1,650,000, representing an 8.11% cap rate and a pro-forma cap rate of 10.48%. This is a rare opportunity to acquire a cash-flowing multifamily property with substantial upside potential in a highly desirable Houston location. The current vacancy rate is low at 10%. The property's strong financial performance, prime location, and value-add potential make it an ideal investment for discerning buyers seeking immediate cash flow and long-term growth.