9200 Bissonnet StHouston, TX 77074

For Sale
Call for price

272-Unit Multifamily Value-Add Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional investment opportunity presents a 272-unit Class C apartment building located at 9200 Bissonnet St, Houston, TX 77074, in Harris County. Built in 1978, this property comprises 18 two-story buildings, offering a compelling value-add proposition. The property currently boasts 92.6% occupancy. The existing buildings feature Georgian brick construction, providing a solid foundation for future enhancements. A significant advantage is the presence of washer/dryer connections in 176 units, presenting a clear path to increase value by adding connections to the remaining units. The property benefits from excellent visibility on Bissonnet Street, just east of Highway 59, with no immediate neighboring competitors. Market analysis reveals that Class B rental rates in the submarket average $1.48 per square foot, and have increased by 3.6% in the last six months, indicating strong potential for rental rate growth. The absence of new construction or proposed projects in the immediate area further strengthens the property's long-term prospects. This offering presents a motivated seller and is available for all-cash purchases. This is a rare chance to acquire a well-positioned asset at a substantial discount to peak pricing, with a history of over 10 years of continuous ownership.

Highlights

  • Class C value-add apartment building offering a substantial discount to peak pricing.
  • 10+ years of continuous ownership.
  • 272-unit property featuring Georgian brick, two-story buildings with significant value-add potential.
  • Washer/dryer connections in 176 of 272 units; opportunity to add to remaining units.
  • No competing new construction in the immediate submarket.
  • High visibility on Bissonnet St., east of Hwy 59, with no immediate neighboring competitors.

Property Details for 9200 Bissonnet St

Property type
Multifamily properties, Apartment buildings
Class
C
Year Built
1978
Buildings
18
Stories
2
Units
272

Location Insight

City
Houston
County
Harris
State
Texas
Latitude
29.676243135617
Longitude
-95.537499103376
9200 Bissonnet St, Houston, Texas

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9200 Bissonnet St
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