INVESTMENT SUMMARY
Waller Group is proud to present the 12-unit value-add property located at 14500 Corpus Christi St in the Cloverleaf neighborhood of Houston, Texas. Current ownership is selling to re-allocate proceeds to new projects.
Current ownership has updated sewage system, new windows, parking lot, water faucets in showers/sinks, plumbing/electric, new breaker boxes, and renovated a few units, including upgraded flooring. The roof is approximately 6 years old. Most of the A/C units have been upgraded (window units). New ownership has the opportunity to finish out interior unit renovation program on remaining units to boost current effective rents, which are currently 83.4% of market-level rents.
Additional income opportunities include adding a trash valet fee, lease violation fees, month-to-month fees, and pet fees/deposit.
Current ownership is achieving $86,876 in annual NOI. New ownership, based upon area rent comps, can raise rents up to $155 / unit, which is a $0.25 / sqft rent bump. With this bump, new ownership can achieve an annual NOI of $92,475.
The property is currently self-managed. Proforma financials were underwritten with a 5.0% management fee.