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8 CONDO INVESTMENT PACKAGE, OFFERED BY OWNER:

See More Photos Below !

Houston Real Estate, FSBO

Eight unit package is part of the Fondren Crossing Condo project located at 6633 West Airport Blvd., south of highway 59 and South Brasewood between Hillcroft and Fondren. A short drive to the Medical Center, Galleria, Downtown, and West Belt areas. Rental Rates are about average for Houston.  The condo project includes 141 units, a clubhouse, pool, and Tennis court was built in 1981 and 1982 and was Refurbished in 1996 with new roof, fences, and siding.  The 700 building (to the left) and 900 building (to the back/right) are shown in the photo above.

Owner must sell due to recent divorce, so some of the units are not occupied in order to try and sell them retail, however they can all be rented by closing if an investor buys the package.

CLICK HERE For Neighborhood Demographic Information

Click To Take a Virtual Tour Of The Complex !
From Unit 701

UNIT #-Type

Br/Ba

HCAD
Sq.Ft

RENT
(Mo.)

DUES
(Mo.)

TAX
(Yr.)

Unit Sale Price

803 - E 2/2 1149 645 217 1,035

38,500

506 - D 1/1.5 1036 545 190 699

31,500

908 - D 1/1.5 1029 545 174 699

30,500

909 - D 1/1.5 1029 545 174 699

30,500

701 - C 2/2.5 1584 745 263 1,247

49,500

704 - C 2/2.5 1634 745 273 1,347

49,500

703 - A 2/2.5 1301 725 248 1,147

47,500

706 - A 2/2.5 1301 725 248 1,147

47,500

TOTALS   10,063 $5,220 $1,787 $8,020

$325,000*c

PACKAGE SUMMARY  
ANNUAL RENTS

$62,640

ANNUAL HOA DUES *a

21,444

ANNUAL TAX *b

8,020

   
ANNUAL GrossCash Flow

$33,176

CAP RATE 10.2%

NOTES:

*a :  HOA DUES pays fire insurance, water bills and trash pick up, security officer, grounds - pool - and exterior maintenance.

*b:  Taxes for the year 2004.

*c:  Terms: Property is offered As Is, no warranty of any kind is offered, sale is subject to existing leases (if any) which buyer will assume at closing (rents and security deposits will be prorated at closing), Cash or Conventional Financing, Owner MAY consider financing with 20% down with good credit.  Seller will either pay a 3% Buyers Agent Commission or discount the price 3% for transactions NOT involving a real estate agent.   Will also consider individual unit sales.

 

Sellers Contact Information:

CALL OWNER DIRECTLY & SAVE 3%

 

 

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