COLORADO TOWNHOUSES6 UNIT MULTIFAMILY PROPERTY HOUSTON, TX
1603-1613 Colorado St.Houston, TX 77007
Asterra.com
3305 Steck Ave. Suite 250Austin, TX 78757
Tim Howard512.909.3590
INVESTMENT OVERVIEW I COLORADO TOWNHOUSES 1
Sale InformationPrice: $2,700,000
NOI: $15,221.02/mo Avg.
Cap Rate: 6%
# of Units: 6
Total NRSF: 2,215 SF (Per Unit)
Lot: 1,742 SF (Per Unit)
Year Built: 2016
Exterior: Brick / Veneer
HVAC: Indivual in Each Unit
Stories: 3
Bedrooms: 3
Bathrooms: 3.5
Parking: 2 Per Unit
Colorado Townhouses
Located just Northwest of the heart of Houston in a desirable and fresh-faced strip of town.
The Colorado Townhouses, built in 2016, are located at 1603-1613 Colorado St, Houston, TX 77007 and consist of six (6) identicle three-story townhouses. The property is located in the Washington Avenue Coalition, stretching east from Memorial Park to Downtown Houston. The property provides easy access to both IH-10 (North) and IH-45 (East), along with being only minutes from Downtown and the many nearby amenities.
Each unit includes three bedrooms, three-and-a-half bathrooms, with two spaces for parking in the garage. The units are three-story with one room downstairs on the ground level; two rooms, kitchen and living area on the middle story; and an attic on the third story with roof access that acts as a patio.
The Colorado Townhouses are in one of the city’s most compelling rental locations, less than one and-a-half miles from Downtown Houston and one mile away from Buffalo Bayou Park.
Constructed in 2016, expenses have never been over 20% of Gross rent. At purchase price, this makes the property a 6-Cap.
Fortune 500 companies located in Houston include Academy, BP, Minute Maid, Mitsubishi’s Heavy Industries, Phillips 66, Quanta Services, Schlumberger, Shell, Sysco, Waste Management, and More.
INVESTMENT OVERVIEW I COLORADO TOWNHOUSES
HOUSTON
4th Largest City in the U.S.
#1 Market in U.S. For Job Creation
Home Sales Jumped 17% From Last Year
Condos and Townhomes Sales up 47% Year Over Year
Home to More Fortune 500 Headquarters Than Anywhere in U.S. Except
for New York
- World Population Review -
- Norada Real Estate -
- Houston Properties -
- Houston Properties -
- Norada Real Estate -
INVESTMENT HIGHTLIGHTS
Investment and Value-Add Potential
The Colorado Townhouses are loacted in the Washington Avenue Coalition of Houston, one of the best places to live in Texas, according to Niche.com.
The townhouses are located only minutes away from Downtown Houston and the many nearby amenities the city has to offer.
The units offers privacy to the tenants with there being a gate at the entrance of the community.
The units offer a stunning view of Downtown Houston.
Median Home Value is $424,369 and rent of $1,739 according to Niche.com.
The Colorado Townhouses offer a unique opportunity to own a 100% occupied, new-construction multifamily property in the heart of Houston, TX. The property has very few common elements beyond the automatic gate, driveways and some landscaping. As a result, expenses are extremely low making this a high-NOI investment opportunity. A savvy purchaser may also see the value-add potential to create a condo regime and sell the units off individually.
2
LOCATION OVERVIEW I COLORADO TOWNHOUSES
INVESTMENT LOCATION
The Colorado Townhouses are located on the corner of Colorado Street and Winter Street. The property sits Northwest of Houston and provides easy access to nearby roadways, highways, and the many attractions Houston has to offer. Nearby Highways include IH-10, IH-45, and IH-69 located just East of Downtown Houston.
The property is located only minutes away from many nearby amenities. These attractions include parks such as Memorial Park (4 miles), Buffalo Bayou Park (1.5 miles), Sam Houston Park (1.7 miles), Hermann Spuare (1.5 miles), Discovery Green (2 miles), and more. Entertainment attractions located near the Colorado Townhouses include Minute Maid Park (1.9 miles), BBVS Stadium (2.3 miles), Toyota Center (2.5 miles), Downtown Aquarium (1 mile), Revention Music Center (1.2 miles), Wortham Theater Center (1.2 miles), and more.
3
LOCATION OVERVIEW I COLORADO TOWNHOUSES
Interior Features
Three-Story Gates Units
Desirable Gas-Fired Ranges and Ovens
Modern White Cabinetry and Gray Ceramic Tile Backsplashes
Efficient Bar Counter Island
Faux Wood-Look Vinyl Flooring
Modern Lighting Fixtures
Desirable Open Floor Plan
Fantastic Rooftop View of Downtown
Individual HVAC Units
4
FINANCIAL ANALYSIS I COLORADO TOWNHOUSES
Account Name Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 Total Operating Income & Expense Income RENTS Rent Income 16,470.00 16,470.00 16,576.00 16,896.00 16,696.00 83,108.00 Total RENTS 16,470.00 16,470.00 16,576.00 16,896.00 16,696.00 83,108.00
FEES Application Fee Income 55.00 0.00 0.00 0.00 0.00 55.00 NSF Fees Collected 0.00 50.00 0.00 0.00 0.00 50.00 Late Fee 0.00 0.00 0.00 0.00 0.00 0.00 Pet Fee-Non Refundable 0.00 0.00 200.00 200.00 0.00 400.00 Utility Reimbursement Fee 0.00 0.00 0.00 52.76 0.00 52.76 Total FEES 55.00 50.00 200.00 252.76 0.00 557.76 Concession -110.00 0.00 -100.00 -100.00 -100.00 -410.00 Total Operating Income 16,415.00 16,520.00 16,676.00 17,048.76 16,596.00 83,255.76
Expenses MANAGEMENT FEES Commissions/Placement Fee’s 0.00 0.00 0.00 0.00 0.00 0.00 Management fees 1,372.60 1,317.60 1,326.08 1,343.68 1,351.68 6,711.64 Total MANAGEMENT FEES 1,372.60 1,317.60 1,326.08 1,343.68 1,351.68 6,711.64 MAINTENANCE Repairs 0.00 0.00 279.00 0.00 0.00 279.00 Total MAINTENANCE 0.00 0.00 279.00 0.00 0.00 279.00
Total Operating Expense 1,372.60 1,317.60 1,605.08 1,343.68 1,351.68 6,990.64 NOI - Net Operating Income 15,042.40 15,202.40 15,070.92 15,705.08 15,244.32 76,265.12
Cash Flow - YTD 2020
HOUSTON INVESTOR INTEREST
Average Rent RateWashington Ave Coalition
Population IncreaseSince 2010
Rent Rate GrowthPast 12 Months
$2,049 11.50% 7.47%= = =
RentJungle.comRentometer.com WorldPopulationReview.com
5
Jan
2019
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178
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To
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FEES
Appl
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FIN
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6
Cash
Flo
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2019
Equal Housing
Opportunity
Information About Brokerage Services Texas law requires all real estate licensees to give the following information about
brokerage services to prospective buyers, tenants, sellers and landlords
11/2/2015
TYPES OF REAL ESTATE LICENSE HOLDERS: • A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker. • A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker. A BROKER'S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents): • Put the interests of the client above all others, including the broker's own interests; • Inform the client of any material information about the property or transaction received by the broker; • Answer the client's questions and present any offer to or counter-offer from the client; and • Treat all parties to a real estate transaction honestly and fairly. A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION: AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner's agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner's agent must perform the broker's minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer's agent. AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer's agent must perform the broker's minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by the seller or seller's agent. AS AGENT FOR BOTH – INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligations as an intermediary. A broker who acts as an intermediary: • Must treat all parties to the transaction impartially and fairly; • May, with the parties’ consent, appoint a different license holder associated with the broker to each party (owner and buyer) to
communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction. • Must not, unless specifically authorized in writing to do so by the party, disclose:
• that the owner will accept a price less than the written asking price; • that the buyer/tenant will pay a price greater than the price submitted in a written offer; and • any confidential information or any other information that a party specifically instructs the broker in writing not to disclose,
unless required to do so by law. AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: • The broker’s duties and responsibilities to you, and your obligations under the representation agreement. • Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated. LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records. Asterra Residential d/b/a Asterra Properties 590775 [email protected] 512-231-2000 . Licensed Broker / Broker Firm Name or License No. Email Phone Primary Assumed Business Name
Andrew Karr 586116 [email protected] 512-231-2000 xt 200 . Licensed Broker / Broker Firm Name or License No. Email Phone
Andrew Karr 586116 [email protected] 512-231-2000 xt 200 . Licensed Supervisor of Sales Agent/ Associate License No. Email Phone
Tim Howard 713193 [email protected] 512-909-3590 . Sales Agent/Associate’s Name License No. Email Phone
