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Victoria Condos for Sale
12600 S. Gessner
Houston, TX 77071
County: Harris
Units: 96
Building: 109,051 sq ft
Land: 3.00 Acres
Occupancy: 90%
Price: $5,943,428
Price Per Unit: $61,910.71
Cap Rate: 7%
Property
Description: OPEN TO NEGOTIATIONS Victoria Condos is
a 148 unit condominium community. Current owner owns 96
units in the community and controls the condominium
association. The owner is in the process of purchasing a
larger property and is ACCEPTING ALL OFFERS and creative
with the purchase ( carry back, second, etc)
This property is
not actually an apartment building. It was originally
built as condominiums and for this reason there are no
comparables in the area that have the same layout and
size of units, putting this property in advantage
against all other properties. There is a big upside
potential. Current rents are compared to lower class and
smaller units.
The offering
consists of large two bedroom and three bedroom units,
appealing to families. At current market rents of $650
and $750, this provides a value to area renters.
Location
Description: Victoria Condos is located in the
Southwest Beltway submarket. This is one of the rare
multi-family properties in the still developing area
surrounding Fort Bend County and the Pearland/288
region. Excellent Beltway exposure
Commission
Split: 4%
Loan
Description: Creative Carry Back Second
• Large Floor-plans Averaging
1,131 Square Feet
• Individually Platted
Townhomes
• New Growth Area in Southwest Houston
• Upside in Lease Up and
Management
Year: 2006
Scheduled Gross Income: $819,600
Effective Gross Income: $743,640
Operating Expenses: $327,600
Net Operating Income: $416,040
2 Bdr 1.5 Bath
37 Units
1,090 sq ft
Avg. Rent: $650
3 Bdr 2.5 Bath
59 Units
1,161 sq ft
Avg. Rent: $750
CLICK HERE
TO SEE MORE INFORMATION
Contact Antonio Vallado at (858) 232-5930
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Comment
Dear
Richard,
Thank You very much for your help on the
financing. The rate turns out to be better than
expected...
Joe D.
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