838 Oak Street, Houston, TX 77018
The Bayberry Apartments, is a two story, garden-style, apartment community located in the Brookhollow sub-market of Houston,Texas. The asset was built in 1966. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, laundry facilities, patios and balconies and walk-in closets. Physically partially sub metered but being changed to tenant pays for water/sewer, gas and electric.
The property is undergoing rehab to raise rents to market. Please note that the property appears to have excellent renal upside!
Very good location just outside the 610 Loop. In the long run, may be ideal for teardown and conversion to townhomes.
Approximately $100,000 Capex was previously spent by the previous on the property in 2015 and 2016. The owners added security gates, new mailboxes and landscaping. Area occupancies are rising.
Per Owner, the property has Certificates of Occupancy.
The new owner says he spent an additional $5,000 - $6,000 per unit on upgrades in 2017-18. The color scheme has been dramatically changed and there are substantial interior and exterior improvements in progress.
Water conservation in progress. Tenants will pay for electric, gas, and water.
Once the property stabilizes, rental increases should be available.
Tom Wilkinson has performed real estate marketing serves for institutional and individual investors since 1972. He has a BA in Mathematics from Rice University and an MBA in Real Estate Investments from the University of Texas. In addition to brokering real estate, Tom previously owned and operated more than 80 properties. Tom has successfully marketed properties for and to dozens of individual, business and institutional sellers and buyers, including REO properties for the RTC, FNMA and FreddieMac.