BOREAS DRIVE APARTMENTS
12302 BOREAS DRIVE, HOUSTON, TX 77039
The Boreas Drive Apartments is 5 one story duplex apartments located in the I-69 North submarket of Houston, Texas. The assets were built in 1985, per HCAD. Residents enjoy a completely fenced and gated community with amenities that include mini-blinds, all electric appliances, kitchen pantries and ceiling fans. Water and trash are included in the rent. The apartments are all electric with separate electric meters and residents pay their own electric bills. There is one water meter and currently the owner pays for water and doesn't rebill the residents. The property does not have a laundry facility, however, there is one near-by. There are no washer/dryer connections in any of the units. There are 15 to 20 parking spaces. 15 are on the sides of the buildings and residents park in front of their building as well. There is one large dumpster located on the property, paid for by the owner, for the use of all residents.
There are many industrial and airport employees in the area but minimal new apartments. Ideal to upgrade. Blue collar profile. Per owner, the roofs were replaced in 2017 and the property did not flood during Hurricane Harvey and Imelda. The Broker feels that interior upgrades could result in a rent increase.
The owner reports that the property tends to stay 100% full. This suggests that there is rental upside. Unit #5 recently renewed with a 25/month increase (renewal begins 4/30/21). The broker added a 5% management fee, as, in his experience, there are companies which specialize in remote management of high occupancy properties for a 5% fee. And, any prospective lender will require a management fee in their underwriting.
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.