CIRCLE K APARTMENTS
650 Donoho St., Hempstead, TX 77445
The Circle K Apartments is a 32-unit multifamily garden low-rise building located at 650 Donoho St. Hempstead TX. The building is comprised of 32 two bedroom/one bath units. Built in 1996. All 32 are the same two bedroom/one bath floor plan and approx. 850 sq. ft. per unit with 4 Buildings, 8 units in each building.
All units have individual electric meters (all-electric units). Each apartment has individual water heaters, dishwashers, & central air/heat. There is a washer/dryer in each unit. The property is master metered for water for entire property. Lawn Sprinkler System covers entire property.
There are 16 security cameras throughout the property (with monitor in office & with internet access available) 2 On-site storage containers; 1 containing office with electric (window a/c unit), water and restroom, telephone, and internet capabilities. The property is managed by an off-site managing service so wages are low.
Total of 12 out of 32 units have had total rehab of paint, vinyl wood flooring, granite counter tops, and light fixtures. New Ownership did exterior painting, placement of LED lighting, landscaping and roof repairs for ± $69,000.
Per Owner, the last 2 rehabbed units, rents increased to $720, lots of upside remaining by rehabbing remaining units and increasing to $720 or more from remaining units at $600.
After rehab, all rents that were at $550 on a month to month basis were increased to $600. Rehabbed units were initially leased at $650 to test the market and were immediately leased.
Currently rehabbed units lease at $720 per month!
Rajesh H. Patel
Rajesh H. Patel is a licensed Texas Real Estate Salesperson with knowledge in commercial real estate sales, strategic property marketing, and seeking investors interested in building a portfolio of income producing real estate assets. Rajesh holds a B.S. in Marketing from the University of Houston Downtown and a Certificate in Multi-Family Property Management from Houston Community College.