HADLEY STREET PROPERTIES
3229 Hadley Street, Houston, TX 77004
3324, 3229, 3230, 3309 Hadley Street is a total of 22,274 rentable square feet which includes a community center, administrative building and a church with a small house in the back, located in the Third Ward submarket of Houston, TX, zip code 77004. The beautiful historic neighborhood is near the University of Houston, Texas Southern University, the Texas Medical Center and Downtown Houston.
The property is located at the northwest and southwest corners, respectively. Per owner, the community center is a two-story, 13,955 square foot structure with a physical address of 3229 Hadley Street, built in 1980. The community center has a fully equipped large commercial kitchen, basketball court and showers on the top floor. While the church is a 6,984-square foot, one-story, structure with a physical address of 3230 Hadley Street, also constructed in 1980. There is also an administrative building located on the property. Per owner, improvements to the assets were made in 1999. The community center building has one elevator, one interior stairwell and one exterior stairwell. The administrative building has two interior stairwells and the church building is a one-story building and does not have any stairwells. The buildings feature a security system with cameras, parking lot lighting and lights located along the buildings.
Per owner, there is a tenant in the small house who also leases the church. Current rents are $5k for the church and $500 for the home. In exchange for below market rent, the tenant looks after the property and does upkeep. The community center and the attached administrative building are vacant.
Owner believes there is room to increase rents as the current tenant is month to month and is not paying market rates. A hypothetical leasing scenario would yield $16,000/month for the community center, $4,000/month for the administrative building and $8,000/month for the church.
Owner financing of up to 80% of the purchase price may be available for qualified buyers.
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.