HEIGHTS MANSION

540 HEIGHTS BLVD HOUSTON, TX 77007

Specifications

Price: 
$ 3,750,000
Property Type: 
Midrise
Class: 
A-
Year: 
2005
Units: 
17
Rentable Sq. Ft.: 
16,894
Lot Size: 
0.43 acres
Listing Type: 
Status: 

540 Heights is a four-story solid brick asset in the Inner Loop West area of Houston, Texas in the highly desirable Heights area. The asset was built in 2005, as a replica of the "turn of the century" mansions along Heights Boulevard. This property has excellent drive-by and curb appeal on Heights Blvd., a high traffic count street.

The property is available all cash or on a new loan. It is anticipated that the property will be leased to a title company, real estate company or law firm at $15.00/ft NNN. Tenant will pay maintenance, utilities, insurance, capex, etc. The broker valued the income at a 7% cap rate. Owner plans to repaint the front of the property, replace 2 of the 9 A/C units, replace window ledges as needed, etc in the next 30 days. The broker estimates that $300,000 in rehab and redecorating will be required by the new tenant and $150,000 is estimated for negative carry to breakeven.

The property has been operated as a single family residence, law office, and an Airbnb. Covid dramatically slowed down the revenue and Owner is motivated to sell! See the detailed commercial sales comps. An appraiser, Tim Treadway (Valbridge) says to use maybe $80/ft for the land and less than $100/ft for the improvements. The comps shown are much smaller the price/ft needs to go way down for the oversized improvements!

Situated in an exceptionally central Houston Heights location, along scenic Heights Boulevard and just south of 6th/White Oak, this prodigious home provides a great opportunity for someone looking for a prime piece of Heights real estate. Permitted as a residence, but with unrestricted use, 540 Heights could make for an ideal office or a substantial Airbnb. The nearly 17,000 sq. ft. property includes 17+ bedrooms, an elevator, and many additional sitting areas/flex spaces that could be configured in a variety of ways. Heights Mercantile, Revival Market, Coltivare, Better Luck Tomorrow, Donovan Park, the Heights Hike & Bike Trail, and many other local attractions are within a few blocks.

Supporting Documents

Tom Wilkinson

Location: 
Houston, TX
twilk4.ketent@gmail.com
Office: 
713-355-4646 x 102
Fax: 
713-355-4331

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.

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