4015 Bellefontaine, Houston, TX 77025
The Southside Place Apartments, is a two story, garden-style, apartment community located in the Medical Center submarket of Houston,Texas. The asset was built in 1962. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, laundry facilities, patios and balconies and walk-in closets.
Per owner the roof is relatively new. 4 units have hard surface flooring. All units have new vinyl windows, heat pump window units and certificates of occupancy.
The Texas Medical Center is one of the largest employment generators in Houston, currently undergoing a $3 billion expansion. The area incomes are maybe 50% higher than Houston averages.
In the long term, the real value here is in the land. A buyer could control this asset and in the long term, look to redevelop with a denser development.
The Wall Street Journal predicts that the Houston apartment market will be the strongest in the United States for the next five years.
A heavy value add should greatly increase the rents! The parking lot needs work!
The broker strongly recommends that the new owner protests the tax valuation. The owner reports that he has not protested the taxes. The brokers feel that the valuation should come down!
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.