About

<b>3rd Street Village </b>is located in the heart of the Clear Lake-League City-Webster submarket of SE Houston, Texas area.  The asset was constructed in 1970 and has since had some rehab.  3rd Street Apartments offers residents a swimming pool, patios/balconies and open parking.

This is a distressed deal.  A buyer must correct expenses here.

Although the rent roll shows units as individually metered, the property in fact has a single master meter for electricity. All tenants pay a flat fee that covers utilities, which often leads to higher-than-average usage. Additionally, many HVAC systems are outdated or in need of repair, further contributing to increased electricity costs.

The previous property management company had an active Comcast internet service for the intercom and office, costing approximately $480/month. Current owner has since canceled this service.

A CapEx list and a CapEx Forecast is available upon request for details on planned improvements. In addition, it is recommended to reserve at least $50,000 for major items such as sewer line replacement, roof repairs or replacement, and exterior maintenance.

League City endured countless name changes since its settlement in the mid-1800s, but today its image has been solidified as one of the top cities in Texas for residents on the job hunt. Historic homes and luxurious apartments dot the city landscape, and vintage railroad section houses have been remodeled into parks and recreation offices. This suburban locale is great for families and popular with beach-goers who want to live more affordably near the coast.

Top-notch public schools, an abundance of single family homes, and low crime rates have given rise to a strong sense of community. League City is fortunate to have two major malls located within 10 minutes. Baybrook Mall and Bay Colony Town Center provide residents with an incredible variety of retail options and restaurant choices. With so much to do and see in and around League City, it’s easy to see why people from all over Texas flock here.