8210 Shady Drive, Houston, TX 77016
Shady Oaks is a two story apartment community located in the North Loop East submarket of Houston, Texas. The asset was built in 1970 and per HCAD, was remodeled in 2018 - 2021. Residents enjoy amenities which include: mini-blinds, kitchen pantries and ceiling fans. Tenants pay gas and electricity but not water.
Currently there are no leasing concessions in place, per the owner. Work force housing, waiting list, typically 100% full. Per owner, the majority of the tenants have lived on the property for 10-15 years. It is also in an Opportunity Zone for Harris County, so that provides incentives for investors and banks to invest in this area.
Ideal for a smaller owner/operator. Another possibility is to sell off individual units. Management and maintenance live onsite in units 7 and 18.
Per owner, approximately $136,005 has been expended on capital improvements. (See Capex List). Upgrading kitchens and adding common area amenities including a dog park and dog washing station should improve rents.
There is a certificate of occupancy in place. per Owner. Right across the street is the HISD police training facility, which provides extra security. The majority of the tenants are long standing tenants that pay on time. The property looks very nice. And there appears to be a strong possibility to raise rents.
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.