Lencor Apartments | 724 E 11th St
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Lencor Apartments 724 E 11th St
25 Unit Block of Flats £2,914,490 (£116,580/Unit) Houston, TX 77008
Investment Highlights
- Class A neighborhood in proximity to trendy restaurants & walkable amenities, as well as its high-income demographic
- High Demand for Units, Minimizing vacancy risk & Offering stable Cash flow to Investors
- 96% Occupancy with rents significantly below market, Immediate opportunity for value -appreciation through targeted renovations and rate increases
- Flexible Investment Strategy; Choice of value-add strategy or holding the property as a covered land play
Executive Summary
Lencor Apartments, located at 724 E 11th St in Houston’s highly sought-after Heights neighborhood, The Heights is a vibrant, high-demand area that attracts young professionals, ensuring strong rental demand and minimal vacancy risk. Lencor Apartments offers a prime investment opportunity with 25 fully occupied units, including 24 efficiency units ; 1, two bedroom and one bathroom unit. The property features significantly under-market rents, presenting immediate potential for value appreciation through renovations and rent increases. Additionally, there is an opportunity to acquire the adjacent single-family residence bringing the total land assemblage up-to 25,000 square feet, providing further development potential. Investors can pursue a value-add strategy or hold for future redevelopment in this rapidly evolving neighborhood. With solid cash flow and substantial upside potential via upgrades or redevelopment, Lencor Apartments is an asset with significant growth prospects
Data Room Click Here to Access
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
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-
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| Other Income |
-
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-
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| Vacancy Loss |
-
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-
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| Effective Gross Income |
-
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-
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| Net Operating Income |
$99,999
|
$9.99
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Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Unit Amenities
- Heating
- Ceiling Fans
- Refrigerator
- Oven
- Built-In Bookshelves
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| Studios | 24 | - | 450 |
| 2+1 | 1 | - | 450 |
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Walk Score ®
Very Walkable (88)
PROPERTY TAXES
| Parcel Number | 0350210400005 | Improvements Assessment | £77,978 (2023) |
| Land Assessment | £1,624,631 (2023) | Total Assessment | £1,702,610 (2023) |
PROPERTY TAXES
Parcel Number
0350210400005
Land Assessment
£1,624,631 (2023)
Improvements Assessment
£77,978 (2023)
Total Assessment
£1,702,610 (2023)
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Lencor Apartments | 724 E 11th St
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