North Village Green Condos

05-20-2022
06-29-2022

206 Plaza Verde Dr, Houston, TX 77038

  • 106 Units
  • 5.46% Cap
  • 7.37% Pro Forma Cap
  • 92.5% Occupancy
  • Harris County
  • Houston, TX

Property Description

The Waller Group is proud to present the 92.5% occupied, 106- unit value-add condo portfolio in Houston, TX. Purchase of the portfolio comes with taking over the existing HOA. Currently the HOA takes care of all exterior capex items including roofs as well as regular exterior maintenance and upkeep. Seller is in charge of wall to wall inside the units he owns. The HOA financials are very healthy with a current checking account of $190,000 and savings account of $154,000. Units are relatively out date and in various conditions. All units have W/D connections. There is an opportunity for buyer to look at purchasing remaining condos however, all remaining condos are owned by individuals. Current ownership is achieving $445,185 in annual NOI. New ownership, based upon area rent comps, can raise rents up to $185 / unit, which is a $0.22 / sqft bump by updating interiors with a flooring, fixtures, counter tops, appliances, and lighting package. With this bump, new ownership can achieve an annual NOI of $600,950. Additionally, there is the opportunity to implement additional income fees through lease violation fees, parking fees, and pet fees. Buyer could also look at implementing a water conservation program saving up to 20% on water bills.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Price
$ 8,150,000
No. of Units
106
Year Built
1980
Building Size
88,851 Sq ft
Opportunity Zone
Off
Price per unit
$ 76,887
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