Built in 1972, this 29 unit multifamily complex in Kirby, TX is currently operating at an NOI of $91,693 at a 6.55% cap rate and is 96.6% occupied. This is a value-add investment, presenting new ownership with the opportunity to increase rents to market rate. The current average of effective rental rates at this property is $1.05-sf while the average of new move-ins is $1.26-sf. Increasing rents to this market rate will realize an additional $45,000 in annual revenue. Pro Forma NOI is $133,937 at a 9.57% cap rate. For full financials, Offering or Tour Procedures, please view the Offering Memorandum attached in the MLS Transaction Documents.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
