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Houston, TX - Montrose Apartments
Why Buy This Property
OPPORTUNITY
What an incredible and rare opportunity! 2300 Stanford Street is a short-term stay furnished apartment building with long-term management in place. The building has undergone complete interior and exterior remodeling, totaling more than $75,000 per unit.
SHORT-TERM STAY PROVIDES SUPERIOR CASH FLOW
The short-term stay management plan offers superior cash flow and returns on investment opportunities relative to a conventional multi-family rental.
LOW MAINTENANCE AND MINIMAL OVERSITE OWNERSHIP
Following its foundation to roof gut renovation six years ago and an in-place expert operator who is responsible for daily operations while covering all operating expenditures, repairs and maintenance, and cost of goods sold, makes this an investment requiring minimal oversite for a passive investor buyer.
LOCATION
Montrose is a neighborhood located in west-central Houston, just five minutes from Houston’s CBD. Montrose is centrally located within The Loop and is minutes away from other key districts like Medical Center and Galleria but has a culture of its own. Montrose has been referred to as “One of Houston’s Most Walkable Neighborhoods.” The neighborhood houses numerous top-ranked restaurants, boutique shops, dive bars, wine lounges, music bars, cafes, and pubs. Established in 1911, the neighborhood is a demographically diverse area with renovated mansions, bungalows with wide porches, and cottages located along tree-lined boulevards.
CONVENIENT ACCESS
Ideal proximity to Interstate 69 and Interstate 45 provides easy access to the entire Houston market.
Description
FULLY RENOVATED 8-UNIT SHORT-TERM STAY MULTIFAMILY APARTMENT BUILDING IN MONTROSE, HOUSTON’S CULTURAL DESTINATION
FULLY RENOVATED 8-UNIT SHORT-TERM STAY MULTIFAMILY APARTMENT BUILDING IN MONTROSE, HOUSTON’S CULTURAL DESTINATION
- 8 completely fully renovated short-term stay apartment building
- Over $75,000 per unit in upgrades over the past five years
- Located perfectly in the center of the eccentric Montrose District, the established cultural heart of Houston for art, eclectic boutiques, culture, food, nightlife, posh hotels, architecture, and diversity.
- Surrounded by world-class art galleries, local shops, destination restaurants, bars, and nightclubs.
- Minutes from the newly constructed Montrose Collective, The Ion Rice University Innovation District, Downtown, and the Museum District.
- In-place management provides minimal oversight for the new owner.
- Easy access to the entire Houston MSA with its proximity to Interstates 69 and 45.
This is an incredible and rare opportunity to buy irreplaceable real estate! Montrose is one of the most interesting, culture-filled pockets of Houston. Out-of-towners flock to Montrose and seek short-stay housing options. Its residents are energetic, idealistic, and people who love calling the neighborhood home due to its walkability, unique restaurants, shops, and exciting art scene. The area offers tree-lined streets that provide a welcoming atmosphere, making this a very walkable neighborhood. Montrose offers nearly everything that short-stay occupants and residents are looking for, which continues to drive strong growth.
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Property Location
Auction / Date / Time
January 17, 2023 2:00 p.m. CSTOffering Strategy
SEALED BID AUCTION
This is a sealed bid auction event. Bidders are encouraged to ask questions in advance. The purchase of a Bidder's Information Packet is required to bid. Bidders are required to submit a wire-transferred auction deposit to the Title Company listed in the Purchase and Sale Contract and fill in and sign the auction Purchase and Sale Agreement to bid. See Bidder's Information Packet for more details.
Bids are to be delivered to Fine & Company LLC via email to info@fineandcompany.com on or before 2:00 p.m. local time on the date of the auction. The Sale Contract is important for you to review and understand. Should you have any questions, please contact Fine & Company at 312.278-0600 extension 101.
Bids received after the bid deadline will not be eligible for consideration and will be returned to the sender.
Inspection Dates
Inspection Dates and Time: By appointment only on specific dates and times.
Please do not disturb the tenants, or employees or ask questions of their personnel.
On the inspection dates, auction company representatives will provide tours of the property and be available to answer questions. Please call (312) 278-0600 extension 101 to schedule your inspection.
Registration and government-issued photo identification are required by all persons attending any and all property inspections.
Details
Certified Funds To Bid : $35.000 - Certified Funds Required
Buyer's Premium (Buyer's Fee) : 6% of the bid price
In Cooperation With : Paramount Realty USA LLC
Contact Us
Fine & Company LLC
Michael A.Fine, CCIM, CAI, AARE
Illinois, United States
312-852-8523
michael@fineandcompany.com
Other Information
Broker Participation : Buyer's Agent participation is invited!
A 2% referral fee will be paid to the REALTOR®/Broker whose registered buyer closes on this property. Please refer to the Buyer Broker registration requirements in the Terms of Sale. Seller has provided a variable commission rate.
Licensing : Fine & Company TX LLC, Licensed TX Broker, Renee Y. Jones Licensed TX Auctioneer
Terms Of Sale : This auction is being conducted subject to the Terms of Sale and Purchase and Sales Agreement contained in the Bidder's Information Packet.
Disclaimer : The Seller, Broker, and Auctioneer and their agents assume no liability for inaccuracies, errors, or omissions in the auction marketing materials, including the Bidder's Information Packet. All square footage, dimensions, real estate taxes, and common area fees, if any, are approximate. All materials are subject to inspection and verification by all parties relying on them. This offering is subject to prior sale and may be withdrawn, modified, or cancelled without notice at any time. This is not a solicitation or offering to residents of any state where this offering is prohibited by law.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap status, familial status or national origin or any other classes under state or local law or intention to make any such preference, limitation, or discrimination.