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Multifamily

Bluebird Apartments

510 Williams Ave, Baytown, TX 77520

Listing Price: Request For Offer

Number of Units
70
Gross SF
50,128

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale Bluebird Apartments, a 70-unit multifamily community located in Baytown, Texas. Built in 1965, fully renovated to the studs inside and outside in 2015, this 1.89-acre property is surrounded by an abundance of retail and entertainment, easily accessible via State Highways 146 and 330, and Grand Parkway. Bluebird Apartments is less than five miles south of Cedar Port Industrial Park, the fifth-largest industrial park in the world, home to notable tenants including Wal-Mart, Floor & Decor, IKEA, Home Depot, Niagara Bottling, Webstarant, Ravago, Vinmar, and Plastic Express. BlueBird Apartment offers a mix of one- and two-bedroom floorplans, featuring best in-class interior and exterior finishes. Interior upgrades include stainless steel appliances, granite counter tops and hardwood floors. BlueBird Apartments will provide new ownership with in-place, stable cash flow and proven value-add potential. Additional interior upgrades are available for most units, allowing for increased rent premiums to boost near-term returns. BlueBird Apartments represents the ideal Baytown multifamily offering, providing a best in-class asset with unique value-add upside. The property's excellent proximity to downtown Houston and easy access to all parts of the Houston metro will allow new ownership to capitalize on Baytown's growing popularity and continued business growth.

Investment Highlights

  • 70-unit multifamily community located in Baytown, 25 miles east of Houston
  • Baytown has experienced 16 percent population growth since 2010, one of metro Houston's fastest growing suburbs
  • Turnkey asset at the top of the market for its class coupled with strong financial performance, going-in cash flow over 5 percent tax-adjusted
  • The property went through a complete demo/rehab in 2015 and now features new electric, plumbing, James Hardie Siding products, roofs, paint, HVAC, fixtures, interior cabinets, counter-tops, floors, drywall, and appliances
  • Proven value-add concept capturing $100 premiums for updated design enhancements including black cabinet & door hardware and black light fixtures for an upgrade package cost of $450 per unit. Along with an additional $25 for a technology package at a cost of $100 per unit
  • Proximity to Baytown's major employers including Exxon, LyondellBasell, Walmart & IKEA distribution centers, and the Cedar Port Industrial Park
  • Walmart recently announced plans to lease a new 1 million square-foot warehouse within Cedar Port Industrial Park (300 new jobs to the city)

Exclusively Listed By

Multifamily

Bluebird Apartments

Listing Price: Request For Offer

Number of Units
70
Gross SF
50,128

Investment Highlights

  • 70-unit multifamily community located in Baytown, 25 miles east of Houston
  • Baytown has experienced 16 percent population growth since 2010, one of metro Houston's fastest growing suburbs
  • Turnkey asset at the top of the market for its class coupled with strong financial performance, going-in cash flow over 5 percent tax-adjusted
  • The property went through a complete demo/rehab in 2015 and now features new electric, plumbing, James Hardie Siding products, roofs, paint, HVAC, fixtures, interior cabinets, counter-tops, floors, drywall, and appliances
  • Proven value-add concept capturing $100 premiums for updated design enhancements including black cabinet & door hardware and black light fixtures for an upgrade package cost of $450 per unit. Along with an additional $25 for a technology package at a cost of $100 per unit
  • Proximity to Baytown's major employers including Exxon, LyondellBasell, Walmart & IKEA distribution centers, and the Cedar Port Industrial Park
  • Walmart recently announced plans to lease a new 1 million square-foot warehouse within Cedar Port Industrial Park (300 new jobs to the city)

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale Bluebird Apartments, a 70-unit multifamily community located in Baytown, Texas. Built in 1965, fully renovated to the studs inside and outside in 2015, this 1.89-acre property is surrounded by an abundance of retail and entertainment, easily accessible via State Highways 146 and 330, and Grand Parkway. Bluebird Apartments is less than five miles south of Cedar Port Industrial Park, the fifth-largest industrial park in the world, home to notable tenants including Wal-Mart, Floor & Decor, IKEA, Home Depot, Niagara Bottling, Webstarant, Ravago, Vinmar, and Plastic Express. BlueBird Apartment offers a mix of one- and two-bedroom floorplans, featuring best in-class interior and exterior finishes. Interior upgrades include stainless steel appliances, granite counter tops and hardwood floors. BlueBird Apartments will provide new ownership with in-place, stable cash flow and proven value-add potential. Additional interior upgrades are available for most units, allowing for increased rent premiums to boost near-term returns. BlueBird Apartments represents the ideal Baytown multifamily offering, providing a best in-class asset with unique value-add upside. The property's excellent proximity to downtown Houston and easy access to all parts of the Houston metro will allow new ownership to capitalize on Baytown's growing popularity and continued business growth.

Exclusively Listed By

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