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Multifamily

Spooner Street Apartments

1001 Spooner St, Pasadena, TX 77506

Starting Bid: $400,000

Number of Units
20
Occupancy
90.0%
Price/Unit
$20,000
Price/Gross SF
$43.36
Gross SF
9,226
Auction Type
Reserve
Auction Start Date
Feb 24, 2025
Auction End Date
Feb 26, 2025

Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase Spooner Street Apartments in Pasadena, Texas.
Built between 1960 and 1978, the six-building property sits on 1.01 acres, and is conveniently located in the heart of Pasadena. Sitting just 20 minutes from downtown Houston, Pasadena is the second-largest city in the Greater Houston metro.
The 20-unit community offers a diverse unit mix with efficiency, one-, two-, and three-bedroom units. Units feature plank and ceramic tile flooring, granite counters, mosaic backsplash, contemporary lighting, ceiling fans, spacious walk-in closets, and balconies or patios.
With over 52 percent of households in this area renting their homes, Spooner Street Apartments provides the opportunity for new ownership to capitalize on the growing demand to maximize investment returns by increasing rents to fair market value, implementing utility reimbursement, and generating additional income opportunities.

Investment Highlights

  • Value-Add Potential with Below-Market Rents
  • More than $240,000 in Recent Improvements
  • Strong Demographics and Population Growth

Exclusively Listed By

Multifamily

Spooner Street Apartments

Starting Bid: $400,000

Number of Units
20
Occupancy
90.0%
Price/Unit
$20,000
Price/Gross SF
$43.36
Gross SF
9,226
Auction Type
Reserve
Auction Start Date
Feb 24, 2025
Auction End Date
Feb 26, 2025

Investment Highlights

  • Value-Add Potential with Below-Market Rents
  • More than $240,000 in Recent Improvements
  • Strong Demographics and Population Growth

Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase Spooner Street Apartments in Pasadena, Texas. Built between 1960 and 1978, the six-building property sits on 1.01 acres, and is conveniently located in the heart of Pasadena. Sitting just 20 minutes from downtown Houston, Pasadena is the second-largest city in the Greater Houston metro. The 20-unit community offers a diverse unit mix with efficiency, one-, two-, and three-bedroom units. Units feature plank and ceramic tile flooring, granite counters, mosaic backsplash, contemporary lighting, ceiling fans, spacious walk-in closets, and balconies or patios. With over 52 percent of households in this area renting their homes, Spooner Street Apartments provides the opportunity for new ownership to capitalize on the growing demand to maximize investment returns by increasing rents to fair market value, implementing utility reimbursement, and generating additional income opportunities.

Exclusively Listed By

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