Investment Overview

Marcus & Millichap is pleased to present Yale Apartments, a 37-unit multifamily community located at 4742 Yale Street in Houston, Texas, approximately two miles north of the 610 Loop and within the Brookhollow/Inwood submarket bordering Garden Oaks and Independence Heights. Originally constructed in 1963, Yale Apartments was fully renovated under the current ownership. The property consists of 37 units across ten two-story buildings and offers 58 parking spots, 51 of which are covered. The unit mix includes 16 one-bedroom / one-bathroom units averaging 728 square feet and 21 two-bedroom / one-bathroom units averaging 851 square feet. The property offers central air conditioning, on-site laundry, and kitchens with full appliance packages. Major building systems are in strong condition, with the three flat roofs replaced in 2023, the pitched roofs dating to 2013, the single boiler replaced in 2024, and copper wiring and PVC plumbing throughout. Yale Apartments offers a buyer a stabilized asset that has meaningfully outperformed its submarket in rent growth. In-place rents of $1.21 per square foot remain below renovated comparables in the area, which range from $1.30 to $1.87 per square foot, providing a clear and defensible path for the next owner to capture additional rent with light, targeted interior upgrades. Water and trash are billed back to residents through a flat monthly fee, helping insulate cash flow from rising operating costs. The property sits in one of Houston's strongest residential growth corridors. A two-mile radius around Yale captures a population of 68,214 with 7.9% projected growth through 2030, a median household income of $67,038, and a median home value of $395,986, which continues to push homeownership out of reach and sustain strong rental demand. The asset is eighteen minutes from the Uptown/Galleria employment node, fourteen minutes from Downtown Houston, and twenty minutes from the Texas Medical Center, providing residents with direct access to three of Houston's largest job cores. With a stabilized rent roll, a renovated asset, and meaningful remaining upside to renovated comps, Yale Apartments represents an opportunity to acquire a low-maintenance asset in a desirable submarket with embedded value-add for the next operator.