Skip to main content

Multifamily

Royal Wayside

1010 S Wayside Dr, Houston, TX 77023

Listing Price: Request For Offer

Number of Units
102
Gross SF
78,435

Investment Overview

Marcus & Millichap | IPA has been selected to exclusively market for sale Royal Wayside Apartments in Houston, Texas. Built in 1962, this 102-unit garden community is located less than one mile from Interstate 45, providing easy access to Loop 610 and greater Houston's major employment and entertainment centers. Downtown Houston, the central business district, Texas Medical Center, and the University of Houston are all minutes away, as well as local southeast Houston shopping, dining, and entertainment hotspots. Currently, 96 percent occupied, the property offers one, two, and three-bedroom floorplans with roughly 25 percent renovated units featuring granite countertops or resurfaced countertops, new backsplashes, and black appliances. Community amenities include a pool, playground, laundry facility, and a brand-new chiller system. Royal Wayside Apartments will provide new ownership in-place, stable cash flow with unique near-term upside. The ability to renovate a majority of the units at a cost of $7,500 per unit will yield new ownership an additional $150 per unit average rent increase. By upgrading the units over two years, and taking organic rent growth into account, Year 2 net effective rents are expected to increase to $1.52 per square foot. Potential renovations to capture rent premiums include new vinyl flooring, stainless steel appliances, new backsplashes, fresh paint, and upgraded light fixtures. Royal Wayside Apartments represents the ideal southeast Houston multifamily offering, providing in-place cash flow with substantial value-add upside for new ownership. Local submarket rent growth through the past 12 month of 6.4 percent, coupled with additional forecasted growth of more than 7 percent, provides a desirable organic environment to drive increased returns.

Investment Highlights

  • Ideal location to downtown Houston, Texas Medical Center, and the University of Houston
  • Substantial value-add opportunity available by implementing interior upgrades for 50 percent of the units
  • Prime location within Southeast submarket of Houston, currently experiencing 96 percent occupancy and more than 6 percent rent growth over the trailing 12 months
  • Lack employers in the area include Chevron, Port of Houston, Houston Independent School District, and Allied Stainless Steel Group
  • Extremely strong metro Houston demographic profile, where the population has increased by 17 percent and average household Income by 26 percent since 2010

Exclusively Listed By

Financing By

Multifamily

Royal Wayside

Listing Price: Request For Offer

Number of Units
102
Gross SF
78,435

Investment Highlights

  • Ideal location to downtown Houston, Texas Medical Center, and the University of Houston
  • Substantial value-add opportunity available by implementing interior upgrades for 50 percent of the units
  • Prime location within Southeast submarket of Houston, currently experiencing 96 percent occupancy and more than 6 percent rent growth over the trailing 12 months
  • Lack employers in the area include Chevron, Port of Houston, Houston Independent School District, and Allied Stainless Steel Group
  • Extremely strong metro Houston demographic profile, where the population has increased by 17 percent and average household Income by 26 percent since 2010

Investment Overview

Marcus & Millichap | IPA has been selected to exclusively market for sale Royal Wayside Apartments in Houston, Texas. Built in 1962, this 102-unit garden community is located less than one mile from Interstate 45, providing easy access to Loop 610 and greater Houston's major employment and entertainment centers. Downtown Houston, the central business district, Texas Medical Center, and the University of Houston are all minutes away, as well as local southeast Houston shopping, dining, and entertainment hotspots. Currently, 96 percent occupied, the property offers one, two, and three-bedroom floorplans with roughly 25 percent renovated units featuring granite countertops or resurfaced countertops, new backsplashes, and black appliances. Community amenities include a pool, playground, laundry facility, and a brand-new chiller system. Royal Wayside Apartments will provide new ownership in-place, stable cash flow with unique near-term upside. The ability to renovate a majority of the units at a cost of $7,500 per unit will yield new ownership an additional $150 per unit average rent increase. By upgrading the units over two years, and taking organic rent growth into account, Year 2 net effective rents are expected to increase to $1.52 per square foot. Potential renovations to capture rent premiums include new vinyl flooring, stainless steel appliances, new backsplashes, fresh paint, and upgraded light fixtures. Royal Wayside Apartments represents the ideal southeast Houston multifamily offering, providing in-place cash flow with substantial value-add upside for new ownership. Local submarket rent growth through the past 12 month of 6.4 percent, coupled with additional forecasted growth of more than 7 percent, provides a desirable organic environment to drive increased returns.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower