281-809-4006
9898 Forum Park Dr, Houston, TX for Sale
Apartments - FOR SALE
1/5
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9898 Forum Park Dr
Houston, TX 77036
Westwood


HIGHLIGHTS

  • Conveniently situated near Highway 59 and the Westpark Tollway with easy access to The Galleria.
  • Major employment centers include Houston Baptist University and Memorial Southwest Hospital.
  • One- and two-bedroom units ranging from 750 to 1,300 square feet.
  • Units feature private patios, granite countertops, laminate flooring, and washer/dryer connections.
  • 96% occupied with 124 total units across 10 buildings on ± 5.01 acres.
  • Assumable Freddie Mac debt at 3.19% interest rate with term remaining until 12/1/2040.

OVERVIEW

The Carlisle offers the opportunity to acquire a stabilized, 97% occupied multifamily asset at 9898 Forum Park Drive in southwest Houston. Located near major employment centers like the Westchase District and I-69, the property taps into strong local workforce housing demand in a growing Houston metro. Current ownership has absorbed the bulk of major capital expenditures. Major capex costs include a full roof replacement in 2016, vinyl siding replacement, a complete exterior paint refresh completed within the last few months, a centralized gas boiler replaced around 2014, and targeted repairs to the galvanized plumbing as needed. On the interior side, over 90% of the units have been upgraded with granite countertops, repainted cabinets, laminate flooring in living areas, updated fixtures, and black/white appliances. Beyond stable existing yields, the property holds clear upside. A buyer can immediately capture proven rent premiums by updating the remaining 8 to 10 classic units on turn. Additionally, every unit features full washer/dryer hookups which provides an opportunity to increase by providing washer/dryer units. Broker Of Record Patrick Graham Matthews Real Estate Investment Services, Inc 528005, 9005919 (TX) 2699 Howell St., Suite 400, Dallas, TX 75204 (866) 889-0550.

FOR SALE DETAILS

PRICE

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# OF UNITS

124

CAP RATE

Request Cap Rate

% LEASED

98%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Carlisle

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1981

PARKING SPACES

217

LAND DETAILS

LAND ACRES

5.01 AC

LAND SF

218,236 SF

ZONING

-

APN/PARCEL ID

1121370000042

ASK ABOUT THIS PROPERTY

Luke MatthewsMatthews Real Estate Investment ServicesMore Info
281-809-4006

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Luke MatthewsMatthews Real Estate Investment ServicesMore Info
281-809-4006

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.