4203 Hirsch Road | Gated Multifamily, Below-Market Rents

$300,000 Starting Bid

Auctioneer: Lamar P. Fisher

Auctioneer Company: Fisher Auction Company Inc.

Auctioneer License: 10344

Brokered by Marcus & Millichap and powered by RealINSIGHT Marketplace, 4203 Hirsch Road is an 18-unit gated multifamily community inside the 610 Loop in Northeast Houston. Built in 1961 and 1970 on 1.03 acres, the 13,644 SF property consists entirely of 758 SF two-bedroom, one-bathroom units. Fourteen units are occupied at an average in-place rent of $981 per month, with four units vacant, placing physical occupancy at roughly 78%. Current rents range from $950 to $1,050, and three leases already achieve $1,025 to $1,050, establishing a proven rent ceiling for the remaining units. The T-12 reflects $172,923 of effective gross income and $36,649 of NOI, while an as-is view normalizing repairs and maintenance to $13,500 shows $61,280 of NOI. Leasing the vacant units, moving rents toward $1,050, and reaching 95% physical occupancy supports a stabilized pro forma NOI of $93,784. An onsite laundry facility provides supplemental income. The location offers access to Highway 69 and Loop 610, with Downtown Houston approximately four miles away and direct connectivity to Midtown and the Texas Medical Center.

Four Vacant Units Drive Near-Term Lease-Up

Lifting occupancy from 78% to a 95% stabilized level adds roughly $37K of pro forma rental income.

In-Place Rents Trail a Proven $1,050 Ceiling

Occupied units average $981 a month, while three leases already achieve $1,025 to $1,050 today.

Uniform 2BR/1BA Unit Mix Across 18 Units

All 18 units are 758 SF two-bedroom layouts in a gated community, simplifying turns and leasing.

Normalized Expenses Support $61K As-Is NOI

Adjusting T-12 repairs from $42,879 to $13,500 moves NOI from $36,649 to $61,280 on the as-is view.

Inside the 610 Loop, 4 Miles From Downtown

Highway 69 and Loop 610 connect residents to Downtown, Midtown, and the Texas Medical Center.

Onsite Laundry Adds Ancillary Income

Other income of $9,396 over the T-12, including onsite laundry, supplements rental revenue.

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