Sycamore Palms Apartments

    • 4831 Sycamore Avenue
    • Pasadena, TX 77503

INVESTMENT HIGHLIGHTS

  • 82% Occupancy
  • Fully Renovated Within Last 3 Years
  • Class C Property
  • Metal Roof

EXECUTIVE SUMMARY

Independence Commercial Advisors is pleased to present Sycamore Palms, a 17 unit Class C property comprised of one single story building in Pasadena, Texas. Built in 1963, the property is located less than one mile from the Sam Houston Tollway and three miles from Highway 225. The property has had extensive exterior and interior improvements and is a turn-key operation. There is continued upside in future interior upgrades, adding additional amenities, and filling vacancy. The property has been impacted by COVID-19 and there are numerous tenants that are delinquent in rents; however, ownership has been approved for rent relief through the State of Texas and awaiting reimbursements accordingly. New debt is available for the property allowing a new owner to maximize returns with various options and offering Cash-on-Cash return of 8.54% (P&I) or 13.73% (I/O) based on Pro Forma (revenue based on actuals and expenses increased for property management, taxes, etc.).

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