40-Unit Multifamily | Value-Add REO Sale | 2211 W Alabama

Highlights:

• Situated in one of Houston’s most desirable and walkable neighborhoods, the property benefits from strong rental demand, proximity to major employers, and an abundance of dining, shopping, and entertainment options.
• With the property currently 0% occupied and the majority of units down to the studs, investors have the rare opportunity to fully reposition the asset and implement modern finishes to maximize rental upside.
• Within a one-mile radius, over 9,000 multifamily units boast an average occupancy near 90% and average rents of $1,591. Renovated units at 2211 West Alabama can achieve competitive rents in line with or exceeding market averages.
• All 40 units are 725 SF, one-bedroom, one-bathroom floorplans—highly sought after by young professionals seeking a central location and manageable living space.

Description:

Ri Marketplace Online Auction August 11-13, 2025
Register to bid on Marketplace:

https://rimarketplace.com/auction/2619/40-unit-multifamily-value-add-reo-sale-2211-w-alabama?utm_source=brevitas&utm_medium=listing&utm_campaign=external&utm_content=multifamily_2619

2211 West Alabama Street is a 40-unit, 29,000-square-foot multifamily asset located at the prominent intersection of West Alabama Street and Greenbriar Drive in the heart of Houston. Built in 1953, the property sits on 0.677 acres and features brick construction with a pitched roof. Currently 0% occupied, the condition of the units range from needing a light turn to needing a full renovation. All units are one-bedroom, one-bathroom layouts, each approximately 725 square feet. Most units have been taken down to the studs, while a few remain in classic condition with vintage charm, offering flexibility in renovation strategy. The property is gated and offers laundry facilities, covered parking, and formerly operated on an all bills paid model.

The property is located in Montrose, one of Houston’s most vibrant and sought-after neighborhoods. Less than a mile from I-69, the central location offers excellent connectivity to the rest of the city. Within a one-mile radius, the population is just under 30,000, with steady growth projected. The area is highly walkable and surrounded by an array of shops, restaurants, and amenities, including Trader Joe’s, Whole Foods, Target, and numerous local bars and eateries.

There are over 9,000 multifamily units within a mile of the property, with an average vintage of 1963. Average occupancy for all multifamily in the area is just under 90%. However, the average occupancy for properties of a similar vintage is over 92% with rents over $1,300. Due to the property condition and vacancy, there is clear opportunity for a new owner to reposition the asset and capture rental upside in this strong and desirable submarket.

Montrose is one of Houston’s most iconic and desirable neighborhoods, known for its eclectic character, walkability, and vibrant cultural scene. Centrally located between major employment hubs like Downtown, the Galleria, Greenway Plaza, and the Texas Medical Center, Montrose offers excellent accessibility via key thoroughfares such as Interstate 69, Interstate 610, and Interstate 45. The neighborhood is home to a well-educated, affluent population and attracts residents drawn to its unique mix of historic charm, boutique shops, art galleries, acclaimed restaurants, and lively nightlife. With its strong sense of community and enduring appeal, Montrose remains a top destination for renters seeking a dynamic, urban lifestyle.


Lamar P. Fisher
Fisher Auction Company Inc.
License: 10344

Documents: