This property is listed for lease (link), and almost every day we’re contacted by people who are interested and have questions. We give people the same info about the property all the time and decided to summarize it here so we could save everyone the pain of having to listen to us explain 🙂
First, the property is in rough shape. It’s been vacant for a few years now. We’re interesting in finding someone who wants to fix it up to their vision, lease it, and operate a successful business. We’re offering a $50,000 budget to help make this happen.
That $50,000 can come via rent credits (and all repairs would be paid out of pocket by the tenant). The tenant would not have to pay rent for some time given the $50,000 credit starting on the ledger. OR the $50,000 budget can come via us paying contractors which the tenant hires directly.
Obviously if we provide the $50k via rent credits, that gives us much more security that the tenant isn’t likely to break their lease and leave anytime soon. As such, the rent we’d be willing to charge if someone takes the budget via rent credits would be heavily discounted from a market rate.
We’re asking for $6,000/month if we pay up to $50,000 to contractors, and we’re asking only $4,000/month if the tenant takes the property as is and accepts the $50,000 budget via rent credits.
We’re open to other suggestions / ideas (maybe tenant pays first $25k and is reimbursed via rent credits, and we pay second $25k, and rent is $5k/month. Just for example)
We’ve had a lot of people say “Well can you fix it up then we’ll lease it?”. And if we knew it would have taken this long to find the right renter, we may have done just that. However, the repairs needed involve a lot of decisions as to the style and function of the building (i.e., new roof — what type? What style. New windows, what kind? Change of configuration? What color for a repaint? What type of flooring? Any changes to layout?). So we don’t want to just start working until we have a renter lined up with a vision of what they want done and the ability to do it (with the funds we’re willing to provide)
If you’d like to view the property, please call our office @ 832-640-4444. PLEASE UNDERSTANDING THE SHAPE OF TE BUILDING BEFORE SETTING UP A TOUR. THIS IS NOT A TURN KEY READY TO GO PROPERTY. IF YOU’RE UNABLE TO TAKE ON A PROJECT, THIS DEAL IS NOT FOR YOU.
Now, here are some old historic photos
- Address: 1110 Winbern Street, Houston, Texas, 77004
- Price: Negotiable
- Deposit: Negotiable
- Phone Number: 832-640-4444