MacGregor Park Apartments

CB&A Realtors is pleased to present the recently renovated and income-generating investment opportunity of the MacGregor Park Apartments to the market. Located at 3314-3318 N MacGregor Way, the 24 two-bed, one-bath units span three buildings with a scenic overview of the Brays Bayou. The three buildings total 17,508 square feet on the 0.59-acre parcel and have automatic privacy gates and security cameras. The units were originally constructed in 1960 and underwent significant renovations in 2020, resulting in brand-new washers and dryers, central air conditioning, granite countertops, stainless steel appliances, and tile showers and bathroom floors in each unit. A new sun deck, barbecue grills, modern furnishings, and a fire pit are updated community amenities. Sitting at 62.5% occupancy, this presents new ownership strong leasing momentum of the balance of unoccupied space and market rental rates, approximately $1,216/ unit.

MacGregor Park Apartments have the ideal location just 10 minutes south of Downtown Houston's hustle and bustle while enjoying the MacGregor neighborhood's scenic suburb. The complex is centrally positioned between The University of Houston, Texas Southern University, Rice University, and Baylor College of Medicine. The property offers direct access to Highway 288 and Interstate 45, providing easy commutes into the heart of Houston and the other surrounding trademarks like the Medical Center Area, Downtown, Midtown, Montrose & much more. Residents enjoy easy access to the Brays Bayou walking/biking trail, which leads directly to Memorial Hermann Park, the Japanese Gardens, and the Houston ZOO.

Interstate 610 and State Highway 288, two of Houston’s main arteries, bound the MacGregor Submarket of Houston. In addition to being home to the University of Houston and many other universities and colleges, it sits directly below the fast-gentrifying downtown and East Downtown/ East End areas. Renters in the neighborhood can access several supermarkets and local shopping centers within minutes of the area, with national brands such as Lowe’s, Home Depot, American Freight, CVS, Denny’s, and KFC.

The submarket is home to the University of Houston (UH) and has a staff of more than 22,000. It also has a student population of 47,000, which provides an inelastic source of demand for rentals—less than 20% of students live in college-owned or operated housing. Houston continues to be one of the nation's better-performing markets for employment growth. The Houston metropolitan area has a population of about $7.6M, making it the fifth-largest in the US. Its young population, affordability, warm climate, low taxes, generally pro-business environment, diversity, and culture continue to attract new residents.

Property tours are available by appointment only; please get in touch with the listing broker to schedule.