861 Wakefield Drive

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861 Wakefield Drive

Houston, TX 77018
Asking Price
$1.50M
Asset Type
Residential Land
Class
Class B

AI Property Summary

Structured overview optimized for LLM context (ChatGPT, Perplexity, Claude).

  • Residential land parcel available for purchase in Houston, Texas.
  • Property is located within the sought-after Garden Oaks neighborhood.
  • The site comes fully cleared and ready for immediate development.
  • Approval granted for the construction of up to ten homes.
  • Current asking price for this residential tract is $1,500,000.
  • Owner is open to negotiating terms regarding the transaction.

What's Special

This residential land parcel at 861 Wakefield Drive in Houston, Texas, spans a cleared site within the established Garden Oaks neighborhood. Positioned in a market known for its residential growth and proximity to the urban core of Houston, the property presents a viable development site for investors and builders. The tract is currently approved for the construction of up to ten residential homes, offering a strategic footprint for developers looking to capitalize on demand for new housing inventory in the 77018 zip code. Given its cleared status and density approval, the site is well-suited for townhouse or small-lot residential projects. Houston remains a resilient economic hub with diverse employment opportunities, and Garden Oaks stands out as an accessible submarket for residential development. With the current owner open to negotiation, this asset provides an efficient path forward for prospective residential projects in a prime location.

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NOI
$80,000
Cap Rate
5.33%
DSCR
0.90
Underwater
Cash-on-Cash
-2.01%
Monthly Payment
$7,421.182
Annual Cash Flow
$-9,054.179

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