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204 & 205 E Watson St, Willis, TX, 77378

Willis South
$4,900,000

Key Information

Cap Rate
8.15%
GRM
6
$ per SF
$106
Tot. SF
46,000
$ per unit
$102,083
Units
48
Year Built
1979
Type
Apartments

Highlights

  • Willis South Apartments is a market-rate apartment complex with stable cash flow supported by USDA voucher-backed rents and market-rate tenants.
  • Formerly rent-subsidized but now unrestricted, it offers 48 units, operational flexibility, and upside via rent optimization and value-add utilities.
  • Clean USDA physical inspection reflects strong property condition and well-maintained on-site leasing office, laundry facility, and tenant amenities.
  • Receive stable income from voucher rents up to $1,461 per month on select two-bedroom units with remaining units leased at full market rates.
  • Ratio Utility Billing System implementation helps reduce operating costs as the tenant pays for electricity and the owner pays water, sewer and trash.
  • Benefit from long-term financial stability with positioning inside a high-growth North Houston submarket with 4.7% projected annual population growth.
  • Willis is attracting major homebuilders like D.R. Horton, M/I Homes, and others, with over 300 new construction communities and thousands of floor plans available or under construction. Many focus on affordable single-family homes starting in the mid-$200,000s, with amenities like parks, trails, and lakeside views. Key projects include: William Trails, Moran Ranch, Rose Hill Estates, Lexington Heights.
  • Calfee Middle School (Willis Independent School District – WISD): The district’s third middle school, set to open in August 2025 to address overcrowding from new housing. It will serve students rezoned from Brabham and Lynn Lucas Middle Schools. Site selection was based on demographic studies and developer input; attendance boundaries were finalized in January 2025.

Photos

Location

Agents

Financing Agents

Broker of Record

Patrick Graham

License # 9005919 (TX)
Matthews Real Estate Investment Services, Inc
2699 Howell St., Suite 400, Dallas, TX 75204