Clapp Park Apartments

Multi-Family for Sale
Catylist Listing ID: 30465127
Property Subtypes: Low-Rise/Garden
Number of Units: 11 Units
Building Size (RSF): 6,537 SF
Gross Building Area: See Agent
Sale Price: $395,000
Unit Price: $35,909.09 Per Unit
Property Use Type: Investment
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 10/7/2019

Overview / Comments

Clapp Park Apartments is an 11 unit one-story property that would be ideal for a local owner expanding their portfolio or as a first time multifamily investment opportunity. Current owners have transitioned tenants to RUBS where they're paying their portion of the utilities now. They've also updated 7 of the units so far. Some of the updates include: counters, flooring, paint, shower kits, and doors. The new owner could continue updating the units as they become available, raise rents, and continue to switch the remaining tenants to RUBS.

• 8/11 units on RUBS
• Strong occupancy for the sub-market
• Opportunity to raise rents by completing updates

Additional Details

Nearest MSA: Lubbock
County: Lubbock
Tax ID/APN: R25692
Number of Stories: 1
Year Built: 1973

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 23,237 105,182 199,516
Median Age: 29.61 31.13 32.12
Households: 8,436 38,684 76,705


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