Chipper Point Apartments

Multi-Family for Sale
Catylist Listing ID: 30771531
Property Subtypes: Low-Rise/Garden
Number of Units: 27 Units
Building Size (RSF): 19,756 SF
Gross Land Area: 6.59 - 9.09 SF
Sale Price: $1,485,000 - 1,535,000
Unit Price: $55,000 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: Chipper Point Apartments
Sale Terms: Cash to Seller
Cap Rate: 1.0%
Average Occupancy Rate: 85
Last Updated: 11/23/2021

Overview / Comments

This rural apartment complex in the Roosevelt school district consists of 27 total units with two laundry facilities, a large workshop, and a maintenance garage/storage. The apartment units are housed in three duplex units, five individual rental units, four single-family homes, and three four-unit apartment buildings. These buildings are spread out over eight acres of land. 24 of the 27 units are occupied. With country appeal and the charm of being outside the city, Chipper Point apartments is a popular location for tenants. It is just down the road from the location chosen for the coming Leprino cheese factory. This business will create a strong demand for rental units especially in close proximity to the factory.

The interior condition of these apartments is good. The walls and ceilings are all sheetrock and the floors range from carpets, hardwoods to glue down vinyl. There are single light fixtures as well as ceiling fans with light kits in the rooms. The kitchens have full appliance packages(range/oven, refrigerator, and double-well stainless steel sinks, and wood cabinets with laminate countertops. Some units have dishwashers. The bathrooms have toilets, sink/vanity combo., heat/vent fan, and fiberglass tub/shower with ceramic tile surrounds. Twelve of the units have "through-the-wall" air conditioning units and fifteen of the units have central HVAC. All of the units are individually metered for electricity and master metered for water (well) and trash. There is an optional 2.5 acres for sale on the front Western side of the property. (See attached for further details)

Attachments & Media

Additional Details

Nearest MSA: Lubbock
County: Lubbock
Taxing Authority: Lubbock Central Appraisal District
Percent Occupied: 85%
Community Amenities: On-Site Maintenance
Property Located Between: East Loop 289 Texas Hwy 1729
Highway Access: East Loop 289...exit on East Fourth Street to CR 2920. Take a left onto 2920 and you have arrived at 5909 E FM 40.
Airports: LBB -18 Lubbock International Airpot
Site Description: Lot's 1-6 , Sharp Point Addition, Lubbock, County, Texas. The subject property is located in the NW and NE corner of E. FM 40 and CR 2920 in Lubbock Co., TX. Based on 2020 traffic data, along E. FM 40, just East of the Subject, a traffic volume of 2, 627 vehicles per day was given. According to flood map data dated 9/28/2007, the subject property is in flood zone X which is not a flood hazard area (for a proper determination of flood zone please see a topographical survey and seek a flood certification.
Area Description: The area is rural just East of the Loop in the Roosevelt ISD area.
Total Number of Buildings: 18
Property Condition: Good
Number of Stories: 1
Year Built: 2000
Roof Type: Other
Construction/Siding: Metal Siding
Exterior Description: The improvements consist of twelve pre-engineered metal buildings with "R" panel sheet metal exterior walls and pitched metal roofs. All are on pier and beam foundations with wood joists. The remaining seven buildings are traditional wood-framed buildings with wood siding exteriors and pitched metal roofs on concrete slab foundations.
Parking Type: Surface
Parking Description: Parking is provided
Laundry: Laundromat Nearby
Sprinklers: Wet
Heat Type: Electricity
Heat Source: Central, Wall Units
Fuel: Electric
Air Conditioning: Window Unit, Other
Interior Description: The interior condition of these apartments is good. The walls and ceilings are all sheetrock and the floors range from carpets, hardwoods to glue down vinyl. There are single light fixtures as well as ceiling fans with light kits in the rooms. The kitchens have full appliance packages(range/oven, refrigerator, and double-well stainless steel sinks, and wood cabinets with laminate countertops. Some units have dishwashers. The bathrooms have toilets, sink/vanity combo., heat/vent fan, and fiberglass tub/shower with ceramic tile surrounds. Twelve of the units have "through-the-wall" air conditioning units and fifteen of the units have central HVAC. All of the units are individually metered for electricity and master metered for water (well) and trash. There is an optional 2.5 acres for sale on the front Western side of the property.
Zoning Description: AA2 - Apartment
Part of Planned Development?: Yes
Water Service: Well
Sewer Type: Septic
Easements: Pipelines
Land Ownership: owned
Legal Description: Lots 1-6, Sharp point

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 5,520 20,337
Median Age: 35.37 32.59
Households: 1,902 6,985

Contact

Photograph of Listing Agent

Michael Hutton

West Sage Realty West Texas CIE Member
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