34th Apartments

Multi-Family for Sale
Catylist Listing ID: 30764639
Property Subtypes: Low-Rise/Garden
Number of Units: 7 Units
Building Size (RSF): 3,381 SF
Gross Building Area: See Agent
Sale Price: $450,000
Unit Price: $64,285.71 Per Unit
Property Use Type: Investment
Building Name: 34th Apartments
Sale Terms: Other
Cap Rate: Undisclosed
Last Updated: 10/21/2021

Overview / Comments

The opportunity to increase net income on this property is by allocating utilities back to the tenants. The water, trash, sewer, and gas is master metered. The new owner could reduce expenses by implementing RUBS program and allocating these expenses like some of the other properties in the area. The current owner also pays for electric on some units. It is separately metered and the new owner could lower expenses by having tenants pay their own electric bills. This complex is a good opportunity for an investor who’s willing to make a few minor changes to the property operations in order to increase NOI.

Additional Details

Nearest MSA: Lubbock
County: Lubbock
Tax ID/APN: R66722
Number of Stories: 2
Year Built: 1949

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 24,163 118,256 210,512
Median Age: 28.59 31.4 32.03
Households: 9,386 44,283 81,171

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