Kennedy Ridge

Multi-Family for Sale
Catylist Listing ID: 30594360
Property Subtypes: Low-Rise/Garden
Number of Units: 103 Units
Building Size (RSF): 78,921 SF
Gross Building Area: See Agent
Sale Price: $5,200,000
Unit Price: $50,485.44 Per Unit
Property Use Type: Investment
Building Name: Kennedy Ridge Apartments
Sale Terms: Other
Cap Rate: Undisclosed
Last Updated: 5/8/2020

Overview / Comments

Property was purchased in 2015 and current owners have completed significant capital improvements including: exterior paint, new signage and re-branding, new roofs on all buildings, replaced electric panels, repairs on parking lot, and upgrading units as they become available. Owners have also spent the past two years upgrading the tenant profile, evicting slow/ non-payers and enforcing more strict screening criteria.

Additional Details

Nearest MSA: Lubbock
County: Lubbock
Tax ID/APN: R94203
Area Description: Kennedy Ridge Apartments is located on Loop 289 and 4th Street which are two of the most highly-trafficked thoroughfares in the city. Tenants have easy access to several places to eat and shop that are walking distance.
Number of Stories: 1
Year Built: 1970
Year Renovated: 2016
Construction/Siding: Brick/Vinyl Siding

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,911 77,243 167,892
Median Age: 26.79 29.62 31.02
Households: 5,076 30,820 65,774

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