Park Tower Apartments

Multi-Family for Sale
Catylist Listing ID: 30477138
Property Subtypes: High-Rise
Number of Units: 103 Units
Building Size (RSF): 109,000 SF
Gross Building Area: 134,423 SF
Gross Land Area: 0.96 Acres
Sale Price: See Agent
Property Use Type: Investment
Building Name: Park Towers
Usable Size (USF): 109,000 SF
Sale Terms: Cash to Seller
Average Occupancy Rate: 88
Last Updated: 11/26/2019

Overview / Comments

This historical Lubbock property is the only high-rise multifamily property in Lubbock County. Park Towers boasts views of both downtown Lubbock and Texas Tech University. Tenants can enjoy the beautiful west Texas sunsets from their balconies that range anywhere from 300 to more than 1000 square feet. Built in 1967, the property was the gem of the city. As Lubbock has continued experiencing explosive growth in recent years, renovations to several units have proven increased rent potential with light upgrades to the units. With 99 residential units and more than 10 commercial shell spaces available, this property is ready to be the star of Lubbock once more and take advantage of the rapid growth that the city is experiencing.

Please email or call to request non-disclosure agreement. Upon signature, financials will be delivered.

Attachments & Media

Financials

Finance Data Year 2018
Real Estate Taxes - Annual($) $72,169 (Annual)
Tax Value Land $105,000
Tax Value Improvements $3,109,765
Assessed Value - Total($) $3,214,765 (Annual)
Potential Rental Income $73,954 (Annual)
Gross Operating Income $887,448 (Annual)
Net Operating Income $423,948 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: Lubbock
County: Lubbock
Taxing Authority: Lubbock County
Tax ID/APN: R73545
Zoning: B2 - REAL MULTIFAMILY
Percent Occupied: 88%
Community Amenities: Exercise Room, On-Site Maintenance
Property Located Between: 19th Street & Ave Q
Highway Access: I-27, Loop 289
Airports: Preston Smith International Airport - 7.5 miles
Site Description: Directly off of Avenue Q and close to the 19th Street corridor through Lubbock, Park Towers overlooks a nearby park and has a great view of downtown and the surrounding neighborhoods.
Area Description: Avenue Q is host to many local employers, as well as retailers and restaurants. 19th Street is one of the main thoroughfares for the city of Lubbock and provides direct access to Texas Tech, Loop 289, and I-27 for working anywhere in the city.
Total Number of Buildings: 1
Property Condition: Average
Number of Stories: 15
Year Built: 1967
Year Renovated: 2018
Roof Type: Flat
Construction/Siding: Stucco
Exterior Description: Stucco exterior with massive balconies for each unit. Covered entrance in addition to lighted hallways and secured door to underground parking. Landscaping currently in process of being updated. Intercom system connected to electronically-controlled doors to allow secured access for tenants and their guests.
Parking Type: Surface, Underground
Parking Description: Surface parking in addition to private parking garage underground
Total Parking Spaces: 100
Passenger Elevators: 2
Laundry: Shared
Sprinklers: Other
Heat Type: Electricity
Heat Source: Central
Fuel: Electric
Air Conditioning: Engineered System
Internet Access: Cable
Interior Description: Lots of natural light in every unit thanks to the floor to ceiling windows and balcony glass doors. Every unit has a view, and most have been recently updated with new flooring and paint. Light updates throughout all units with appliance, kitchen, and bathroom updates have been proven to increase collected rent.
Zoning Description: B2 - Real Multifamily Apartments
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Land Ownership: Owned
Legal Description: ONEALL TERRACE ANNEX BLK 14 L 6-11

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 14,799 96,283 198,217
Median Age: 27.63 30.05 32.23
Households: 5,700 34,423 75,524

Contact

Photograph of Listing Agent

Matt Moreland

McDougal, REALTORS®
West Texas CIE Member
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