Park Terrace Apartments

Multi-Family for Sale
Catylist Listing ID: 30761794
Property Subtypes: Low-Rise/Garden
Number of Units: 33 Units
Building Size (RSF): 25,300 SF
Gross Building Area: See Agent
Sale Price: See Agent
Property Use Type: Investment
Sale Terms: Other
Cap Rate: Undisclosed
Last Updated: 10/21/2021

Overview / Comments

Park Terrace is a two-story courtyard style complex located in Lubbock TX
near 50th and University. Currently the property is operating as an all bills paid
property. The roof was replaced in 2020. This property has a Fannie Mae loan
that needs to be assumed. Loan details are in the offering memorandum.

Park Terrace is located in Lubbock TX near 50th and University less than 2 miles
from Texas Tech University and about 1.5 miles inside Loop 289. It’s next to
a large neighborhood park. The Complex is also close to several retailers and
employers including Home Depot, Office Depot, Grace Clinic, etc.

Some key ways to increase the value of this property are to start allocating
utilities back to the residents and to implement a water conservation program.
You could also start renovating units and raise the rents. The closest property,
Courtyards on the Park, has one bedroom units that are $125 per unit higher than
Park Terrace. Their 2 BR units are $345 higher.

With the loan assumption and using in-place rents, the projected 5 yr IRR is
21.9% and average cash on cash return is 10.1%. If you implement the value add
plan, the projected 5 yr IRR is 28.8% and average cash on cash return is 12.9%.

Additional Details

Nearest MSA: Lubbock
County: Lubbock
Tax ID/APN: R122162
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 1962

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 18,694 116,905 208,747
Median Age: 31.39 31.71 31.95
Households: 7,312 44,309 80,653

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