Catylist ID: #30761794
Park Terrace Apartments
Multi-Family for Sale
|Catylist Listing ID:||30761794|
|Number of Units:||33 Units|
|Building Size (RSF):||25,300 SF|
|Gross Building Area:||See Agent|
|Sale Price:||See Agent|
|Property Use Type:||Investment|
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%.
Attachments & Media
|Total Number of Buildings:||1|
|Number of Stories:||2|
|Proximity:||1 mile||3 miles||5 miles|
Greg BrowndKeller Williams Commercial Lubbock West Texas CIE Member
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