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1314 65th Dr, Lubbock, TX 79412, USA
1314 65th Dr, Lubbock, TX 79412, USABasics
- Price per sqft: $77
- Category: Wholesale
- Type: Apartment Complex
- Bedrooms: 17
- Bathrooms: 1
- Area: 7767 sq ft
Description
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Description:
Off Market-Value Add Apartment Complex!
Price $525kEstimated ARV $720k+9 units - tenants pay utilities5 - 2 bed 1 bath units4 - 1 bed 1 bath unitsMarket Rent $7,500 (Could be $9,300 w/ Section 8) See image belowCurrent Rent $5076Show all descriptionValue add potential & development opportunity
Initially, the entire property used to consist of 1 bedroom units. The prior owner and us have since been slowly moving tenants around and slowly raising rents while turning the 1 bedroom units into 2 bedroom units. Renovated units are leased at market rent! Some still have long term tenants in there that need to be renovated. There are 4 - 950 sqft units and 4 - 812sqft units and one 430 sqft unit rented at $930/mo. There are still a few units that can be turned into 2 bedroom units for value add along with buildable space in the back, charging for covered parking and extending the covered parking spaces.
Property needs a few units renovated to match and some TLC on the exterior. Some holes need to be filled in the driveway.
Comps/Evaluation:
5005 Ave. W - 12 units. All 2/1's. Sold for $130/sqft. 8,400 sqft. Total sales price: $1,100,000 Condition was fair.2101 51st st - 12 units. All 2/1's. Sold for $110/sqft. 10,000 sqft. Total sales price: $1,100,000. You can see condition was not great, they sold it for $1,100,000. (See before photos).1610 59th st - 26 units. 22 1 BR's. 2 2 BR. 2 3 BR's. Sold for $94/sqft. 19,900 sqft. Total sales price: $1,800,000some public images: https://www.
apartments.com/vandelia- village-apartments-lubbock-tx/ jsndt24/ This property is at 7478 sq ft, minimum $94/sqft puts you at $702,932 up to $972,140 at $130/sqft.
And then if you do a detailed deal analysis and look at rents of $7500 x 12 months = $90K/ year rent. Take out 40% for management and expenses, etc. You've got a NOI of $54,000. Divide that by a 7.5% cap rate that gets you a value of $720,000Our Process:
- Looking for a buyer who can close quickly.
- When you make an offer, let us know your timeline for closing. We typically like to be under 2 weeks.
- Cash preferred, financing is okay with quick closing
- Please do your due diligence up front, bring contractors to the scheduled walkthrough
- We accept the best and final offer. No bidding wars, so don’t hold anything back with your offer.
- If you are an agent, please add your commission on top of the offer price.
- Earnest Money Deposit of $20,000 will be due within 24 hours of signing. Earnest money is refundable only if we can’t deliver a clear title on the property.
- The buyer pays both sides of the closing cost.
- Buyer accepts the property AS-IS.