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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 $550kEstimated ARV $720k+9 units - tenants pay utilities, we pay for water5 - 2 bed 1 bath units4 - 1 bed 1 bath unitsMarket Rent $7,500 (Could be $9,300 w/ Section 8) See image belowCurrent Rent $5076Value 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 $550/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.