Springtime Apartments
$1,850,000
7303 Avenue X, Lubbock, TX 79423
4,329 sqft
Building Size
24
Units
Details:
Description:
Springtime is a 24 unit, mid 80s construction property that has an even mix of one and three bedroom units. It's brick construction and the roofs have recently been replaced. The one bedroom units include stackable washers/dryers and the three bedroom units have connections for them. The top three things that the new buyer could do to improve the NOI is to start charging for washers/dryers, stop providing free cable, and start billing back for the water/sewer/trash bill - like the other properties in the area. This is a desirable property, especially since it offers 3 BR townhome style units that aren't very common in the market.
Springtime is located in Lubbock, TX one block south of Loop 289 and a block east of University. Lubbock has a population of apx. 270,000 and is the "Hub City" of the South Plains region. The area economy is driven by Texas Tech University, the hospitals which serve the region, and agriculture. Several large employers are located within a 5-10 drive from the property. There are plenty of retailers nearby and the residents here have multiple dining options within walking distance.
Assumable financing available
Convenient location with easy access to loop and South Lubbock
Good unit mix with one and three bedroom units
Easy low capital investment value add opportunities
Documents:
| Title | ||
|---|---|---|
| Springtime Offering Memorandum |
Location
Gallery
