University Park Apartments
$2,175,000
226 Cherry Street, Levelland, TX 79336
25,950 sqft
Building Size
1.25 acres
Lot Area
Details:
Description:
University Park is a 45 unit property with a good mix of studios, 1 bedrooms, and 2 bedrooms. The current owner has done several big renovation projects including: replacing the windows, updating the interiors with tile and vinyl plank flooring, granite counters and tub surrounds, and resealing the parking lot. This property is stabilized and performing well. Based on the other properties in the area, there is still room for additional rent growth for each floorplan. Owner is offering $300,000 in supplemental financing at 6.5% for 3 years.
Levelland is located approximately 30 miles west of Lubbock in the Texas Panhandle and has a population of close to 13,000. It is the county seat of Hockley County. Major industries include cotton farming and petroleum production. It is the home of South Plains College and this property is a short 3 minute drive to campus.
Owner financing available - $300,000 @ 6.5% for 3 yrs
Current Cap Rate - 7.8%
Projected 5 Year Average Cash on Cash Return - 8.2%
Projected 5 Year Levered IRR - 20.7%
Projected Value Add IRR26.8%Projected Value Add - $946,821
Documents:
| Title | ||
|---|---|---|
| University Park Offering Memorandum |
Location
Gallery
