1609 29th St - Apartments FOR SALE


Lubbock, TX 79411- Slaton-Bean
$12,000,000 USD
813-391-1545
1609 29th St, Lubbock, TX for Sale
$12,000,000 USD
Apartments - FOR SALE
1/1
null | 9% Cap Rate

1609 29th St
Lubbock, TX 79411
Slaton-Bean


HIGHLIGHTS

  • 150 PROPERTIES - 175 RENTAL UNITS - TURN KEY PASSIVE INCOME
  • PURCHASE LLC OR STRAIGHT SALE
  • 92% OCCUPANCY - GREAT UPSIDE
  • MANAGEMENT INCLUDED

OVERVIEW

Location: Multiple locations in Lubbock, Odessa, Levelland & Slaton (Lubbock, Ector County & Hockley Counties) This is an opportunity to purchase 175 rental units. The majority are SFR, with some duplexes, triplexes and quadraplexes. Tenant-base is comprised of long-term, good-standing tenants who pay on time. Many of the rents are averaging 20% below market offering significant upside on top of a great income at purchase. Most of the units are all in good to great condition and in need of no extensive repairs, with only three units not yet rent ready. This offering includes: • 175 rental Units Total • 150 Separate Properties • 133 Properties located in Lubbock County, 7 located in Odessa, 7 Slaton & 3 Levelland • 92% Occupancy-Long Term Tenants • $1,795,260 Gross Revenue (2025 Annualized) • $687,862 Expenses (Includes Management) • $1,097,398NOI (2025 Annualized) This is a turn-key opportunity offering a great stream of passive income. Asking Price: $12M OBO LLC Purchase Plus Seller Financing: Owners will consider selling the LLC, that includes all the properties plus the current debt of approximately $5.5M. In addition, sellers will offer Seller Financing on the $3M balance to a qualified purchaser. Rate and terms are TBD but may include: • $4M- $5M Down Payment/Entity Purchase) • 2%-5% Interest Rate (2% Year-1-2, 3% Year-3-4, 4% Year-5, 5% Year-6-15) • Interest Only Or • Installment Option • 5-15 Year balloon Management: At the request of the new owner, current property management will continue to manage this portfolio under an agreed upon contract. Management is extremely proficient and will be able to maintain the current business as well as increase annual revenue. Note: Management fees are already included in the expenses.

FOR SALE DETAILS

PRICE

$12,000,000 USD

PRICE/SF

$6,916 USD /SF

# OF UNITS

175

PRICE/UNIT

$68,571

CAP RATE

9%

% LEASED

92%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

175-Unit Residential Portfolio For Sale!

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Manufactured Housing/Mobile Housing

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1943

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.16 AC

LAND SF

6,935 SF

ZONING

-

APN/PARCEL ID

R25843

ASK ABOUT THIS PROPERTY

Benny SpensieriCRES Corp International, LLCMore Info
813-391-1545

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Benny SpensieriCRES Corp International, LLCMore Info
813-391-1545

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.