7410 Quaker Ave - Apartments FOR SALE


Lubbock, TX 79424
$1,950,000 USD
806-777-4459
7410 Quaker Ave, Lubbock, TX for Sale
$1,950,000 USD
Apartments - FOR SALE
1/39
null | Request Cap Rate

7410 Quaker Ave
Lubbock, TX 79424


HIGHLIGHTS

  • Median Household Income $81,852 in 1 mile radius
  • Traffic count of 36,000 cars per day
  • Room to boost rents to market
  • Current rents as percentage of AMI is only 10.8%

OVERVIEW

Quaker Terrace is a two-story, 34 unit property with brick construction and a recently replaced roof. The unit mix is 16 one bedroom units and 18 two bedroom units. The median household income in the 1 mile radius of the property is right over $82,000, plenty to support boosting rents. The current rents are on average $86 below the rent comps so there's significant room to improve the property, boost NOI, and raise the value of the property. The financial modeling includes investing $3,500 per unit for the 29 units that aren't updated yet and boosting the rents to market. To view the financials follow this link: https://buildout.com/website/1224345-sale

FOR SALE DETAILS

PRICE

$1,950,000 USD

PRICE/SF

$53 USD /SF

# OF UNITS

34

PRICE/UNIT

$57,353

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Quaker Terrace

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1973

PARKING SPACES

80

LAND DETAILS

LAND ACRES

1.33 AC

LAND SF

57,935 SF

ZONING

-

APN/PARCEL ID

R75095

ASK ABOUT THIS PROPERTY

Greg BrowndGo-Getters - MultifamilyMore Info
806-777-4459

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Greg BrowndGo-Getters - MultifamilyMore Info
806-777-4459

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