175-Unit Residential Portfolio For Sale! 1609 29th St 175 Unit Apartment Building $12,000,000 ($68,571/Unit) 9% Cap Rate Lubbock, TX 79411

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.