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1809 14th St
Lubbock, TX 79401
O60 Courts & Lofts · Multifamily Property For Sale
·
32 Units
PROPERTY FACTS
| No. Units | 32 | Building Size | 19,334 SF |
| Property Type | Multifamily | Average Occupancy | 82% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 1964 |
| Building Class | C | Parking Ratio | 1.66/1,000 SF |
| Lot Size | 0.56 AC | ||
| Zoning | None | ||
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.56 AC |
| Building Size | 19,334 SF |
| Average Occupancy | 82% |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 1.66/1,000 SF |
| Zoning | None |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Courtyard
- Laundry Facilities
- Walk-Up
- Smoke Detector
ABOUT 1809 14TH ST , LUBBOCK, TX 79401
60 units approximately 1.5 miles to Texas Tech University. Currently 90% full. Cap rate undisclosed at this time. Management team is working on raising rents and plan on having all rents raised to $32,000 per month. Stand by for additional details. All new gas lines (through entire building) and all new water heaters in November 2016. Sixteen (16) new AC units in Summer of 2016. Six (6) new dual heat and air units in early 2016. Two of three buildings at 060 lofts have had new sealant put on roofs. All new security gates at both properties. Both properties have coin laundry that generates approximately $600/month. Gated courtyards, picnic tables, arbors, and pet clean up area recently added. All tenants are allocated water and gas using Ratio Utility Billing. All tenants have electrical usage in their own name prior to move in. Trash is paid by 25% of tenants, owner pays the remaining 75% but as leases renew trash is also allocated to tenants. Cap rate actual: 7.22% Cap rate based on new rents proforma: 8.2% 1809 14th St and 1915 14th St. Just blocks away from the revitalized North Overton and less than 1.5 miles from Texas Tech University.
