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1915 14th St
Lubbock, TX 79401
060 Lofts & Court Apartments · Multifamily Property For Sale
·
60 Units
PROPERTY FACTS
| No. Units | 60 | Building Size | 19,571 SF |
| Property Type | Multifamily | Average Occupancy | 80% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 1964 |
| Building Class | C | Parking Ratio | 2.04/1,000 SF |
| Lot Size | 1.20 AC | ||
| Zoning | None | ||
| No. Units | 60 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.20 AC |
| Building Size | 19,571 SF |
| Average Occupancy | 80% |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 2.04/1,000 SF |
| Zoning | None |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Range
ABOUT 1915 14TH ST , LUBBOCK, TX 79401
PROPERTY OVERVIEW 060 Lofts and 060 Court is a two property 60 unit package located less than one mile from Texas Tech University in the Historic South Overton neighborhood. Current NOI is $70,140 due to low Occupancy from the seller contracting a poor PM company. Increasing Occupancy to a market average of 90% will bring a Pro Forma NOI of $196,459 at a 8.50% CAP. Both properties have had major renovations over the past years. Exterior improvements include artificial turf, cookout areas, pergolas, trim work, and paint. Interior improvements include appliance replacements, flooring, and paint on both properties. Also, about 15 of the HVAC units have been replaced at the Lofts. These improvements make both properties very attractive for tenants, and lower landscaping and maintenance costs for the owners. TOUR DATES: 03/19/2019 & 03/26/2019 - CALL FOR OFFERS: 03/27/2019 LOCATION OVERVIEW Situated less than one mile from downtown Lubbock, the South Overton neighborhood provides commuters with easy access to the heart of the city. The proximity to Texas Tech University also makes this historic area ideal for students or employees of the university. Condos for rent around the community offer residents a wide array of big city amenities. Within the confines of South Overton, locals take advantage of the green space proffered by M C Overton Park. Sugar Brown's Coffee on 19th Street provides breakfast, brunch, and a cup of Joe for those in a hurry, while Cast Iron Grill on the same street serves up classic comfort food. Flipper's Tavern on Avenue Q serves classic bar food and cocktails, making it ideal for casual nights out with friends. O60 LOFTS PROPERTY FEATURES • Hot Water - Shared • On-Site Laundry - Leased Machines • Electric - separately metered • Water/Sewer/Trash - allocated • No gas • Central HVAC • Roof - Flat O60 COURT PROPERTY FEATURES • Hot Water - Central boilers • On-site laundry room - Leased Machines • Electric - separately metered • Water/Sewer/Trash - allocated • Gas -allocated • HVAC - PTACs except for 1 unit -central • Roof - Pitch Composition VALUE-ADD OPPORTUNITIES • Upgrade On-Site Laundry With Property Owned Machines, Coin Or Card/Credit Machines. • Increase Occupancy to Pro Forma 90% • Contract Professional Property Management Call Logan: 214-736-1500 Full details here: https://wallergrouphomes.com/properties/?propertyId=419690-sale #dallasapartmentsforsale #dallasinvestmentrealestate #dallasinvestmentsales
