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2715 E 2nd St 3 Unit Apartment Building $420,000 ($140,000/Unit) Lubbock, TX 79403
INVESTMENT HIGHLIGHTS
- 2715 E 2nd Steet offers three duplexes with six units. The unit mix is three bedrooms/two bathrooms.
- There is updated exterior and interior paint, updated vinyl flooring, and improved kitchen and bathroom countertops.
- Nestled in a peaceful suburb of Lubbock near an elementary school, a park, a library, and multiple churches.
- Tenants benefit from covered carport parking on-site.
EXECUTIVE SUMMARY
Reside Real Estate Co. presents three duplexes available for investor acquistion in Lubbock, Texas, at 2715 E 2nd Street; 1728 E Dartmouth Avenue & 1730 E Dartmouth Avenue. Various different upgrades have taken place, and the property is professionally managed by a local property management company, enabling a smooth and hands-off
ownership transition. Each duplex offers three bedrooms, two baths, and carport parking.
Seller Financing is available for these three cash-flowing properties. As of March 2024, the appraisal value was of $504,000. There is rental income potential of $4,800 per month. Inquire today about this premier opportunity to own six cash-flowing units with Seller Financing and 25% Down Payment.
ownership transition. Each duplex offers three bedrooms, two baths, and carport parking.
Seller Financing is available for these three cash-flowing properties. As of March 2024, the appraisal value was of $504,000. There is rental income potential of $4,800 per month. Inquire today about this premier opportunity to own six cash-flowing units with Seller Financing and 25% Down Payment.
FINANCIAL SUMMARY (PRO FORMA - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$57,600
|
$9.14
|
| Other Income |
$500
|
$0.08
|
| Vacancy Loss |
$2,800
|
$0.44
|
| Effective Gross Income |
$55,300
|
$8.78
|
| Taxes |
$5,937
|
$0.94
|
| Operating Expenses |
$13,800
|
$2.19
|
| Total Expenses |
$19,737
|
$3.13
|
| Net Operating Income |
$35,563
|
$5.64
|
FINANCIAL SUMMARY (PRO FORMA - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $57,600 |
| Annual Per SF | $9.14 |
| Other Income | |
|---|---|
| Annual | $500 |
| Annual Per SF | $0.08 |
| Vacancy Loss | |
|---|---|
| Annual | $2,800 |
| Annual Per SF | $0.44 |
| Effective Gross Income | |
|---|---|
| Annual | $55,300 |
| Annual Per SF | $8.78 |
| Taxes | |
|---|---|
| Annual | $5,937 |
| Annual Per SF | $0.94 |
| Operating Expenses | |
|---|---|
| Annual | $13,800 |
| Annual Per SF | $2.19 |
| Total Expenses | |
|---|---|
| Annual | $19,737 |
| Annual Per SF | $3.13 |
| Net Operating Income | |
|---|---|
| Annual | $35,563 |
| Annual Per SF | $5.64 |
PROPERTY FACTS
| Price | $420,000 | Apartment Style | Garden |
| Price Per Unit | $140,000 | Lot Size | 0.18 AC |
| Sale Type | Investment | Building Size | 6,300 SF |
| No. Units | 3 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1966 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $420,000 |
| Price Per Unit | $140,000 |
| Sale Type | Investment |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Lot Size | 0.18 AC |
| Building Size | 6,300 SF |
| No. Stories | 1 |
| Year Built | 1966 |
| Opportunity Zone |
Yes |
AMENITIES
UNIT AMENITIES
- Air Conditioning
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+2 | 6 | $750.00 | - |
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2715 E 2nd St
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