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Cottage Point Apartments 306 Toledo Ave 70 Unit Apartment Building For Sale Lubbock, TX 79416
INVESTMENT HIGHLIGHTS
- Located just 3 miles from Texas Tech
- Open floor plans
EXECUTIVE SUMMARY
This well-located 70-unit asset presents a compelling value-add opportunity for investors. With strong fundamentals and upside potential through renovation and repositioning, the property offers an attractive entry point at a price significantly below replacement cost.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$681,082
|
$14.03
|
| Other Income |
$124,147
|
$2.56
|
| Vacancy Loss |
$99,830
|
$2.06
|
| Effective Gross Income |
$705,399
|
$14.53
|
| Taxes |
$80,313
|
$1.65
|
| Operating Expenses |
$433,358
|
$8.92
|
| Total Expenses |
$513,671
|
$10.58
|
| Net Operating Income |
$191,728
|
$3.95
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $681,082 |
| Annual Per SF | $14.03 |
| Other Income | |
|---|---|
| Annual | $124,147 |
| Annual Per SF | $2.56 |
| Vacancy Loss | |
|---|---|
| Annual | $99,830 |
| Annual Per SF | $2.06 |
| Effective Gross Income | |
|---|---|
| Annual | $705,399 |
| Annual Per SF | $14.53 |
| Taxes | |
|---|---|
| Annual | $80,313 |
| Annual Per SF | $1.65 |
| Operating Expenses | |
|---|---|
| Annual | $433,358 |
| Annual Per SF | $8.92 |
| Total Expenses | |
|---|---|
| Annual | $513,671 |
| Annual Per SF | $10.58 |
| Net Operating Income | |
|---|---|
| Annual | $191,728 |
| Annual Per SF | $3.95 |
PROPERTY FACTS
| Sale Type | Investment | Lot Size | 1.53 AC |
| No. Units | 70 | Building Size | 48,561 SF |
| Property Type | Multifamily | Average Occupancy | 91% |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Low-Rise | Year Built | 1975 |
| Building Class | C | Parking Ratio | 0.82/1,000 SF |
| Zoning | MF | ||
| Sale Type | Investment |
| No. Units | 70 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.53 AC |
| Building Size | 48,561 SF |
| Average Occupancy | 91% |
| No. Stories | 3 |
| Year Built | 1975 |
| Parking Ratio | 0.82/1,000 SF |
| Zoning | MF |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Heating
- Kitchen
- Refrigerator
- Range
- Walk-In Closets
SITE AMENITIES
- 24 Hour Access
- Courtyard
- Laundry Facilities
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 19 | $695.00 | 450 |
| 1+1 | 18 | $795.00 | 656 |
| 2+1 | 33 | $895.00 | 749 |
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Cottage Point Apartments | 306 Toledo Ave
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