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Coronado Crossing 3333 Toledo Ave 61 Unit Apartment Building For Sale 8.06% Cap Rate Lubbock, TX 79410
Investment Highlights
- 7.6% Cap Rate on T12 Actuals
- 8% Projected Cash on Cash Return Year 1
- Projected 24% IRR by Year 2
Executive Summary
The Coronado Crossing Apartments apartments are located at 3333 Toledo Ave in Lubbock, TX. The apartments are comprised of six floor plans ranging from one bedroom units to four bedroom units. The property underwent a full renovation in 2017, reducing immediate capital expenditure needs. There is a dedicated laundry facility onsite offering tenants a highly desirable amenity as well as additional revenue potential.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
| Sale Type | Investment | Lot Size | 2.01 AC |
| Cap Rate | 8.06% | Building Size | 51,413 SF |
| No. Units | 61 | Average Occupancy | 89% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1961/2017 |
| Apartment Style | Garden | Parking Ratio | 2.91/1,000 SF |
| Building Class | C | ||
| Zoning | B-2 - Commercial | ||
| Sale Type | Investment |
| Cap Rate | 8.06% |
| No. Units | 61 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.01 AC |
| Building Size | 51,413 SF |
| Average Occupancy | 89% |
| No. Stories | 2 |
| Year Built/Renovated | 1961/2017 |
| Parking Ratio | 2.91/1,000 SF |
| Zoning | B-2 - Commercial |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Fireplace
- Ceiling Fans
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Range
- Walk-In Closets
- Carpet
Site Amenities
- 24 Hour Access
- Courtyard
- Laundry Facilities
- Maintenance on site
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 14 | - | 670 |
| 2+1 | 19 | - | 930 |
| 2+1.5 | 22 | - | 919 |
| 3+1.5 | 2 | - | 1,150 |
| 3+2.5 | 1 | - | 1,523 |
| 4+2.5 | 3 | - | 1,523 |
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Moderately walkable
60/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | R46287 | Improvements Assessment | $3,577,931 |
| Land Assessment | $162,010 | Total Assessment | $3,739,941 |
Property Taxes
Parcel Number
R46287
Land Assessment
$162,010
Improvements Assessment
$3,577,931
Total Assessment
$3,739,941
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