2815 43rd Street
Property Description
Investment opportunity in an established Lubbock neighborhood: two rental buildings totaling 7,654 SF with seven identical two-bedroom, one-bath units. Six units are occupied and the seventh is move-in ready with an approved applicant set for a November 13 move-in. Current collections of $4,855 per month ($58,260 per year), with pro-forma collections of $5,655 per month ($67,860 per year) at full occupancy. Tenants pay electricity and gas directly. Water is on shared meters per building, owner-paid, with partial recovery through $50 monthly water charges on the newer leases. Professionally managed by Location Rentals, with stable tenancies including one household in place since 2019. Gross rent multiplier of 8.5 on current collections (7.3 pro-forma). A straightforward cash-flow and value-add play close to Texas Tech and major employers.
Broker Details
Real Broker, LLC 806-577-5595
MLS ID: 812024021 State License Number: 0699529
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $495,000 |
| No. of Units: | 7 |
| Year Built: | 1958 |
| Lot Size: | 7,654.00 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $70,714 |
| Property Website | Click Here |
| Number of Bedrooms: | 14 |
| Number of Bathrooms: | 7 |
ID: 3yd-LAORTX-202615203
Investment Analyzer
Sponsored by:
Step 1Financing Calculation
Step 2Gross Rent Analysis
Please enter annual amounts.
Step 3Cap Rate Calculation
Step 4Final Deal Analysis
Similar Properties in the Area
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout