5416 50th St

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Address: 5416 50th St, Lubbock, Texas, US
Created date: February 26, 2024
Date last updated: February 26, 2024
  • Room to raise rents! Market rent comps are on average $138/unit/mo higher.
  • Great central Lubbock location near South Plains mall.
  • Easy to find and good visibility off of 50th St.
  • Projected 5 Year Average Cash on Cash Return 7.5%
  • Projected 5 Year Levered IRR 16.9%
  • Projected Value Add IRR 22.4%
  • Projected Value Add $1,816,071

Property Description

Aspen Village is a 70 unit complex with a good mix of 1, 2, and 3 bedroom units. It's a 2 story brick construction property with metal roofs. The 3 BR units have fireplaces, a select few of them have washer/dryer connections, and appoximately 15 of the townhome units have fenced back patios. The comps in the area are on average $138/unit/month higher than they are at Aspen Village so there is room to bump rents. The residents pay their own electric and are billed back for the water/sewer/and trash through RUBS. The property has great curb appeal, plenty of landscaping, and a sprinkler system to keep everything green. There's a laundry room on-site and a pool in the courtyard area.

Key Property Information

Listing Status: Unavailable
Listing Type: Call for offers
Property Types: Apartment Buildings
No. of Units: 70
Year Built: 1965
Opportunity Zone: No
Property Website Click Here
Address: 5416 50th St, Lubbock, TX 79414, USA
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