The Jackson Apartments – 86-Unit Value-Add MF

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Address: 102 Waco Ave, Lubbock, TX 79415, USA
Created date: May 23, 2024
Date last updated: May 23, 2024

RI Marketplace Online Auction June 24-26

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Investment Highlights

  • Significant Value-Add Opportunity:  Through stabilization of property, immediate rent increases, and completion of unit renovation
  • Desirable Location: Located only 1/2 mile from Texas Tech Univeristy with great access to public transportation
  • Recent Capital Improvements:  $1MM+ in recent capital improvements (HVAC/Water including 45 rehabbed units ($3,500-$4,500/unit)
  • Adjacent Land Development Opportunity:  0.62 AC adjacent land can be developed into additional apartment units (16+) connected to the existing property

Property Description

Coldwell Banker Commercial, in conjunction with RI Marketplace, is pleased to offer The Jackson Apartments, an 86-unit garden-style apartment community built in 1967 and located in Lubbock, TX.  The property consists of 2 two-story buildings (80-units), 1 single-story building (6-units), and a large on-site shop. The Jackson is situated within an improving work-class & student rental area, with property amenities such as easy access to public transportation, close proximity to Texas Tech University, gated property with electronic key access, large lawns for recreational use, a large on-site shop offering a potential conversion to a laundry facility and clubhouse, on-call maintenance, picnic area, nearby public park, adjacent to the North Town Plaza (consisting of Dollar Tree, McDonald's, United Supermarket, Rent-A-Center, and Wells Fargo). Recent capital improvements of $1MM+ including renovation of 45 units (vinyl wood flooring, upgraded bathrooms/vanities, functional kitchen space, oven, stove-top, refrigerators, and more).  The property offers three unique floorplans, with eight-foot ceilings and functional living space throughout.

Lamar P. Fisher, Auctioneer

Fisher Auction Company Inc. License: 10344

Key Property Information

Listing Status: Available
Listing Type: Auction
Property Types: Apartment Buildings
No. of Units: 86
Average Occupancy: 60
Year Built: 1967
Year Renovated: 2023
Lot Size: 2.14 Acres
No. of Stories: 2
Opportunity Zone: No
Property Website Click Here
Address: 102 Waco Ave, Lubbock, TX 79415, USA

Unit mix

Description No. of Units Sq ft. Avg. Monthly Rent

Additional contacts

Full name Phone number Email address
Chase Tucker (806) 470-4988 [email protected]

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