The Jackson Apartments – 86-Unit Value-Add MF

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Address: 102 Waco Ave, Lubbock, TX 79415, USA

Texas + Apartment Buildings

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

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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