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Eight-Unit Multifamily Investment

1608 59th Street, Lubbock, TX 79412

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For Sale

$475,000

MULTI_FAMILY - Lubbock, TX

Property size:

5,472 SF

Lot size:

0.27 Acres

Price / SF:

$86/SF

HighLights

8‑unit multifamily property with apartment‑style 1 bed/1 bath units
Current rents range from $500–$625 per month; market rents reported at $700–$725 per month
Tenants pay their own electricity, helping reduce owner utility expense
Water is currently paid by the property, with potential for a water reimbursement or utility bill‑back program
Electric heating and wall/window A/C units
Public sewer and parking available via parking lot and driveway

We can help!

Listing Contact

Tomas Rodriguez

For Sale

$475,000

MULTI_FAMILY - Lubbock, TX

Property size:

5,472 SF

Lot size:

0.27 Acres

Price / SF:

$86/SF

Added:: Mar 9, 2026
Days on Market:: 104
Last Refresh:: Jun 20 at 12:06 pm

Property Features for 1608 59th Street

General Information

Property type: Residential Multi Family
Property subtype: Other
Bedrooms: 8
Bathrooms: 8
Rooms: Bedroom 7, Bathroom 2, Bathroom 6, Bedroom 1, Bathroom 4, Bathroom 8, Bedroom 5, Bedroom 6, Bedroom 4, Bedroom 3, Bathroom 3, Bathroom 1, Bathroom 7, Bathroom 5, Bedroom 2, Bedroom 8
Parking features: Parking Lot, Driveway
Standard status: Active
APN: R122568
Size: 5,472 SF
Lot size: 0.27 Acres

Taxes and HOA fees

Tax Description: Vandelia Village Blk 1 L 11-C
Tax Annual Amount: 5409

Utilities

Sewer type: Public Sewer
Heating system: Electric (Heating)
Cooling system: Wall/Window Unit(s), Window Unit(s)

Building Details

Year built: 1972
Floors in Building: 2
Flooring type: Laminate

We can help!

Listing Contact

Tomas Rodriguez

Listing agent Tomas Rodriguez License #0787075

Listing office Southern Magnolia Real Estate 3204 140th St, Lubbock, TX

Listing date Mar 9, 2026

MLS# 202603056 Listing URL

Copyright © 2026 Lubbock Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

HighLights

8‑unit multifamily property with apartment‑style 1 bed/1 bath units
Current rents range from $500–$625 per month; market rents reported at $700–$725 per month
Tenants pay their own electricity, helping reduce owner utility expense
Water is currently paid by the property, with potential for a water reimbursement or utility bill‑back program
Electric heating and wall/window A/C units
Public sewer and parking available via parking lot and driveway

Overview

This is an 8-unit multifamily investment featuring apartment-style homes with one bedroom and one bathroom in each unit. Current rents are in the $500 to $625 per month range, with comparable units in the area leasing for $700 to $725 per month, supporting a value-add strategy through modest rent adjustments and routine operational improvements. A key expense reducer is that tenants pay their own electricity. Water is currently paid by the property, and the remarks note potential to implement a water reimbursement or utility bill-back program to further improve net operating income.

The property is located at 1608 59th Street in Lubbock, Texas 79412. The asset sits on a 0.27-acre lot and offers a straightforward 8-unit configuration suitable for investors focused on stabilizing income and optimizing utility expenses.

With consistent 1 bed/1 bath unit mix and existing in-place income, this property is well suited for investors seeking a manageable multifamily platform with clear opportunities to drive revenue. The current-to-market rent gap, combined with the ability to shift utility costs, creates a practical pathway to improved cash flow through hands-on property management.

Property Profile Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Location Insight

Map
Local Demand

City: Lubbock
County: Lubbock
State: Texas
Longitude: -101.853963
Latitude: 33.540909

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For sale
Apartment buildings
TX
Lubbock
79412
1608 59th Street

What type of property is this?

Apartment building - Value-add 8-unit property with 1-bedroom layouts and tenant-paid electricity, offering upside through achievable rent improvements.

Where is this apartment building located?

The property is located at 1608 59th Street Lubbock, TX.

What is the asking price?

The asking price for this property is $475,000.

What are key features of this property?

This property features: 8‑unit multifamily property with apartment‑style 1 bed/1 bath units; Current rents range from $500–$625 per month; market rents reported at $700–$725 per month; Tenants pay their own electricity, helping reduce owner utility expense

1608 59th Street, Lubbock, TX 79412

MULTI_FAMILY - Lubbock, TX

Property Features for 1608 59th Street

General Information

Taxes and HOA fees

Utilities

Building Details

We can help!

HighLights

Overview

Current Use by Public Records

Suggested Use

Location Insight

Nearby Similar for Sale

Medical Office Building with 2025 Build

Lubbock Commercial Suites For Sale

Fully Leased Office Suite

Lubbock Commercial Opportunity on Upland

Versatile Commercial Space in Lubbock

Metal Flex Building with Fenced Yard

Lubbock Office Investment Opportunity

Well-Appointed Office Building in Lubbock

Climate-Controlled Warehouse with Offices

Storefront Building in Shopping Center

Multi-Office Building with Garage

Flex Warehouse with Office Buildout

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