6505 Avenue Q Lubbock, TX 79412

Property Details for 6505 Avenue Q

Year built

1974

Lot size

0.41 lot acres

Property size

7,955 SF

Property type

Apartment buildings

Description

This bank-owned foreclosure presents a compelling investment opportunity in Lubbock, Texas. The 12-unit apartment building, located at 6505 Avenue Q, boasts 7,955 square feet on a 0.41-acre lot. Built in 1974, this two-story structure offers a current occupancy rate of 80%, generating a substantial net operating income (NOI) of $82,800, translating to a 7.25% capitalization rate. The asking price is $575,000, with a land value of $13,600 per square foot. The property is zoned residential and features 12 parking spaces. This fee-simple ownership offers a solid foundation for investors seeking to expand their portfolio. The property's strong cash flow potential, coupled with its location in Lubbock County (zip code 79412), makes it an attractive proposition for those seeking a stable, income-producing asset. The property is currently operating with a 80% occupancy rate, leaving room for potential rental income increases through improved occupancy. This is a rare opportunity to acquire a well-located multifamily property at a competitive price in a growing Texas market. The APN is R321208. Serious inquiries only.