6-Unit Apartment
New
For Sale
$349,000
1305 S 9th St, Slaton, TX 79364
A compact apartment property combines one- and two-bedroom homes with lease expirations spread across several years.
Property Size3,140 SF
Price / SF$111.15
Days on Market4
Property Features for 1305 S 9th St
General Information
Standard status
Active
Size
3,140 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
5 x 1BR (400-500 SF), 1 x 2BR (840 SF)
Multifamily Units
6
Building Details
Year Built
1945
Listing Agency:
Wise Cardinal Realty
Listed By:
Steadfast Realty
(806) 451-4767
Source:
Steadfast-realty
Added: Oct 4
Changed: Oct 6
Last Checked: Oct 7 at 12:12PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Wise Cardinal Realty
Investment Insights
Based on property information with market context.
Built in 1945, the six-unit apartment building contains 3,140 square feet. Its layout includes five one-bedroom units ranging from 400 to 500 square feet and one 840-square-foot, two-bedroom unit. All six units were leased as of September 30, 2026, and professional management has maintained a full year of operating expense records.
Lease expirations fall between December 2026 and September 2028, distributing upcoming rollover across that period. Current rents are within 2% of market rents shown on the rent roll. The property is in Slaton, along U.S. Highway 84, approximately 15 miles from Lubbock.
Lease expirations fall between December 2026 and September 2028, distributing upcoming rollover across that period. Current rents are within 2% of market rents shown on the rent roll. The property is in Slaton, along U.S. Highway 84, approximately 15 miles from Lubbock.
Key Highlights
- Six units: five one‑bedroom apartments (400–500 SF) and one two‑bedroom apartment (840 SF)
- 3,140 SF apartment building constructed in 1945
- All six units leased as of September 30, 2026
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,465
Cap Rate
7.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$509,300
$509.3K
Cap Rate 7%
$363,786
$363.8K
Cap Rate 9%
$282,944
$282.9K
Market Conditions
NOI Build-Up for 3,140 SF
Gross rent
$49.4K $15.72/SF
− Vacancy
−$3.1K −$0.97/SF
EGI
$46.3K $14.75/SF
− OpEx
−$20.8K −$6.64/SF
NOI
$25.5K $8.11/SF
Area
Lubbock County, TX
Vacancy
6.20%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$509,300
Cap Rate 7%
$363,786
Cap Rate 9%
$282,944
Alternative Uses
Best Use
Apartment 5plus
$363.8K
$318.3K – $424.4K
NOI $25,465 @ 7.0% cap · market cap 7.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$791.6K
$692.7K – $923.5K
NOI $55,412 @ 7.0% cap · market cap 15.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
78
Businesses Nearby
Explore this area
Business Placement
Demographics for 79364, TX
7,985
Population
2,949
Households
2.7
Avg Household Size
40
Median Age
16%
College-Educated
85%
High-School Grad
210.5 sq mi
ZIP Area
38
Density / Sq Mi
$55,221
Median Household Income
$39,774
Median Earnings
$1,018
Median Rent
$89,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - A compact apartment property combines one- and two-bedroom homes with lease expirations spread across several years.
Where is this apartment building located?
The property is located at 1305 S 9th St Slaton, TX.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Six units: five one‑bedroom apartments (400–500 SF) and one two‑bedroom apartment (840 SF); 3,140 SF apartment building constructed in 1945; All six units leased as of September 30, 2026
