Multifamily Investment Opportunity in
1608 59th Street, Lubbock, TX 79412
MULTI_FAMILY - Lubbock, TX
Property size:
5,472 SFLot size:
0.27 AcresPrice / SF:
$87/SF- Added:
- Mar 9, 2026
- Days on Market:
- 85
- Last Refresh:
- Jun 1 at 10:06 pm
Property Features for 1608 59th Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 8
- Bathrooms
- 8
- Rooms
- Bedroom 6, Bedroom 5, Bedroom 1, Bedroom 3, Bedroom 7, Bathroom 6, Bedroom 4, Bedroom 8, Bathroom 7, Bathroom 5, Bedroom 2, Bathroom 2, Bathroom 3, Bathroom 8, Bathroom 1, Bathroom 4
- 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
Listing agent Tomas Rodriguez License #0787075 (361) 816-3661
Listing office Southern Magnolia Real Estate 3204 140th St, Lubbock, TX (806) 773-4092
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
- Significant Value‑Add Potential: Increase rents to market rates of $700-$725/month.
- Strong Cash Flow Potential: Stable multifamily asset generating approximately $75,000 in annual gross rental income.
- Tenant‑Paid Electricity: Reduces owner expenses.
- Income Growth Opportunities: Potential to implement a water reimbursement program.
- 8 Apartment‑Style Units: Each featuring 1 bedroom and 1 bathroom.
- Parking Features: Includes a driveway and a parking lot.
Overview
This multifamily property in Lubbock, TX, presents an investment opportunity with 8 apartment-style units, each featuring 1 bedroom and 1 bathroom. The property, situated on a 0.27-acre lot, totals 5472 square feet. The property offers cash-flow potential with opportunities for increased rents and additional income. Current rents range from $500 to $625 per month, while comparable units in the area are leasing for $700 to $725 per month. Tenants are responsible for their electricity expenses. There is an opportunity to implement a water reimbursement or utility bill-back program. With market rent adjustments and minor operational improvements, the property has the potential to generate approximately $75,000 in annual gross rental income.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Lubbock
- County
- Lubbock
- State
- Texas
- Longitude
- -101.853963
- Latitude
- 33.540909
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Value-add multifamily property with income growth potential in Lubbock, TX.
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 $480,000.
What are key features of this property?
This property features: Significant Value‑Add Potential: Increase rents to market rates of $700-$725/month.; Strong Cash Flow Potential: Stable multifamily asset generating approximately $75,000 in annual gross rental income.; Tenant‑Paid Electricity: Reduces owner expenses.
