1301 Colton Ave Lubbock, TX 79416
- Small apartment buildings
- 5,780 SF
Current Use by Public Records
- Small apartment buildings
Property Details for 1301 Colton Ave
- Year built
- 2021
- Property size
- 5,780 SF
- Property type
- Small apartment buildings
Description
This exceptional investment opportunity presents two meticulously maintained duplexes, constructed in 2021, situated in Lubbock, Texas's desirable Lincoln 16 subdivision. The property boasts a total of four units, each a spacious three-bedroom, two-bathroom layout, complete with a two-car garage and a private backyard featuring a covered patio. High-quality finishes throughout include vinyl plank flooring, stainless steel appliances, and granite countertops. Currently operating at 100% occupancy, each unit commands a monthly rent of $1400 per side, with a projected increase to $1500 per side during the next leasing cycle. The combined net operating income (NOI) stands at $33,600, yielding a 4.80% cap rate. The property encompasses a total of 5,780 square feet on a 15,488 square foot lot, with a list price of $700,000 ($175,000 per unit and $121.11 per square foot). The property is zoned for duplexes and offers a compelling return on investment in a thriving Lubbock neighborhood. This turnkey investment is ready for immediate income generation. The property's strong performance and attractive features make it an ideal addition to any portfolio. This is a rare opportunity to acquire a high-quality, fully occupied multifamily property in a prime location.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lubbock
- County
- Lubbock
- State
- Texas
- Longitude
- -101.9333712
- Latitude
- 33.6134879
