1510 9Th St Slaton, TX 79364
- Commercial real estate
- 17,939 SF
Current Use by Public Records
- Commercial real estate
Property Details for 1510 9Th St
- Year built
- 1770
- Property size
- 17,939 SF
- Property type
- Commercial real estate
Description
This exceptional multifamily investment opportunity presents a 28-unit apartment building located at 1510 S 9th St, Slaton, TX 79364, in Lubbock County. The property, known as Southern Cross, comprises eight single-story buildings totaling 17,939 square feet of net rentable space. Built in 1770, the complex features a mix of unit sizes: 15 one-bedroom units and 13 two-bedroom units. Each unit includes convenient washer/dryer connections and a covered front porch. The property boasts pitched metal roofs, offering durability and low maintenance. Southern Cross provides affordable housing options, strategically positioned near Lubbock, Texas. Current rents are significantly below market rates, with one-bedroom units priced $118 under market and two-bedroom units $156 under market. This presents a substantial opportunity to increase net operating income (NOI) by gradually adjusting rents closer to market value and continuing to recoup utility costs. The asking price is less than $36,000 per unit, making this a compelling investment prospect with strong potential for future growth and profitability.
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
- Slaton
- County
- Lubbock
- State
- Texas
- Longitude
- -101.64284966625
- Latitude
- 33.42440147039
