1510 9Th St Slaton, TX 79364

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.