4602 50Th St Lubbock, TX 79414
- Commercial real estate
Current Use by Public Records
- Lubbock Square Apartments / Apartment Building
- Church house / Church
Property Details for 4602 50Th St
- Year built
- 1974
- Property type
- Commercial real estate
Description
This exceptional investment opportunity presents a 124-unit apartment building, Lubbock Square Apartments, located at 4602 50th St, Lubbock, TX 79414. The property, a Class B multifamily asset, encompasses 123,848 square feet and boasts a 92% occupancy rate, generating a pro-forma NOI of $685,000 and a pro-forma cap rate of 6.52%. Originally constructed in 1974 and extensively renovated in 2020, this two-story building offers a compelling blend of classic charm and modern updates. The asking price is $10,500,000, translating to $84,677 per unit. The property is zoned MF-2 and features fee simple ownership. This value-add investment presents a significant opportunity for growth and strong returns in the thriving Lubbock, Texas market. The property's strong performance metrics, combined with its strategic location and recent renovations, make it an attractive prospect for investors seeking a stable and appreciating asset in a dynamic Texas market. The 124 units provide a substantial rental income stream, and the existing occupancy rate suggests a high demand for the property's offerings. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a desirable location. The property's size and unit count offer significant scale for investors seeking a substantial investment in the Texas market.
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
- -101.9103725
- Latitude
- 33.5501496
