5003 35Th St Lubbock, TX 79414

Property Details for 5003 35Th St

Year built

1940

Property size

7,344 SF

Property type

Residential income homes

Description

This exceptional four-unit single-family rental portfolio in Lubbock, Texas, presents a compelling value-add investment opportunity. Priced at $446,500, this portfolio boasts a strong 82% occupancy rate (as of April 30, 2024), generating a current NOI of $49,600 and an 11.11% cap rate. The portfolio comprises four buildings totaling 7,344 square feet, with 5,400 square feet of net rentable space, resulting in a price per square foot of $60.80 and a price per unit of $111,625. The properties, built between 1940 and 2022, have undergone renovations from 2015 to the present, showcasing a blend of styles and potential for further upgrades. Located across multiple addresses in Lubbock County (5003 35th St, 5213 42nd St, 4004 39th St, and 2115 46th St, all in Lubbock, TX, zip codes 79412, 79413, and 79414), these properties benefit from diverse locations within the city, including areas near Texas Tech University and Lubbock's medical hub. The portfolio is currently professionally managed, offering a seamless transition for the new owner. The properties are zoned for single-family use, providing stability and potential for long-term growth. The seller is open to splitting the package into smaller sets. This portfolio offers a low-risk, high-reward investment opportunity in a growing Texas market. The seller is not accepting subject-to or owner financing.