5416 50Th St Lubbock, TX 79414

Property Details for 5416 50Th St

Year built

1965

Lot size

2.61 lot acres

Property size

62,820 SF

Property type

Commercial real estate

Description

Aspen Village Apartments, a 70-unit multifamily property in Lubbock, Texas, is being offered at auction. This value-add investment opportunity comprises nine two-story buildings totaling approximately 62,820 rentable square feet, situated on a 2.61-acre lot. Built in 1965, the property currently boasts a 61.5% occupancy rate as of October 1, 2024, presenting significant upside potential. The unit mix includes 24 one-bedroom, 30 two-bedroom, and 16 three-bedroom apartments, with an average unit size of approximately 897 square feet. Recent capital improvements exceeding $200,000 have been made, encompassing paving, plumbing, flooring, appliances, HVAC systems, and other essential upgrades. Further value creation is possible through unit renovations, including the installation of stainless steel appliances, quartz countertops, updated fixtures, and modern finishes. The property's location less than a mile from Texas 289 Loop provides easy access to the greater Lubbock metropolitan area and numerous national retailers. The strong local economy, fueled by Texas Tech University and a diverse employment base, supports a robust rental market. Within a five-mile radius, the population is approximately 233,859, with an average household income of $80,508, and projected population growth of 6.22% between 2024 and 2029. The auction begins November 18-20, 2024, with a starting bid of $750,000. This property offers a compelling combination of immediate cash flow and substantial long-term growth prospects. Abundant parking is available for residents and guests. Opportunities exist to increase net operating income (NOI) through lease-up of vacant units, water conservation measures, and implementing increased water reimbursement and new fees for pest control and trash removal.