5720 66Th St Lubbock, TX 79424

This exceptional 135-unit apartment complex, known as Farrar West Apartments, presents a compelling investment opportunity in Lubbock, Texas. Located on two tracts totaling 3.41 acres, the property boasts 80,060 square feet of net rentable space, distributed across ten, two-story buildings. Built in 1981 and renovated in 2013, the complex features a mix of unit types, including 35 one-bedroom, one-bathroom units in the south tract and 100 units in the north tract. Currently operating at a 90% occupancy rate, the property generates a substantial net operating income (NOI) of $483,818, with a pro-forma NOI of $599,963. The asking price is $8,450,000, representing a price per unit of $62,592.59 and a current cap rate of 5.73%, with a pro-forma cap rate of 7.10%. The property is zoned R-2 and includes 257 parking spaces. Its prime southwest Lubbock location offers convenient access to major roadways like Marsha Sharpe Freeway, Loop 289, and Spur 157, as well as numerous shopping, dining, and entertainment options. A Freddie Mac loan (3.45%