5833 7Th St Lubbock, TX 79416
- Commercial real estate
- 18,400 SF
Current Use by Public Records
- Spear's Welding and Metal Art / Welder
Property Details for 5833 7Th St
- Year built
- 2004
- Property size
- 18,400 SF
- Property type
- Commercial real estate
Description
This exceptional value-add opportunity presents a 16-unit apartment building located at 5833 7th St, Lubbock, TX 79416. The property, known as Liveoak Seventh, boasts a total of 18,400 square feet across three, two-story buildings, constructed in 2004. Currently operating at 93% occupancy (as of August 31, 2024), the property generates a Net Operating Income (NOI) of $181,914, yielding a 7.58% capitalization rate. A pro-forma NOI of $183,428 projects a 7.64% capitalization rate, indicating significant upside potential. Each of the 16 units offers highly sought-after floor plans, presenting an opportunity to increase rental income. The asking price is $2,400,000, translating to $150,000 per unit and $130.43 per square foot. The property sits on a 18,400 square foot lot in Lubbock County, Texas. Attractive new financing options, including multiple years of interest-only terms, are available. This investment offers a compelling combination of strong current cash flow and significant potential for future growth.
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
- -101.9415653
- Latitude
- 33.5892805
