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Better Homes and Gardens Real Estate Blu Realty
2815 43rd Street, Lubbock, TX 79413
- $495,000
- 14
- BD
- 7
- BA
- 7,654
- SqFt
- List Price
- $495,000
- MLS#
- 202615203
- Status
- ACTIVE
- Year Built
- 1958
- Type
- Multifamily
- Bedrooms
- 14
- Bathrooms
- 7
- Living Area
- 7,654
- Lot Size
- 23,100
- County
- Lubbock
- City
- Lubbock
- Legal Description
- Dean L 11 & W25'of 12
Property Description
Investment opportunity in an established Lubbock neighborhood: two rental buildings totaling 7,654 SF with seven identical two-bedroom, one-bath units. Six units are occupied and the seventh is move-in ready with an approved applicant set for a November 13 move-in. Current collections of $4,855 per month ($58,260 per year), with pro-forma collections of $5,655 per month ($67,860 per year) at full occupancy. Tenants pay electricity and gas directly. Water is on shared meters per building, owner-paid, with partial recovery through $50 monthly water charges on the newer leases. Professionally managed by Location Rentals, with stable tenancies including one household in place since 2019. Gross rent multiplier of 8.5 on current collections (7.3 pro-forma). A straightforward cash-flow and value-add play close to Texas Tech and major employers.
Additional Information
- Taxes
- $10,294
- Heating
- Central, Natural Gas
- Cooling
- Central Air, Electric
- Foundation
- Slab
- School District
- Lubbock ISD
- Elementary School
- Wheelock
- Middle School
- Atkins
- High School
- Monterey
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Listing courtesy of Real Broker, LLC.