Park Terrace Apartments

2401 45th St Lubbock, TX 79412

FOR SALE
Property Type:
MultiFamily Apartments
Amount:
Please Call Broker for Price

Last Verified:
Sep 16, 2021

Highlights

  • Some key ways to increase the value of this property are to strart allocating utilities back to the residents and to implement a water conservation program. You could also start renovating units and raise the rents. The closest property, Courtyards on the Park, has one bedroom units that are $125 per unit higher than Park Terrace. Their 2 BR units are $345 higher.
  • With the loan assumption and using in-place rents, the projected 5 yr IRR is 21.9% and average cash on cash return is 10.1%. If you implement the value add plan, the projected 5 yr IRR is 28.8% and average cash on cash return is 12.9%.

Description

Park Terrace is a two-story courtyard style complex located in Lubbock TX near 50th and University. Currently the property is operating as an all bills paid property. The roof was replaced in 2020. This property has a Fannie Mae loan that needs to be assumed. Loan details are in the offering memorandum.

Park Terrace is located in Lubbock TX near 50th and University. It is less than 2 miles from Texas Tech University and about 1.5 miles inside Loop 289. It’s next to a large neighborhood park. It’s also close to several retailers and employers including Home Depot, Office Depot, Grace Clinic, etc.


Year Built: 1962
Building Size: 23300sq ft
Lot Size: 0.88 acres

Map of 2401 45th St , Lubbock, TX, 79412

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Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

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