Quaker Terrace Apartments
7410 Quaker Ave
Lubbock, TX 79424
Highlights
- Median Household Income $81,852 in 1 mile radius
- Traffic count of 36,000 cars per day
- Room to boost rents to market
- Current rents as percentage of AMI is only 10.8%
Description
Quaker Terrace is a two-story, 34 unit property with brick construction and a recently replaced roof. The unit mix is 16 one bedroom units and 18 two bedroom units. The median household income in the 1 mile radius of the property is right over $82,000, plenty to support boosting rents. The current rents are on average $86 below the rent comps so there's significant room to improve the property, boost NOI, and raise the value of the property. The financial modeling includes investing $3,500 per unit for the 29 units that aren't updated yet and boosting the rents to market.
Quaker Terrace is located on the west side of Quaker, south of Loop 289. Over 36,000 cars per day pass by the property. This is one of the busiest areas in Lubbock and there are multiple places to eat and shop nearby. This is only a 10 minute drive to Texas Tech University, and less than 1/2 mile to Loop 289 - the major loop around Lubbock.
Documents
Quaker Terrace Offering Memorandum.pdfExecute Buildout CA
