14401 Avenue PLubbock, TX 79423

Property Details for 14401 Avenue P

Year built

1993

Property size (Sq ft)

6,928 SF

Property type

Investment properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a 6-unit mobile home park situated in South Lubbock, Texas, at 14401 Avenue P, zip code 79423. The property, classified as a Class B multifamily investment, boasts a total of 6,928 square feet across six single-family rental units, each averaging 1,154.67 square feet. Built in 1993, the property sits on a 1.83-acre lot (APN R169636) and is zoned for use outside city limits. Four of the units have recently undergone renovations, presenting immediate opportunities for rental income growth through lease renewals. The property's strong financial performance is highlighted by a current NOI of $67,367, translating to a compelling 14.97% cap rate and a price per unit of $74,983.33. The asking price for the entire property is $449,900, representing a price per square foot of $64.94. Its strategic location less than a mile from Loop 88 and less than half a mile from Highway 87, coupled with its proximity to a new residential development and placement within the desirable Lubbock Cooper School District, ensures strong tenant demand and future appreciation potential. This property is an ideal investment for those seeking a high-yield, low-maintenance income stream in a rapidly growing area. The property is an owner/user investment.

Location Insight

City

Lubbock

County

Lubbock

State

Texas

Latitude

33.4636

Longitude

-101.853

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