529 42Nd StLubbock, TX 79404

Property Details for 529 42Nd St

Year built

1954

Property size (Sq ft)

2,976 SF

Property type

Small apartment buildings

Description

This exceptional investment opportunity presents two beautifully renovated duplexes located in Lubbock, Texas, at 529 and 531 42nd St, zip code 79404. Built in 1954 and completely renovated in 2024, these properties boast a combined 2,976 square feet across four units, situated on a spacious 13,250 square foot lot. Currently operating at 75% occupancy, the property generates a substantial net operating income (NOI) of $20,880, translating to a compelling 9.49% cap rate. Each unit features modern vinyl plank flooring, fresh paint, updated trim, and renovated kitchens, ensuring immediate appeal to tenants. The properties are conveniently located with easy highway access. The asking price is $220,000, or $55,000 per unit, representing a price per square foot of $73.92. The permitted zoning is for duplexes, offering flexibility for future development. This is a turnkey investment, currently managed by a property management company, providing immediate cash flow and minimal management overhead. The properties are offered for sale by owner with 100% ownership. This is a rare opportunity to acquire a well-maintained, high-performing multifamily investment in a desirable location.

Location Insight

City

Lubbock

County

Lubbock

State

Texas

Latitude

33.5558

Longitude

-101.843

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