5833 7Th StLubbock, TX 79416

Property Details for 5833 7Th St

Year built

2004

Property size (Sq ft)

18,400 SF

Property type

Apartment buildings

Description

This exceptional value-add opportunity presents a 16-unit apartment building located at 5833 7th St, Lubbock, TX 79416. The property, known as Liveoak Seventh, boasts a total of 18,400 square feet across three, two-story buildings, constructed in 2004. Currently operating at 93% occupancy (as of August 31, 2024), the property generates a Net Operating Income (NOI) of $181,914, yielding a 7.58% capitalization rate. A pro-forma NOI of $183,428 projects a 7.64% capitalization rate, indicating significant upside potential. Each of the 16 units offers highly sought-after floor plans, presenting an opportunity to increase rental income. The asking price is $2,400,000, translating to $150,000 per unit and $130.43 per square foot. The property sits on a 18,400 square foot lot in Lubbock County, Texas. Attractive new financing options, including multiple years of interest-only terms, are available. This investment offers a compelling combination of strong current cash flow and significant potential for future growth.

Location Insight

City

Lubbock

County

Lubbock

State

Texas

Latitude

33.5893

Longitude

-101.942

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