1301 Colton AveLubbock, TX 79416

Property Details for 1301 Colton Ave

Year built

2021

Property size (Sq ft)

5,780 SF

Property type

Small apartment buildings

Description

This exceptional investment opportunity presents two meticulously maintained duplexes, constructed in 2021, situated in Lubbock, Texas's desirable Lincoln 16 subdivision. The property boasts a total of four units, each a spacious three-bedroom, two-bathroom layout, complete with a two-car garage and a private backyard featuring a covered patio. High-quality finishes throughout include vinyl plank flooring, stainless steel appliances, and granite countertops. Currently operating at 100% occupancy, each unit commands a monthly rent of $1400 per side, with a projected increase to $1500 per side during the next leasing cycle. The combined net operating income (NOI) stands at $33,600, yielding a 4.80% cap rate. The property encompasses a total of 5,780 square feet on a 15,488 square foot lot, with a list price of $700,000 ($175,000 per unit and $121.11 per square foot). The property is zoned for duplexes and offers a compelling return on investment in a thriving Lubbock neighborhood. This turnkey investment is ready for immediate income generation. The property's strong performance and attractive features make it an ideal addition to any portfolio. This is a rare opportunity to acquire a high-quality, fully occupied multifamily property in a prime location.

Location Insight

City

Lubbock

County

Lubbock

State

Texas

Latitude

33.6135

Longitude

-101.933

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