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    1809 14th Street

    Lubbock, TX 79401
    • $980,000
    • STATUS: Active
    • ON SITE: 8 days
    • ID#: 14473303
    UPDATED: 26 min ago
    $980,000
    • 0
      BEDS
    • 0.56
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1964
    County:

    School Information

    Elementary School:
    Middle School:
    High School:
    School District:
    Offered by Logan Waller of Waller Group Llc.

    Description

    Waller Group Properties is proud to present Palm Springs, a 32 unit multifamily complex located in the heart of Lubbock, TX. Originally built in 1964, this property has undergone extensive renovations since 2019 (summarized below).This investment offers new ownership the opportunity to take over a newly renovated property and sign new leases at full market rate. Prior mismanagement and the effects of Covid-19 caused this property tostruggle during the lease-up phase, resulting in low current occupancy. Due to these factors, this property is valued on a comparison approach rather than solely an income approach. **** See OFFERING MEMORANDUM in attachments for more details *************

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    © 2020 North Texas Real Estate Information Systems. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Homes By Lainie Real Estate Group. The data relating to real estate for sale or lease on this web site comes in part from NTREIS. Real estate listings held by brokerage firms other than Homes By Lainie Real Estate Group are marked with the NTREIS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. Data last updated 2020-11-27T23:39:44.623.
    www.homesbylainie.com/homes/111979963
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    1809 14th Street Lubbock, TX 79401

    • Price: $980,000
    • Status: Active
    • Updated: 26 min ago
    • ID#: 14473303
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.56
    Acres
    1964
    Built
    Neighborhood:
    Overton
    County:
    Lubbock
    Area:
    W.Of Svc.Area - Not Incl.Abilene & Taylor Co.
    Elementary School:
    Wilson
    Middle School:
    Hutchinson
    High School:
    Lubbock
    School District:
    Lubbock Isd
    Property Description
    Waller Group Properties is proud to present Palm Springs, a 32 unit multifamily complex located in the heart of Lubbock, TX. Originally built in 1964, this property has undergone extensive renovations since 2019 (summarized below).This investment offers new ownership the opportunity to take over a newly renovated property and sign new leases at full market rate. Prior mismanagement and the effects of Covid-19 caused this property tostruggle during the lease-up phase, resulting in low current occupancy. Due to these factors, this property is valued on a comparison approach rather than solely an income approach. **** See OFFERING MEMORANDUM in attachments for more details *************
    Exterior Features

    Construction BrickFrame/Brick TrimSidingWood Foundation Piered Beam Slab Parking Or Garage Assigned SpacesUncovered Parking Spaces 32 Pool On Property No Roof Composition

    Interior Features

    Handicap YN No Heating Window UnitZoned Interior Features Window Coverings Kitchen Equipment Range/Oven-ElectricRefrigeratorVent Mechanism Sq Ft Building 19334

    Property Features

    Alarm Or Security Type Fire/Smoke Building Area Source Tax Buildings 1 Complex Name Palm Springs Apts Construction Status Preowned Gross Annual Expenses 49719 Gross Annual Income 213000 HOA None Insurance Expense 8724 Municipal Utility District No Net Annual Income -13318 Occupancy Rate 22 Possession Closing/Funding Property Type Mul-Apartment/5Plex+ Unexempt Taxes 10764 Unit Count 3 Utilities City SewerCity Water Will Subdivide No

    Listing information © 2020 North Texas Real Estate Information System.


    © 2020 North Texas Real Estate Information Systems. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Homes By Lainie Real Estate Group. The data relating to real estate for sale or lease on this web site comes in part from NTREIS. Real estate listings held by brokerage firms other than Homes By Lainie Real Estate Group are marked with the NTREIS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. Data last updated 2020-11-27T23:39:44.623.
     
    https://bt-photos.global.ssl.fastly.net/ntreis/orig_boomver_1_14473303-2.jpg https://bt-photos.global.ssl.fastly.net/ntreis/orig_boomver_1_14473303-2.jpg https://bt-photos.global.ssl.fastly.net/ntreis/orig_boomver_1_14473303-2.jpg
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    Homes By Lainie Real Estate Group
    421 Hwy. 120 West
    Pottsboro TX, 75076
    Offered by Logan Waller of Waller Group Llc.