CASH COW

2306 Fir Avenue, Lubbock, TX

14.27% return

SP: $320,000

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Property Description

RARE OPPORTUNITY!!

16 unit apartments complex in a BOOMING city of TX!! 30% population growth in last 20 years. Office and laundry on site. Month to month rentals, but tenants are all long term. Rents can be increased. TONS of industry in the area. Median household income of $41,000. Property will generate an 14.08% RETURN!!

Professional property management and financing avaialble!

Property Information

Listing statusSold
Property typeMulti Family
Total units16
Total bedrooms17
Total bathrooms17
Building size5109 sq. ft.
Lot size0.4 acres
Year built1963

CountyLubbock County
SubdivisionCHATMAN HILL
ConstructionBrick
RoofCOMP. FIBER SHEET
Water sourceCity water
Water disposalSewer
HeatingWall Furnace
CoolingWall A/C

Property Financial Summary

Sale price$320,000
Estimated rehab¹$0
Total investment$320,000

TypeProforma

Gross income (annually)$83,400
Operating expenses (annually)$37,741
Net income (annually)$45,659
Gross return26.06%

Gross income (monthly)$6,950
Operating expenses (monthly)$3,145
Net income (monthly)$3,805
Net return14.27%

Property Income & ExpensesMonthlyAnnual

Income

Unit 1: 1 bed / 1 bath$425/month$5,100/year
Unit 2: 1 bed / 1 bath$425/month$5,100/year
Unit 3: 1 bed / 1 bath$425/month$5,100/year
Unit 4: 1 bed / 1 bath$425/month$5,100/year
Unit 5: 1 bed / 1 bath$425/month$5,100/year
Unit 6: 1 bed / 1 bath$425/month$5,100/year
Unit 7: 1 bed / 1 bath$425/month$5,100/year
Unit 8: 1 bed / 1 bath$425/month$5,100/year
Unit 9: 1 bed / 1 bath$425/month$5,100/year
Unit 10: 1 bed / 1 bath$425/month$5,100/year
Unit 11: 1 bed / 1 bath$425/month$5,100/year
Unit 12: 2 bed / 2 bath$575/month$6,900/year
Unit 13: 1 bed / 1 bath$425/month$5,100/year
Unit 14: 1 bed / 1 bath$425/month$5,100/year
Unit 15: 1 bed / 1 bath$425/month$5,100/year
Unit 16: 1 bed / 1 bath$425/month$5,100/year
Total$6,950/month$83,400/year

Expenses

Property Taxes$233/month$2,791/year
Water, Sewer and Waste$283/month$3,400/year
Electric bill$1,583/month$19,000/year
Insurance (estimated)$208/month$2,500/year
Property Management$538/month$6,450/year
Maintenance reserve$133/month$1,600/year
Gas Utility Bill$167/month$2,000/year
Total$3,145/month$37,741/year

Property Questions & Answers

Q: How do I make an offer on this property?
A: Placing an offer is a simple process. All offers must be presented in writing with an escrow deposit of 10% or $5,000, whichever is larger. Escrow has to be sent to the attorney or title company who is handling the file for this property. Please send us an inquiry and one of our team members will get in touch with you to further assist you. You can also give us a call.

Q: Does this property come with clear title?
A: All our properties come with clear title. We highly recommend you purchase title insurance as well.