1915 14TH ST Lubbock TX 79401-3726

060 Lofts and 060 Court is a two property 60 unit package located less than one mile from Texas Tech University in the Historic South Overton neighborhood. Current NOI is $70,140 due to low Occupancy from the seller contracting a poor PM company. Increasing Occupancy to a market average of 90% will bring a Pro Forma NOI of $196,459 at a 8.50% CAP. Both properties have had major renovations over the past years. Exterior improvements include artificial turf, cookout areas, pergolas, trim work, and paint. Interior improvements include appliance replacements, flooring, and paint on both properties. Also, about 15 of the HVAC units have been replaced at the Lofts. These improvements make both properties very attractive for tenants, and lower landscaping and maintenance costs for the owners.

TOUR DATES: 03/19/2019 & 03/26/2019 - CALL FOR OFFERS: 03/27/2019

LOCATION OVERVIEW

Situated less than one mile from downtown Lubbock, the South Overton neighborhood provides commuters with easy access to the heart of the city. The proximity to Texas Tech University also makes this historic area ideal for students or employees of the university. Condos for rent around the community offer residents a wide array of big city amenities. Within the confines of South Overton, locals take advantage of the green space proffered by M C Overton Park. Sugar Brown's Coffee on 19th Street provides breakfast, brunch, and a cup of Joe for those in a hurry, while Cast Iron Grill on the same street serves up classic comfort food. Flipper's Tavern on Avenue Q serves classic bar food and cocktails, making it ideal for casual nights out with friends.

O60 LOFTS PROPERTY FEATURES

• Hot Water - Shared

• On-Site Laundry - Leased Machines

• Electric - separately metered

• Water/Sewer/Trash - allocated

• No gas

• Central HVAC

• Roof - Flat

O60 COURT PROPERTY FEATURES

• Hot Water - Central boilers

• On-site laundry room - Leased Machines

• Electric - separately metered

• Water/Sewer/Trash - allocated

• Gas -allocated

• HVAC - PTACs except for 1 unit -central

• Roof - Pitch Composition

VALUE-ADD OPPORTUNITIES

• Upgrade On-Site Laundry With Property Owned Machines, Coin Or Card/Credit Machines.

• Increase Occupancy to Pro Forma 90%

• Contract Professional Property Management

Call Logan: 214-736-1500

Full details here: https://wallergrouphomes.com/properties/?propertyId=419690-sale

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