Multi-Family•Low-Rise/Garden•For Sale

Kennedy Ridge Apartments

5525 4th St, Lubbock, Texas 79416

Sale Price $5,225,000
Sale Type Investment
Year Built 1970
Year Renovated 2016
Stories 1
Vacancy 85%
Gross Bldg 78,921 SqFt
Land Area 5.34 Acres
Project Size 104
Property was purchased in 2015 and current owners have completed significant capital improvements including: exterior paint, new signage and re-branding, new roofs on all buildings, replaced electric panels, repairs on parking lot, and upgrading units as they become available. Owners have also spent the past two years upgrading the tenant profile, evicting slow/non-payers and enforcing more strict screening criteria. Lubbock, TX is the "Hub City" of the South Plains region of Texas. It's diverse economy is driven by Texas Tech University, medical care, and agriculture. It's the birthplace of rock n roll legend Buddy Holly and has a vibrant music scene. The west texas region grows over 80% of the wine grapes in Texas. According to a CNBC survey in 2017, it's one of the top 15 cities in America to start a small business. Kennedy Ridge Apartments is located on Loop 289 and 4th Street which are two of the most highly-trafficked thoroughfares in the city. Tenants have easy access to several places to eat and shop that are walking distance. It's within 2-3 miles of Lubbock's biggest employers and an ideal location for existing apartments or future retail re-development.
  • Very-high traffic count and visibility from Loop 289 and 4th Street
  • Within 2-3 miles of Lubbock's largest employers
  • Walking distance to many shopping and dining
  • Single-story, no steps, perfect for senior living community
4/17/2019 2:33:22 PM 4/17/2019 2:34:56 PM

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