Multi-Family•Low-Rise/Garden•For Sale

Clapp Park Apartments

1901 41st, Lubbock, Texas 79412

Sale Price $395,000
Sale Type Investment
Year Built 1973
Stories 1
Vacancy 100%
Gross Bldg 6,537 SqFt
Land Area .38 Acres
Project Size 11
Market West Texas
Sub-Market Lubbock
Clapp Park Apartments is an 11 unit one-story property that would be ideal for a local owner expanding their portfolio or as a first time multifamily investment opportunity. Current owners have transitioned some tenants to RUBS where they're paying their portion of the utilities now. They've also updated 7 of the units so far. Some of the updates include: counters, flooring, paint, shower kits, and doors. The new owner could continue updating the units as they become available, raise rents, and continue to switch the remaining tenants to RUBS. Clapp Park Apartments is located on Avenue S between 34th and 50th St.
  • Recent exterior renovations include: new roof, new exterior paint, and solar screens for windows
  • 3 / 11 units on RUBS - opportunity to recoup expenses on remaining units
  • Strong occupancy for the sub-market
  • Opportunity to raise rents by completing updates
1/13/2020 2:45:55 PM 1/17/2020 11:09:25 PM
Greg Brownd
CCIM
KW Commercial | Lubbock
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