2815 43rd StreetLubbock, TX 79413

Description

Investment opportunity in an established Lubbock neighborhood: two rental buildings totaling 7,654 SF with seven identical two-bedroom, one-bath units. Six units are occupied and the seventh is move-in ready with an approved applicant set for a November 13 move-in. Current collections of $4,855 per month ($58,260 per year), with pro-forma collections of $5,655 per month ($67,860 per year) at full occupancy. Tenants pay electricity and gas directly. Water is on shared meters per building, owner-paid, with partial recovery through $50 monthly water charges on the newer leases. Professionally managed by Location Rentals, with stable tenancies including one household in place since 2019. Gross rent multiplier of 8.5 on current collections (7.3 pro-forma). A straightforward cash-flow and value-add play close to Texas Tech and major employers.

Property Information

Property type

Residential Income

Sub-type

Multi Family

Style

Ranch

Year built

1958

Stories

1

Living area

7,654 Sq Ft

Lot size

0.53 acres

Days on market

1

MLS^® Listing#

202615203

Property Features

Appliances

Electric Cooktop · Electric Oven · Microwave · Refrigerator · Gas Water Heater · Water Heater

Cooling

Central Air · Electric

Heating

Central · Natural Gas

Flooring

Vinyl

Parking

Common · Off Street · On Street · Paved

Patio

Covered · Front Porch

Lot features

Cul-De-Sac

Construction

Board & Batten Siding · Brick Veneer

Foundation

Slab

Roof

Composition

Utilities

Natural Gas Available · Electricity Connected · Natural Gas Connected · Sewer Connected · Water Connected

Sewer

Public Sewer

Water source

Public

Schools

Elementary

Wheelock

Middle

Atkins

High

Monterey

Financial Details

HOA

None

Annual taxes

$10,294

Parcel number

R100202