8-Unit Multifamily Investment Opportunity Excellent value-add multifamily opportunity featuring 8 apartment-style units, each offering 1 bedroom and 1 bathroom. This property provides strong cash-flow potential with room for increased rents and additional income opportunities. Current rents range from $500-$625 per month, while comparable units in the area are leasing for $700-$725 per month, creating an attractive upside for investors looking to improve revenue through modest rent adjustments and operational improvements. Each tenant pays their own electricity, helping reduce owner expenses. Water is currently paid by the property, but a water reimbursement or utility bill-back program could be implemented to further increase net operating income. With market rent adjustments and minor operational improvements, the property has the potential to generate approximately $75,000 in annual gross rental income. Property Highlights: 8 total units 1 bedroom / 1 bathroom units Current rents: $500-$625/month Market rents: $700-$725/month Tenants pay electricity Opportunity to bill back water expenses Value-add investment with income growth potential This is an excellent opportunity for investors seeking a stable multifamily asset with significant upside in rental income.
Property Features
Utilities
Electricity Connected
Sewer Connected
Water Connected
Parking
Parking Lot
Shared Driveway
Cooling Information
Wall/Window Unit(s)
Heating Information
Electric
School Information
School Information for 1608 59th Street, Lubbock, TX 79412
Elementary School
Bayless
Middle School
Atkins
High School
Monterey
Listing Courtesy: Southern Magnolia Real Estate - 806-773-4092