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Estrada South II 2627 Oak Dr 112 Unit Apartment Building For Sale Lubbock, TX 79404
Investment Highlights
- Priced well below replacement costs at $42,700/unit
- 2008 construction for less than $50k/unit!
- Opportunity to make operational improvements to boost NOI
- Can also purchase Estrada South I and Estrada North - 372 total units
Executive Summary
Estrada South II is a 2008 vintage, 120 unit garden style complex that has a mix of one, two, and three bedroom units. The property was previously a PFC structured, affordable housing property. Since it was foreclosed, the LURA has been terminated and the property is being offered on a fee simple basis. It is now operated as conventional, market rate housing without any rent or income restrictions on future leases.
Property Facts
| Sale Type | Investment | Lot Size | 9.30 AC |
| No. Units | 112 | Building Size | 147,609 SF |
| Property Type | Multifamily | Average Occupancy | 37% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 2005 |
| Building Class | B | Parking Ratio | 2.13/1,000 SF |
| Zoning | R-3 | ||
| Sale Type | Investment |
| No. Units | 112 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 9.30 AC |
| Building Size | 147,609 SF |
| Average Occupancy | 37% |
| No. Stories | 2 |
| Year Built | 2005 |
| Parking Ratio | 2.13/1,000 SF |
| Zoning | R-3 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Microwave
- Washer/Dryer
- Washer/Dryer Hookup
- Ceiling Fans
- Kitchen
- Refrigerator
- Tub/Shower
- Carpet
- Vinyl Flooring
- Wheelchair Accessible (Rooms)
Site Amenities
- Clubhouse
- Fenced Lot
- Fitness Center
- Laundry Facilities
- Smoke Free
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 28 | - | 750 |
| 2+1 | 28 | - | 900 |
| 2+2 | 28 | - | 1,000 |
| 3+2 | 28 | - | 1,100 |
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Somewhat walkable
20/100
Exceptionally drivable
90/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | R309729 | Improvements Assessment | $0 CAD |
| Land Assessment | $275,642 CAD | Total Assessment | $275,642 CAD |
Property Taxes
Parcel Number
R309729
Land Assessment
$275,642 CAD
Improvements Assessment
$0 CAD
Total Assessment
$275,642 CAD
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Estrada South II | 2627 Oak Dr
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