Lubbock Square — Sale in Lubbock, TX

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Lubbock, TX 79414

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Description

Marcus & Millichap is pleased to present the exclusive listing of Lubbock Square, a 124-unit apartment community located in Lubbock, Texas. The property presents multiple avenues for value creation through occupancy growth, rent increases, and operational improvements. Currently approximately 79% occupied, Lubbock Square trails the roughly 93% occupancy achieved by nearby competitors, creating substantial upside through improved leasing performance. Additional revenue growth can be achieved by bringing below-market rents closer to competitive properties, while disciplined expense management offers the potential to reduce annual operating expenses by more than $200,000. Ownership has already completed significant capital improvements, including renovation of 79 unit interiors featuring modern finishes that enhance the property's competitive position and reduce near-term capital requirements. Attractive bridge financing with an interest-only structure and financing for eligible capital improvements further enhances the investment opportunity, creating a compelling path to increased cash flow and long-term value creation. Investment Highlights: • Well-Located Value-Add Opportunity On Major Retail Corridor • 79% occupancy versus approximately 93% for nearby competitors creates meaningful NOI upside • More than $200K in annual expense reduction potential plus additional rent growth opportunity

Market Context

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