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501 Plaza Drive Slaton, TX 79364
22,368 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 22,368 sqft
Price per Sqft $53
MLS Listing ID 202608218
Year Built 1966
Annual Tax Amount $1,047
Lot Size 5,200 Sqft
Acres 0.12
Property Sub-Type Multi Family
Source Lubbock Association of REALTORS®
Property Description
The Plaza is a 24 unit apartment community made up of 12 one story duplexes. They are all 2 Bed / 1 Bath units, with washer/dryer connections in each unit. They have strong current occupancy and there is room for rent increases. Property manager says they haven't raised rents in 5 years. Rents are about $135 below the 2 bedroom units in the apartment complex nearby. There is also an opportunity to reduce the utility costs and start billing back the water to the residents. The current water bill is about 2 times higher than the expense comps we have for the area. Good operational improvements will drive higher returns for the new owner.
Location
State TX
County Lubbock
Area Slaton
Rooms
Basement Basement
Exterior
Roof Type Composition
Building
Story 1
Foundation Slab
New Construction No
Schools
Middle Schools Slaton
High Schools Slaton
Others
Tax ID R136760
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Listed by Keller Williams Realty
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