Value-Add Apartments near Texas Tech and I-271617 27th

Description

Coldwell Banker Commercial is proud to exclusively present the opportunity to acquire the Park Tower, a value-add, 99-unit multifamily apartment building at 1617 27th Street, near Downtown Lubbock. This 134,423-square-foot, 15-story property was originally constructed in 1967 on a 0.96-acre corner lot. The property features ample parking, an on-site laundry facility, two passenger elevators, and a flexible mix of studio, one-, two-, and three-bedroom apartments. The spacious units trend larger than the average across the city and boast modern features, including expansive closets, ceiling fans, fully equipped kitchens, balconies, and plentiful windows overlooking the city.

The Park Tower provides substantial upside to an experienced investor or operator. The property has been owner-managed since 2004, which has resulted in diminished occupancy and deferred maintenance. The property features a swimming pool with a partially retractable roof on the 14th floor, which has been out of operation for over two years. The ground floor, currently built-out as commercial office suites, is not in rentable condition and gives a poor first impression to prospects. There is a significant value-add opportunity to improve occupancy and cash flow by updating these spaces and amenities and capturing positive local submarket trends, with rents in the Downtown Lubbock Submarket jumping by more than 11% since 2021.

The Park Tower benefits from strong accessibility and visibility thanks to nearby Interstate 27, Highway 84, and Highway 62, all reachable in less

Features

• Beds: 5
• Baths: 2
• Size: 100 Sq. Ft.
• Built in: 2024
• MLS Listing #: 456321
• Lot Size (Acres): 100.0000

Addtional Features

• Garden View
• Sea View
• Swimming Pool
• Parking

• Tenure:

• Other Details: Test