13-Unit Multifamily in Lubbock, TX
Lubbock County, TX · listed Oct 1, 2026 (26 days)
- $/unit
- $73,000
- ▼ 21% vs TX · 35th pct
- Cap rate
- 7.8%
- ▲ 0.4 pts vs TX median
- NOI
- $74K
- $5,676/unit/yr
- Units
- 13
- 1 bldg
Financials
- Asking price
- $949,000
- Price per unit
- $73,000
- Price per sq ft
- $127
- Gross rent / year
- $132,600avg rent × units
- Net operating income
- $73,787
- NOI per unit
- $5,676
- Cap rate
- 7.8%
- Gross yield
- 14%gross rent ÷ price
- Occupancy
- Not stated
As stated by the seller. Verify during due diligence.
Building
- Units
- 13
- Unit mix
- all one-bedroom, one-bath
- Buildings
- 1
- Year built
- Not stated
- Building size
- 7,460 sq ft
- Avg unit size
- 574 sq ft
- Lot size
- Not stated
- Condition
- Stabilized
Deal terms
- Owner financing
- Not stated
Listing
- Listed
- Oct 1, 2026
- Days on market
- 26 days
- On MultifamilyRadar
- Oct 28, 2026
- Last price change
- Not stated
- Location
- Approximate (~0.5 mi)
- Listing #
- 1366
About this property
Shade Tree Apartments is a 13-unit, all one-bedroom, one-bath apartment community at (address on request) in Lubbock, Texas. The single-story brick buildings surround a shaded courtyard. Eleven of 13 units are occupied, with two vacant units advertised at $850 per month. Per the owner, units have been updated over the last four years with new windows, ductless mini-split A/C, new appliances, fresh interior paint and low-flow plumbing fixtures. In-place rent is $9,325 per month, and trailing 12-month operating expenses, including taxes, total $38,970, for current NOI of about $73,787. Leasing the 2 vacant units offers further upside. An offering memorandum is available on request. Please contact Casey Klingensmith, Reside Real Estate Co., at or.
Multifamily | 13 Units | $73,000/unit
Highlights
- Lease-up income. Two vacant one-bedroom units (#1 and #14) are advertised at $850 per month. Leasing both would add $20,400 of annual rent.
- Rent upside. Ten of the 11 occupied units pay $825 to $895 on the rent roll.
- Recently updated units. Per the owner, the units have been updated over the last four years with new windows, new ductless mini-split A/C systems, new appliances, fresh interior paint and low-flow plumbing fixtures.
- Strong income in place. The 11 occupied units produce $111,900 per year in rent, plus $857 of laundry income. NOI is about $73,787 ($5,676 per unit).
- Simple, uniform product. All units are one-bedroom, one-bath apartments of 550 to 580 SF, which makes leasing and operations straightforward.
- Lubbock location. Lubbock is the regional hub of the South Plains, with Texas Tech University and a large healthcare sector.
- Professionally managed with a full year of documented operating expenses.
Location
Approximate area. The exact address is shared on request.
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