Multifamily Investment Opportunity
Price
$11,000,000
Off-Market 9-Property, 121-Unit Multifamily Portfolio – Lubbock, TX
Purchase Price: $11,000,000
NOI: $829,690
Cap Rate: ~7.54%
Property Financials
Promiseland Realty is pleased to present this exclusive, off-market opportunity to acquire a 9-property multifamily portfolio totaling 121 units in Lubbock, Texas. With a combined Net Operating Income of $829,690, this portfolio offers both stabilized and value-add components across various occupancy levels and property conditions (turn-key, light make-ready, and construction-needed).
Portfolio Highlights
Diverse Property Conditions: From fully occupied turn-key assets to partially occupied properties needing light renovations—ideal for immediate cash flow and future upside.
Strong Rental Demand: Located in Lubbock, a growing market driven by Texas Tech University, a robust medical district, and a stable employment base.
Upside Potential: Current rents across several properties leave room for rental growth through strategic renovations and improved property management.
Economies of Scale: Acquire 121 units in one transaction, streamlining management and operations.
Property Breakdown
1316 & 1314 65th Dr.
9 units | Partially Occupied | Light Make Ready Needed
1902 Kewanee & 6302 20th St.
17 units | Partially Occupied | Light Make Ready Needed
1906 Dixie Dr.
6 units | Vacant | Construction Needed
2101 51st St.
12 units | Partially Occupied | Construction Needed
3214-3220 CR 5825
7 units | Partially Occupied | Turn-Key
5005 Ave W
12 units | Partially Occupied | Turn-Key
5708-5720 Brownfield Dr.
28 units | Partially Occupied | Light Make Ready Needed
1717 48th St.
30 units | Fully Occupied | Turn-Key
Financial Overview
Gross Potential Rent (Annual): $1,145,400
Estimated Taxes & Insurance (Annual): $258,440
Maintenance Allowance (Annual): $57,270
Net Operating Income (Annual): $829,690
Purchase Price: $11,000,000
Cap Rate: ~7.54% (based on $829,690 NOI and $11M purchase price)
This is a rare opportunity to secure a sizable footprint in a dynamic Texas market with immediate rental income and the potential for substantial value creation.
Submit All Offers and Inquiries To: investments@promiselandrealtyllc.com
TEAM Promiseland Disclaimer: All information contained herein is deemed reliable but not guaranteed. Investors are advised to conduct their own independent due diligence. All offers are subject to errors, omissions, and withdrawal without notice. Marketing without permission is prohibited and subject to a $500 fine.
Property Map
"Your #1 Source for Off Market Real Estate Properties, Nationwide"
PROMISE LAND REALTY, LLC
Work: 248- 416-2574
All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. Realtors add your fee on top.
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