1608 59th Street, Lubbock, TX 79412

Lubbock
Local realty services provided by:Better Homes and Gardens Real Estate Blu Realty
1608 59th Street,Lubbock, TX 79412
$480,000
  • 8 Beds
  • 8 Baths
  • 5,472 sq. ft.
  • Multi-family
  • Active
Listed by: tomas rodriguez
Office: southern magnolia real estate
MLS#:202603056
Source:TX_LAR

Price summary

  • Price:$480,000
  • Price per sq. ft.:$87.72

About this home

8-Unit Multifamily Investment Opportunity Excellent value-add multifamily opportunity featuring 8 apartment-style units, each offering 1 bedroom and 1 bathroom. This property provides strong cash-flow potential with room for increased rents and additional income opportunities. Current rents range from $500-$625 per month, while comparable units in the area are leasing for $700-$725 per month, creating an attractive upside for investors looking to improve revenue through modest rent adjustments and operational improvements. Each tenant pays their own electricity, helping reduce owner expenses. Water is currently paid by the property, but a water reimbursement or utility bill-back program could be implemented to further increase net operating income. With market rent adjustments and minor operational improvements, the property has the potential to generate approximately $75,000 in annual gross rental income. Property Highlights: 8 total units 1 bedroom / 1 bathroom units Current

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Home facts

  • Year built:1972
  • Listing ID #:202603056
  • Added:1 day(s) ago
  • Updated:March 10, 2026 at 11:54 AM

Rooms and interior

  • Bedrooms:8
  • Total bathrooms:8
  • Full bathrooms:8
  • Flooring:laminate
  • Living area:5,472 sq. ft.

Heating and cooling

  • Cooling:Wall/window Unit(s)
  • Heating:Electric

Structure and exterior

  • Year built:1972
  • Building area:5,472 sq. ft.
  • Lot area:0.27 Acres

Schools

  • High school:Monterey
  • Middle school:Atkins
  • Elementary school:Bayless

Utilities

  • Sewer:Public Sewer

Finances and disclosures

  • Price:$480,000
  • Price per sq. ft.:$87.72
  • Tax amount:$5,409
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