1608 59th St Lubbock, TX 79412
Bayless-Atkins NeighborhoodEstimated payment $2,933/month
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 rents: $500-$625/month Market rents: $700-$725/month Tenants pay electricity Opportunity to bill back water expenses Value-add investment with income growth potential This is an excellent opportunity for investors seeking a stable multifamily asset with significant upside in rental income.
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1972
Lot Details
- 0.27 Acre Lot
Parking
- Parking Lot
Interior Spaces
- 5,472 Sq Ft Home
- Laminate Flooring
Bedrooms and Bathrooms
- 8 Bedrooms
- 8 Full Bathrooms
Utilities
- Cooling System Mounted To A Wall/Window
- Heating Available
Listing and Financial Details
- Assessor Parcel Number R122568
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $5,551 | $305,707 | $8,904 | $296,803 |
| 2024 | $56 | $305,707 | $8,904 | $296,803 |
| 2023 | $5,017 | $269,880 | $8,904 | $260,976 |
| 2022 | $4,494 | $221,983 | $8,904 | $213,079 |
| 2021 | $4,051 | $189,145 | $8,904 | $180,241 |
| 2020 | $4,071 | $187,238 | $8,904 | $178,334 |
| 2019 | $4,269 | $190,170 | $8,904 | $181,266 |
| 2018 | $3,277 | $145,800 | $8,904 | $136,896 |
| 2017 | $3,070 | $136,408 | $8,904 | $127,504 |
| 2016 | $2,982 | $132,495 | $8,904 | $123,591 |
| 2015 | $2,894 | $130,930 | $8,904 | $122,026 |
| 2014 | $2,894 | $130,147 | $8,904 | $121,243 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 03/10/2026 03/10/26 | For Sale | $480,000 | -- | $88 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | -- | Service Title | |
| Vendors Lien | -- | True Title Partners | |
| Vendors Lien | -- | Service Titel | |
| Deed | -- | -- | |
| Deed | -- | -- |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Previous Owner | $262,425 | Commercial | |
| Previous Owner | $168,000 | Future Advance Clause Open End Mortgage |
Source: Lubbock Association of REALTORS®
MLS Number: 202603056
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