22,368 sqft

$1,200,000

501 Plaza Drive, Slaton TX, 79364

Price per sqft$53.65

Built in1966

Property size22,368 sqft

Property typeCommercial

Overview

Active

Listed Oct 9, 2026

Updated 2 weeks ago

The Plaza is a 24 unit apartment community made up of 12 one story duplexes. They are all 2 Bed / 1 Bath units, with washer/dryer connections in each unit. They have strong current occupancy and there is room for rent increases. Property manager says they haven't raised rents in 5 years. Rents are about $135 below the 2 bedroom units in the apartment complex nearby. There is also an opportunity to reduce the utility costs and start billing back the water to the residents. The current water bill is about 2 times higher than the expense comps we have for the area. Good operational improvements will drive higher returns for the new owner.

Additional information

MLS^® ID: 202608218

Interior Features

Basement: No

Exterior Features

Lot Size: 0.12 Acres

Other Property Details

Taxes: $1,047
Tax Frequency: Annually

Courtesy of Greg Brownd with Keller Williams Realty
Listing Contact: 806-777-4459

Based on information from the Lubbock Association of REALTORS® as of 10/10/2026. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified.