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    The Largest CRE Database in the US with Over 1 Million Listings

    1205-1207 Raleigh St Plainview, TX 79072

    Sponsored
    For Sale
    $545,000

    Apartment Building 7+ - Plainview, TX

    Property size:
    6,565 SF
    Lot size:
    0.32 Acres
    Days on Market:
    66
    Last Refresh:
    Feb 12 at 5:06 pm

    Property Features for 1205-1207 Raleigh St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    A - Single Family Homes
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Bedrooms
    10
    Size
    6,565 SF
    Lot size
    0.32 Acres

    Utilities

    Heating system
    Electric (Heating)

    Building Details

    Year built
    1962
    Floors in Building
    1
    Building materials
    Brick, Brick Veneer
    Roof type
    Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    David Kopp

    Roberts & Wilkins, Realtors (806) 293-4413

    Listing agent David Kopp (806) 292-0263

    Listing date Dec 9, 2025

    MLS# 24-253 Listing URL

    Copyright © 2026 Plainview Association Of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Plainview Apartment Building: 10 Units

    The Colonial Apartments consist of 10 units with historically high occupancy. All units feature 1 bedroom and 1 bathroom. The approximate sizes of the units vary: four units are 550 square feet, four are 650 square feet, and two are 750 square feet. The property includes three single-story buildings with covered walkways and a courtyard area. A laundry room is located on-site. Each unit is equipped with a stove. Some refrigerators are provided by the owner, while others are supplied by the tenants. There are no dishwashers. AC and heat are provided via window units or PTAC systems. Off-street parking is available. Tenants are responsible for paying for electricity, while the owner covers the cost of water. There is no gas service. Since 2012, seven units have had remodeled kitchens and bathrooms, and two units have received minor updates. One unit has not been updated, as the tenant of 15+ years prefers it as is. The laundry room has been remodeled, and several front doors have been replaced. Exterior painting and LED lighting have been installed. The property is zoned for single-family homes. The property contains 6,565 square feet and is situated on a 0.32-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Plainview
    County
    Hale
    State
    Texas
    Longitude
    -101.726165
    Latitude
    34.193428

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    FAQs

    What type of property is this?
    Apartment building - Ten-unit apartment building with high occupancy in Plainview, Texas.
    Where is this apartment building located?
    The property is located at 1205-1207 Raleigh St Plainview, TX.
    What is the asking price?
    The asking price for this property is $545,000.
    What are key features of this property?
    This property features: - Historically high occupancy, indicating strong rental demand.; - Ten units in total, offering immediate income potential.; - Seven units remodeled since 2012 with **updated kitchens and bathrooms**.
    (806) 729-4878
    Request Owner's contact information
    1205-1207 Raleigh St Plainview, TX 79072
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    Plainview, TX 79072
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1205-1207 Raleigh St Plainview, TX 79072
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    We can help!
    Listing Contact
    David Kopp
    (806) 729-4878 (806) 292-0263 (806) 293-4413
    Learn more
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