Leased Multifamily Property with Expansion
For Sale
$875,000
1304 Avenue F, Shallowater, TX 79363
MULTI_FAMILY - Other - Shallowater, TX
Property Size7,758 SF
Lot Size1.70 Acres
Price / SF$112.79
Days on Market21
Property Features for 1304 Avenue F
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
9
Full bathrooms
9
Rooms
Bedroom 8, Bathroom 4, Bathroom 3, Bathroom 2, Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 7, Bathroom 5, Bathroom 6, Bathroom 7, Bedroom 6, Bedroom 4, Bathroom 9, Bathroom 8, Bedroom 9, Bathroom 1, Bedroom 5
Parking features
Driveway, Garage
Window features
Double Pane Windows
Patio and Porch features
Patio
Fencing
Fenced
Fireplace
1
Appliances
Dishwasher, Electric Cooktop
Lot features
Back Yard, Corner Lot, Front Yard
Middle school
Shallowater
High school
Shallowater
Elementary school district
Shallowater ISD
Middle school district
Shallowater ISD
High school district
Shallowater ISD
Subdivision
Shallowater
Standard status
Active
APN
R157706
Size
7,758 SF
Lot size
1.70 Acres
Taxes and HOA fees
Tax Description
North Park L 11 Thru 15
Tax Annual Amount
9277
Legal Description
North Park L 11 Thru 15
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
2002
Floors in Building
1
Number of units
3
Flooring type
Vinyl, Carpet, Tile - Ceramic
Building materials
Blown-In Insulation, Brick Veneer
Roof type
Composition
Architectural style
Other
Listing Agency:
Flatland Realty LLC
(806) 239-7154
Listed By:
David Sewell · License #0409392
(806) 239-7154
Added: Aug 5
Changed: Aug 8
Last Checked: Aug 25 at 2:06AM
MLS# 202611047
Copyright © 2026 Lubbock 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.
Investment Insights
Based on property information with market context.
This multifamily property comprises two duplexes and one triplex, creating a seven-unit rental configuration with 7,758 square feet of building area. The units are 100% leased, and the property includes two additional lots designated for expansion. Built in 2002, the buildings feature brick veneer construction, composition roofing, central heating and cooling, and a combination of vinyl, carpet, and ceramic tile flooring.
The 1.7-acre property is served by public water and public sewer. Additional features include driveways, garages, patios, fencing, fireplaces, dishwashers, and electric cooktops. Cable service is available.
The 1.7-acre property is served by public water and public sewer. Additional features include driveways, garages, patios, fencing, fireplaces, dishwashers, and electric cooktops. Cable service is available.
Key Highlights
- Two duplexes and one triplex create a seven‑unit multifamily property
- Units are 100% leased
- 7,758 square feet of building area on 1.7 acres
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$70,071
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.01%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,401,420
$1.4M
Cap Rate 7%
$1,001,014
$1.0M
Cap Rate 9%
$778,567
$778.6K
Market Conditions
NOI Build-Up for 7,758 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$107.1K $13.80/SF
− Vacancy
−$7.0K −$0.90/SF
EGI
$100.1K $12.90/SF
− OpEx
−$30.0K −$3.87/SF
NOI
$70.1K $9.03/SF
Area
Lubbock County, TX
Vacancy
6.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,401,420
Cap Rate 7%
$1,001,014
Cap Rate 9%
$778,567
Alternative Uses
Best Use
Multifamily LT 5
$1.00M
$875.9K – $1.17M
NOI $70,071 @ 7.0% cap · market cap 8.01%
Second Best
Apartment 5plus
$898.8K
$786.5K – $1.05M
NOI $62,917 @ 7.0% cap · market cap 7.19%
Theoretical Best
Office A
$1.96M
$1.71M – $2.28M
NOI $136,907 @ 7.0% cap · market cap 15.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
99
Businesses Nearby
Explore this area
Business Placement
Demographics for 79363, TX
6,259
Population
2,233
Households
2.8
Avg Household Size
36
Median Age
30%
College-Educated
88%
High-School Grad
108.1 sq mi
ZIP Area
58
Density / Sq Mi
$93,320
Median Household Income
$45,035
Median Earnings
$1,138
Median Rent
$201,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Fully leased rental property includes two additional lots for expansion.
Where is this multifamily property located?
The property is located at 1304 Avenue F Shallowater, TX.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Two duplexes and one triplex create a seven‑unit multifamily property; Units are 100% leased; 7,758 square feet of building area on 1.7 acres
