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    2323 20Th St Lubbock, TX 79411

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    Sponsored
    For Sale
    $333,000

    MULTI_FAMILY - Lubbock, TX

    Property size:
    2,832 SF
    Lot size:
    0.32 Acres
    Days on Market:
    6
    Last Refresh:
    Mar 8 at 11:06 pm

    Property Features for 2323 20Th St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bedroom 2, Bedroom 5, Bedroom 4, Bedroom 6, Bathroom 2, Bedroom 3, Basement, Bathroom 3, Bathroom 1, Bedroom 1
    Bedrooms
    6
    Bathrooms
    3
    APN
    R115535
    Parking features
    Garage, Driveway
    Patio and Porch features
    Porch
    Interior features
    Bookcases, Built-in Features, Cedar Closet(s), Ceiling Fan(s), Crown Molding, His and Hers Closets, Storage, Walk-In Closet(s)
    Exterior features
    Fire Pit, Private Yard, Rain Gutters
    Fireplace
    1
    Basement
    Concrete
    Size
    2,832 SF
    Lot size
    0.32 Acres

    Utilities

    Heating system
    Fireplace(s), Natural Gas
    Cooling system
    Central Air, Ceiling Fan(s)

    Building Details

    Year built
    1939
    Number of units
    2
    Flooring type
    Hardwood, Linoleum, Tile, Parquet Wood, Carpet
    Building materials
    Brick
    Roof type
    Composition
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Rex Andrews

    Keller Williams Realty (806) 771-7710

    Listing agent Rex Andrews (806) 777-6556 License #0663823

    Listing date Mar 3, 2026

    MLS# 202551905 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Historic Multifamily Property Near Texas Tech

    Located one block from Texas Tech University, this property features a six-bedroom, three-bathroom layout, blending historic elegance with modern convenience. Constructed between 1939 and 1944, the property incorporates wood and paneling from Blackwood Forest in Germany. The main house includes four bedrooms and two bathrooms. The basement offers a versatile space with two egress windows and a secure locker, adaptable as a fifth bedroom. The main bedroom provides porch access, while another bedroom features side porch access. The modern kitchen also opens to the porch. A breezeway connects the main structure to a two-car garage. Adjacent to the garage is a one-bedroom, one-bathroom apartment. The property spans lots 10, 11, and 12, offering outdoor living opportunities. The backyard features three ponds, including a smaller pond with a cascading waterfall that empties into a larger pond. A wooden bridge spans the larger pond, providing access to an outdoor cooking area. The property represents a potential investment opportunity, possibly integrated into an 8 rentable door package. Its location near Texas Tech University positions it to attract families, professionals, and investors looking to capitalize on the rental market. The property size is 2832 square feet and the lot size is 0.32 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Single family properties

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.867068
    Latitude
    33.576571

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    FAQs

    What type of property is this?
    Single family property - Six-bedroom property near Texas Tech, featuring unique historic details.
    Where is this single family property located?
    The property is located at 2323 20Th St Lubbock, TX.
    What is the asking price?
    The asking price for this property is $333,000.
    What are key features of this property?
    This property features: - Prime Location: Just one block from Texas Tech University.; - Income-Generating Potential: Detached one-bedroom apartment for rental income.; - Unique Historical Features: Exquisite wood and paneling from Germany's Blackwood Forest.
    (806) 777-6556
    Request Owner's contact information
    2323 20Th St Lubbock, TX 79411
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    Lubbock, TX 79411
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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
    2323 20Th St Lubbock, TX 79411
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    We can help!
    Listing Contact
    Rex Andrews
    Real Estate License ID: 0663823
    (806) 777-6556
    Learn more
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