Five-Unit Townhome Apartment
New
For Sale
$1,150,000
2534 137th Street, Lubbock, TX 79423
Residential Income, Lubbock, TX
Property Size8,215 SF
Lot Size0.32 Acres
Price / SF$139.99
Days on Market5
Property Features for 2534 137th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
15
Bathrooms
15
Full bathrooms
13
Half bathrooms
3
Rooms
Bathroom 9, Bedroom 15, Bedroom 13, Bathroom 15, Bedroom 1, Bedroom 14, Bathroom 10, Bedroom 2, Bedroom 11, Bathroom 1, Bathroom 12, Bathroom 2, Bedroom 8, Bedroom 9, Bathroom 8, Bedroom 3, Bathroom 6, Bedroom 10, Bedroom 4, Bathroom 11, Bathroom 14, Bathroom 13, Bathroom 16, Bedroom 7, Bedroom 6, Bathroom 4, Bathroom 7, Bathroom 5, Bedroom 12, Bedroom 5, Bathroom 3
Parking features
Garage, Open, Alley
Interior features
Beamed Ceilings
Appliances
Dishwasher, Dryer, Electric Oven
Elementary school
Lubbock-Cooper East
Middle school
Lubbock-Cooper
High school
Cooper
Elementary school district
Lubbock-Cooper ISD
Middle school district
Lubbock-Cooper ISD
High school district
Lubbock-Cooper ISD
Subdivision
11
Standard status
Active
APN
R339811
Size
8,215 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Description
Viridian L 201
Tax Annual Amount
22000
Legal Description
Viridian L 201
Utilities
Heating system
Central
Cooling system
Central Air
Amenities
granite countertops
luxury vinyl plank flooring
low-maintenance turf
Building Details
Year built
2022
Flooring type
Plank, Vinyl
Building materials
Brick
Roof type
Composition
Architectural style
Contemporary
Listing Agency:
Veritas Real Estate Company
(806) 853-7355
Listed By:
Andrew Baxter · License #0734273
(214) 926-1236
Added: Sep 18
Changed: Sep 22
Last Checked: Sep 22 at 10:06PM
MLS# 202613104
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.
Built in 2022, this multifamily property contains five contemporary townhome units totaling 8,215 square feet on 0.32 acres. The unit mix includes three three-bedroom, 2.5-bath residences and two three-bedroom, two-bath residences. Each unit includes a one-car garage and private driveway, with additional street parking available. Interior details include granite countertops, vinyl plank flooring, and beamed ceilings, while central heating and central air support year-round comfort. Brick construction and composition roofing complete the improvements.
The property is located at 2534, 2536, 2538, 2540, and 2542 137th Street in Lubbock, Texas. Lubbock-Cooper East Elementary School is within walking distance. Low-maintenance turf is included as an exterior feature, and the property also offers alley parking access.
The property is located at 2534, 2536, 2538, 2540, and 2542 137th Street in Lubbock, Texas. Lubbock-Cooper East Elementary School is within walking distance. Low-maintenance turf is included as an exterior feature, and the property also offers alley parking access.
Key Highlights
- Five townhome units built in 2022
- 8,215 square feet on 0.32 acres
- Unit mix includes three 3‑bedroom, 2.5‑bath units and two 3‑bedroom, 2‑bath units
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
$66,623
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
5.79%
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%
$1,332,460
$1.3M
Cap Rate 7%
$951,757
$951.8K
Cap Rate 9%
$740,256
$740.3K
Market Conditions
NOI Build-Up for 8,215 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
$129.1K $15.72/SF
− Vacancy
−$8.0K −$0.97/SF
EGI
$121.1K $14.75/SF
− OpEx
−$54.5K −$6.64/SF
NOI
$66.6K $8.11/SF
Area
Lubbock, TX
Vacancy
6.20%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$1,332,460
Cap Rate 7%
$951,757
Cap Rate 9%
$740,256
Alternative Uses
Best Use
Apartment 5plus
$951.8K
$832.8K – $1.11M
NOI $66,623 @ 7.0% cap · market cap 5.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.07M
$1.81M – $2.42M
NOI $144,972 @ 7.0% cap · market cap 12.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
135
Businesses Nearby
Explore this area
Business Placement
Demographics for 79423, TX
42,311
Population
18,463
Households
2.3
Avg Household Size
35
Median Age
38%
College-Educated
94%
High-School Grad
64.2 sq mi
ZIP Area
659
Density / Sq Mi
$82,906
Median Household Income
$45,520
Median Earnings
$1,284
Median Rent
$222,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Contemporary multifamily property with private garages, modern finishes, and access to additional street parking.
Where is this apartment building located?
The property is located at 2534 137th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Five townhome units built in 2022; 8,215 square feet on 0.32 acres; Unit mix includes three 3‑bedroom, 2.5‑bath units and two 3‑bedroom, 2‑bath units
