5-Unit Apartment Building with
For Sale
$875,000
2610-2618 136th Street, Lubbock, TX 79423
Residential Income, Lubbock, TX
Property Size6,640 SF
Lot Size0.36 Acres
Price / SF$131.78
Days on Market75
Property Features for 2610-2618 136th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
12
Bathrooms
10
Full bathrooms
10
Rooms
Bathroom 3, Bathroom 9, Bedroom 11, Bathroom 2, Bedroom 12, Bedroom 8, Bedroom 6, Bedroom 4, Bathroom 7, Bathroom 8, Bathroom 1, Bedroom 10, Bedroom 7, Bedroom 3, Bedroom 1, Bedroom 5, Bedroom 2, Bedroom 9, Bathroom 4, Bathroom 10, Bathroom 5, Bathroom 6
Parking features
Driveway, On Street, Garage, Open
Window features
Screens, Blinds
Patio and Porch features
Patio
Interior features
Ceiling Fan(s), Double Vanity, Granite Counters, Open Floorplan, Pantry, Primary Downstairs, Walk-In Closet(s)
Exterior features
Private Entrance, Private Yard
Appliances
Dishwasher, Disposal, Electric Range, Refrigerator
Lot features
City Lot, Cul-De-Sac
Elementary school district
Lubbock-Cooper ISD
Middle school district
Lubbock-Cooper ISD
High school district
Lubbock-Cooper ISD
Subdivision
11
Standard status
Active
APN
R339783, R339784, R339785, R339786, R339787
Size
6,640 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Description
Viridian L173, L174, L175, L176, L177
Tax Annual Amount
19545
Legal Description
Viridian L173, L174, L175, L176, L177
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Building Details
Year built
2022
Floors in Building
1
Number of units
5
Flooring type
Tile - Ceramic, Carpet
Building materials
Brick
Roof type
Composition
Listing Agency:
Aycock Realty Group, LLC
(806) 778-5956
Listed By:
Beth Wylie · License #0777416
(405) 435-1534
Added: Jun 26
Changed: Sep 5
Last Checked: Sep 8 at 1:06PM
MLS# 202609561
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 five-townhome property contains 6,640 square feet on 0.36 acres. The residences feature brick construction, open floor plans, granite counters, ceramic tile and carpet flooring, ceiling fans, central air, and natural gas central heating. Interior layouts include primary bedrooms downstairs, walk-in closets, pantries, and double vanities. Each home also includes a private entrance, private yard, patio, and garage parking, with driveways, open parking, and on-street parking also available.
The property is located across the street from Lubbock Cooper East Elementary in Lubbock. Public water and sewer serve the site, and composition roofing is in place. Several tenants have occupied their homes for more than 2 years, providing established tenancy within the five-unit configuration.
The property is located across the street from Lubbock Cooper East Elementary in Lubbock. Public water and sewer serve the site, and composition roofing is in place. Several tenants have occupied their homes for more than 2 years, providing established tenancy within the five-unit configuration.
Key Highlights
- Five townhomes across the street from Lubbock Cooper East Elementary
- 6,640 square feet on 0.36 acres
- Built in 2022 with brick construction and composition roofing
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
$53,850
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
6.15%
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%
$1,077,000
$1.1M
Cap Rate 7%
$769,286
$769.3K
Cap Rate 9%
$598,333
$598.3K
Market Conditions
NOI Build-Up for 6,640 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
$104.4K $15.72/SF
− Vacancy
−$6.5K −$0.97/SF
EGI
$97.9K $14.75/SF
− OpEx
−$44.1K −$6.64/SF
NOI
$53.9K $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%
$1,077,000
Cap Rate 7%
$769,286
Cap Rate 9%
$598,333
Alternative Uses
Best Use
Apartment 5plus
$769.3K
$673.1K – $897.5K
NOI $53,850 @ 7.0% cap · market cap 6.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $117,177 @ 7.0% cap · market cap 13.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five attached townhomes offer granite finishes, private yards, and rear-entry garage parking across from Lubbock Cooper East Elementary.
Where is this apartment building located?
The property is located at 2610-2618 136th Street Lubbock, 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: Five townhomes across the street from Lubbock Cooper East Elementary; 6,640 square feet on 0.36 acres; Built in 2022 with brick construction and composition roofing
