Five-Unit Apartment
For Sale
$875,000
2620-2628 136th Street, Lubbock, TX 79423
Residential Income, Lubbock, TX
Property Size6,688 SF
Lot Size0.37 Acres
Price / SF$130.83
Days on Market75
Property Features for 2620-2628 136th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
12
Bathrooms
10
Full bathrooms
10
Rooms
Bathroom 1, Bathroom 6, Bedroom 4, Bathroom 7, Bathroom 8, Bedroom 10, Bedroom 2, Bedroom 5, Bedroom 8, Bathroom 2, Bathroom 4, Bedroom 9, Bathroom 9, Bedroom 7, Bedroom 6, Bedroom 12, Bedroom 3, Bathroom 3, Bathroom 10, Bedroom 11, Bathroom 5, Bedroom 1
Parking features
Alley, Garage, Open
Window features
Blinds, Screens
Patio and Porch features
Porch, Patio
Interior features
Ceiling Fan(s), Double Vanity, Granite Counters, Open Floorplan, Pantry
Exterior features
Private Entrance, Private Yard
Appliances
Dishwasher, Disposal, Microwave, Refrigerator
Lot features
Front Yard
Elementary school district
Lubbock-Cooper ISD
Middle school district
Lubbock-Cooper ISD
High school district
Lubbock-Cooper ISD
Subdivision
11
Standard status
Active
APN
R339788, R339789, R339790, R339791, R339792
Size
6,688 SF
Lot size
0.37 Acres
Taxes and HOA fees
Tax Description
Viridian L 178, L 179, L 180, L 181, L 182
Tax Annual Amount
3886
Legal Description
Viridian L 178, L 179, L 180, L 181, L 182
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Electric, Central Air
Water source
Public
Amenities
xeriscape yards
garage
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# 202609568
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-unit apartment property contains 6,688 square feet across a 0.37-acre site. The unit mix includes three two-bedroom, two-bath homes and two three-bedroom, two-bath end units. Each residence has a rear-entry garage, private entrance, and private yard, with open floorplans, granite counters, pantries, and a combination of ceramic tile and carpet flooring. Central heating and cooling, natural gas, and common household appliances are included throughout the property.
The property is located at 2620-2628 136th Street in Lubbock, Texas, directly across from Lubbock Cooper East Elementary, its park, and playground. Public water and sewer serve the property, while parking includes garage, alley, and open options. Exterior features include porches, patios, brick construction, and composition roofing.
The property is located at 2620-2628 136th Street in Lubbock, Texas, directly across from Lubbock Cooper East Elementary, its park, and playground. Public water and sewer serve the property, while parking includes garage, alley, and open options. Exterior features include porches, patios, brick construction, and composition roofing.
Key Highlights
- Five‑unit property with 6,688 square feet of building area
- Unit mix includes three 2‑bedroom, 2‑bath homes and two 3‑bedroom, 2‑bath end units
- Built in 2022 on 0.37 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
$54,239
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
6.20%
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%
$1,084,780
$1.1M
Cap Rate 7%
$774,843
$774.8K
Cap Rate 9%
$602,656
$602.7K
Market Conditions
NOI Build-Up for 6,688 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
$105.1K $15.72/SF
− Vacancy
−$6.5K −$0.97/SF
EGI
$98.6K $14.75/SF
− OpEx
−$44.4K −$6.64/SF
NOI
$54.2K $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%
$1,084,780
Cap Rate 7%
$774,843
Cap Rate 9%
$602,656
Alternative Uses
Best Use
Apartment 5plus
$774.8K
$678.0K – $904.0K
NOI $54,239 @ 7.0% cap · market cap 6.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,024 @ 7.0% cap · market cap 13.49%
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 - Recently built townhome-style apartments with varied layouts, private yards, and rear-entry garages.
Where is this apartment building located?
The property is located at 2620-2628 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‑unit property with 6,688 square feet of building area; Unit mix includes three 2‑bedroom, 2‑bath homes and two 3‑bedroom, 2‑bath end units; Built in 2022 on 0.37 acres
