Rental Home Portfolio and
For Sale
$1,100,000
7603 Alcove Avenue, Lubbock, TX 79407
MULTI_FAMILY - Lubbock, TX
Property Size9,752 SF
Lot Size4.00 Acres
Price / SF$112.80
Days on Market325
Property Features for 7603 Alcove Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
21
Bathrooms
12
Full bathrooms
12
Rooms
Bathroom 4, Bedroom 1, Bedroom 10, Bedroom 2, Bedroom 4, Bedroom 3, Bedroom 17, Bedroom 5, Bathroom 11, Bedroom 8, Bathroom 6, Bedroom 14, Bedroom 7, Bedroom 16, Bedroom 11, Bedroom 6, Bedroom 9, Bedroom 12, Bedroom 13, Bathroom 10, Bedroom 19, Bedroom 15, Bathroom 8, Bedroom 20, Bathroom 12, Bathroom 5, Bathroom 9, Bedroom 18, Bathroom 7, Bathroom 1, Bathroom 3, Bedroom 21, Bathroom 2
Elementary school district
Frenship ISD
Middle school district
Frenship ISD
High school district
Frenship ISD
Subdivision
7
Standard status
Active
APN
R130706
Size
9,752 SF
Lot size
4.00 Acres
Taxes and HOA fees
Tax Description
BLK AK SEC 31 AB 243 TR C4A LESS W10' ACS: .2565 - Please reach out to listing agent for all legal descriptions
Tax Annual Amount
21000
Legal Description
BLK AK SEC 31 AB 243 TR C4A LESS W10' ACS: .2565 - Please reach out to listing agent for all legal descriptions
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1956
Roof type
Composition
Listing Agency:
Progressive Properties
(806) 794-7777
Listed By:
Brandon Tyler · License #0542831
(806) 239-0962
Added: Oct 3, 2025
Changed: Aug 2
Last Checked: Aug 23 at 7:06PM
MLS# 202561366
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 offering features a 4+ acre parcel at 7603 Alcove Avenue improved with nine rental houses, currently producing approximately $8,450 per month. The property provides cash-flow while offering a platform for redevelopment on the buyer’s timeline, including the option to pursue an entitle-and-design approach.
The site is positioned along Alcove Avenue with immediate access to US-82/62 (Marsha Sharp Fwy). A United Supermarkets is planned across the street, and Alcove Avenue is scheduled to be widened, supporting future visibility and access in a fast-growing corridor.
Surrounding development includes established retail and dining, creating practical upside for future retail pads, a neighborhood center, restaurants, or other service-oriented commercial uses, subject to applicable approvals.
The site is positioned along Alcove Avenue with immediate access to US-82/62 (Marsha Sharp Fwy). A United Supermarkets is planned across the street, and Alcove Avenue is scheduled to be widened, supporting future visibility and access in a fast-growing corridor.
Surrounding development includes established retail and dining, creating practical upside for future retail pads, a neighborhood center, restaurants, or other service-oriented commercial uses, subject to applicable approvals.
Key Highlights
- 4+/- acres on Alcove Ave with immediate access to US‑82/62 (Marsha Sharp Fwy)
- Currently improved with nine rental houses generating approximately $8,450 per month
- Central heating and central air
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
$79,088
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
7.19%
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%
$1,581,760
$1.6M
Cap Rate 7%
$1,129,829
$1.1M
Cap Rate 9%
$878,756
$878.8K
Market Conditions
NOI Build-Up for 9,752 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
$153.3K $15.72/SF
− Vacancy
−$9.5K −$0.97/SF
EGI
$143.8K $14.75/SF
− OpEx
−$64.7K −$6.64/SF
NOI
$79.1K $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%
$1,581,760
Cap Rate 7%
$1,129,829
Cap Rate 9%
$878,756
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$988.6K – $1.32M
NOI $79,088 @ 7.0% cap · market cap 7.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.46M
$2.15M – $2.87M
NOI $172,095 @ 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
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
197
Businesses Nearby
Explore this area
Business Placement
Demographics for 79407, TX
23,208
Population
11,817
Households
2
Avg Household Size
32
Median Age
41%
College-Educated
92%
High-School Grad
75.9 sq mi
ZIP Area
306
Density / Sq Mi
$64,778
Median Household Income
$38,212
Median Earnings
$1,131
Median Rent
$200,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - 4+ acre site with nine rental houses generating approximately $8,450 per month, with direct access to US-82/62.
Where is this single family property located?
The property is located at 7603 Alcove Avenue Lubbock, TX.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 4+/- acres on Alcove Ave with immediate access to US‑82/62 (Marsha Sharp Fwy); Currently improved with nine rental houses generating approximately $8,450 per month; Central heating and central air
