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    Income-Generating Lubbock Multifamily Opportunity Title is generated by Realmo AI

    Package Property, Lubbock, TX 79410

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    For Sale
    $415,000

    MULTI_FAMILY - Lubbock, TX

    Added:
    Apr 21, 2025
    Days on Market:
    402
    Last Refresh:
    May 27 at 12:06 pm

    Property Features for Package Property

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Bathrooms
    4
    Rooms
    Bedroom 4, Bedroom 1, Bedroom 2, Bathroom 3, Bathroom 5, Bathroom 2, Bedroom 5, Bedroom 6, Bathroom 4, Bathroom 1, Bedroom 3
    Parking features
    Driveway, Garage
    Standard status
    Active
    APN
    R104411

    Taxes and HOA fees

    Tax Description
    TAYLOR HEIGHTS BLK 3 L 17 SIMMONS BLK 8 L 1

    Utilities

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

    Building Details

    Year built
    1943
    Number of units
    2

    We can help!

    Listing Contact
    Rex Andrews

    Listing agent Rex Andrews License #0663823

    Listing office Keller Williams Realty 10210 Quaker Ave, Lubbock, TX

    Listing date Apr 21, 2025

    MLS# 202553443 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.

    HighLights

    • Fully leased property generating consistent cash flow with strong rental history and reliable tenants.
    • Desirable Tech Terrace location, minutes from Texas Tech University, coffee shops, and parks.
    • Spacious corner lot with a classic home featuring 3 bedrooms and 2 bathrooms.
    • Generous living spaces and a bright kitchen with original touches.
    • Great option for investors looking for immediate rental income.
    • Detached 2‑car garage adds convenience.

    Overview

    This offering features two properties in Lubbock, Texas. The first property, located at 3601 33RD ST, is a fully leased, income-generating property. This spacious home includes three bedrooms and three bathrooms, featuring two separate living areas. The layout is designed to provide flexibility and comfort for tenants, with each bedroom offering generous space and privacy. A detached two-car garage provides convenience and potential for additional storage or future development. The property is currently 100% leased with a strong rental history and reliable tenants, producing consistent cash flow. The second property, located at 2601 30TH ST, is situated on a spacious corner lot in the Tech Terrace neighborhood. This home includes three bedrooms and two bathrooms, blending timeless charm with everyday functionality. The layout offers generous living spaces and a bright kitchen. The property is currently occupied, presenting an option for investors looking for immediate rental income or future homeowners wanting to secure a spot in one of Lubbock's most beloved communities. It is located just minutes from Texas Tech University, coffee shops, parks, and local favorites.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Map

    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.887956
    Latitude
    33.563441

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    FAQs

    What type of property is this?
    Duplex - Fully leased properties with strong rental history in desirable Lubbock locations.
    Where is this duplex located?
    The property is located at Package Property Lubbock, TX.
    What is the asking price?
    The asking price for this property is $415,000.
    What are key features of this property?
    This property features: Fully leased property generating consistent cash flow with strong rental history and reliable tenants.; Desirable Tech Terrace location, minutes from Texas Tech University, coffee shops, and parks.; Spacious corner lot with a classic home featuring 3 bedrooms and 2 bathrooms.
    (806) 777-6556
    We can help!
    Listing Contact
    Rex Andrews
    Real Estate License ID: 0663823
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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.

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