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    Package Property Lubbock, TX 79411

    Sponsored
    For Sale
    $650,000

    MULTI_FAMILY - Lubbock, TX

    Days on Market:
    140
    Last Refresh:
    Feb 16 at 3:06 pm

    Property Features for Package Property

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bedroom 10, Bathroom 7, Bedroom 14, Bedroom 6, Bathroom 4, Bedroom 2, Bathroom 2, Bedroom 13, Bedroom 5, Bedroom 12, Bedroom 8, Bedroom 15, Bedroom 7, Bedroom 9, Bedroom 4, Bathroom 9, Bathroom 3, Bedroom 1, Bathroom 1, Bedroom 11, Bathroom 8, Bathroom 6, Bathroom 5, Bedroom 3
    Bedrooms
    15
    Bathrooms
    9
    APN
    R115605
    Parking features
    Driveway, Carport
    Patio and Porch features
    Patio, Porch
    Fencing
    Fenced, Chain Link
    Fireplace
    1

    Utilities

    Heating system
    Fireplace(s), Central, Wall Furnace
    Cooling system
    Ceiling Fan(s), Window Unit(s), Wall/Window Unit(s), Central Air

    Building Details

    Year built
    1929
    Number of units
    4
    Flooring type
    Combination, Hardwood
    Roof type
    Composition
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Rex Andrews

    Keller Williams Realty (806) 771-7710

    Listing agent Rex Andrews (806) 777-6556 License #0663823

    Listing date Sep 30, 2025

    MLS# 202551915 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.

    Learn more

    Property Insight Report

    Overview

    Multifamily Investment Near Texas Tech

    This real estate package includes four properties, each with unique features and rental arrangements, located near Texas Tech University. The properties can be purchased individually or as a package. 1914 15th St features two bedrooms and one bathroom and is currently under a month-to-month rental agreement, offering flexible leasing terms. 1924 14th St includes three bedrooms and one bathroom and is under a lease agreement through 2027, providing a steady investment with long-term tenants. 2320 21st St consists of a duplex with a total of five bedrooms and three bathrooms. The front duplex has two bedrooms and one bathroom, the side duplex has two bedrooms and one bathroom, and the back house has one bedroom and one bathroom; this property is not currently leased, making it suitable for multiple rental arrangements. 2323 20th St features five bedrooms and three bathrooms, with four bedrooms and two bathrooms in the front house and one bedroom and one bathroom in the garage apartment; it sits on lots 10, 11, and 12, making it excellent for large families or subdivided rental opportunities. All properties feature fully equipped kitchens and are located within a short distance of Texas Tech University, making them highly desirable for student housing or rental investments. The properties are being sold as is.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Multifamily properties

    Map

    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.859676
    Latitude
    33.568144

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    FAQs

    What type of property is this?
    Multifamily property - Four properties near Texas Tech, ideal for investors or homeowners.
    Where is this multifamily property located?
    The property is located at Package Property Lubbock, TX.
    What is the asking price?
    The asking price for this property is $650,000.
    What are key features of this property?
    This property features: - Package of four distinct properties near Texas Tech University, ideal for investors or homeowners.; - Diverse rental arrangements: month-to-month, long-term lease (through 2027), and vacant units offer flexible income opportunities.; - Multiple units with a total of **15 bedrooms and 8 bathrooms**, suitable for student housing or large families.
    (806) 777-6556
    Request Owner's contact information
    Package Property Lubbock, TX 79411
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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.

    More about this property
    Package Property Lubbock, TX 79411
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    We can help!
    Listing Contact
    Rex Andrews
    Real Estate License ID: 0663823
    (806) 777-6556
    Learn more
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