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    179 6604 Lubbock, TX

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    For Sale
    $1,585,200

    52.84-acre tract for residential development in Wolfforth, Texas.

    Lot size:
    52.84 Acres

    Property Features for 179 6604

    General Information

    Lot size
    52.84 Acres
    Source: Moodyscre

    Listing Agent: Scott Womack

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    52.84 Acres Residential Development Land

    This 52.84-acre tract of land is located within the city limits of Wolfforth, Texas. Legend Hills has been pre-engineered, and a preplat has been approved by the City of Wolfforth. The tract can be configured to accommodate 209 residential lots, each approximately 6,000 sq. ft. with 50' widths. Upon closing, the engineering and pre-plat work will be transferred to the purchaser, who will be responsible for filing the final plat with the City of Wolfforth. Water is currently installed on FM 179, but will need to be extended to Legend Hills. Sewer service can be made available through the installation of a pump station near the southeast corner of the development tract. Participation in the cost of the lift station may be possible with adjoining property owners or the City of Wolfforth in exchange for underground water rights. The property is located on the west side of FM 179 (Dowden Road/Inler Avenue) at 66th Street in Wolfforth, Texas, one mile north of Frenship High School in Frenship ISD. Nearby subdivisions include Llano Estates and Preston Manor. The location provides convenient access to various parts of Lubbock via 82nd Street, 50th Street, 34th Street, and 19th Street off of FM 179.
    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.8521082
    Latitude
    33.584646

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    FAQs

    What type of property is this?
    Land - 52.84-acre tract for residential development in Wolfforth, Texas.
    Where is this land located?
    The property is located at 179 6604 Lubbock, TX.
    What is the asking price?
    The asking price for this property is $1,585,200.
    What are key features of this property?
    This property features: - Approved pre-plat for 209 residential lots: Ready for development.; - Prime location in Wolfforth: Offers access to city services and amenities.; - High-demand Frenship ISD: A major draw for families.
    (806) 784-3265
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    179 6604 Lubbock, TX
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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.

    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
    179 6604 Lubbock, TX
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