Residential Income
For Sale
$349,000
1908 15th St, Lubbock, TX 79401
Residential income property offered for sale in Lubbock, Texas.
Property Size3,461 SF
Price / SF$100.84
Days on Market43
Property Features for 1908 15th St
General Information
Standard status
Active
Size
3,461 SF
Property subtype
Multi-Family
Building Details
Year Built
2011
Listing Agency:
The 32:18 Management Group
(806) 500-5599
Listed By:
Chris Carter · License #0817825
Source:
Raftercrossrealty
Added: Jul 21
Changed: Aug 11
Last Checked: Aug 30 at 8:00PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The 32:18 Management Group
Investment Insights
Based on property information with market context.
This residential income property is offered for sale in Lubbock, Texas. The listing is categorized as a multifamily property/other multifamily property within residential income classifications.
The property is located at 1908 15th St in Lubbock, TX 79401. Further details on unit mix, condition, and specific improvements are not provided in the available information.
The property is located at 1908 15th St in Lubbock, TX 79401. Further details on unit mix, condition, and specific improvements are not provided in the available information.
Key Highlights
- Residential income property for sale in Lubbock, Texas
- Built in 2011
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
$28,069
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
8.04%
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%
$561,380
$561.4K
Cap Rate 7%
$400,986
$401.0K
Cap Rate 9%
$311,878
$311.9K
Market Conditions
NOI Build-Up for 3,461 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
$54.4K $15.72/SF
− Vacancy
−$3.4K −$0.97/SF
EGI
$51.0K $14.75/SF
− OpEx
−$23.0K −$6.64/SF
NOI
$28.1K $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%
$561,380
Cap Rate 7%
$400,986
Cap Rate 9%
$311,878
Alternative Uses
Best Use
Apartment 5plus
$401.0K
$350.9K – $467.8K
NOI $28,069 @ 7.0% cap · market cap 8.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$872.5K
$763.5K – $1.02M
NOI $61,077 @ 7.0% cap · market cap 17.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,438
Businesses Nearby
Explore this area
Business Placement
Demographics for 79401, TX
8,775
Population
4,813
Households
1.8
Avg Household Size
26
Median Age
26%
College-Educated
85%
High-School Grad
2.5 sq mi
ZIP Area
3,510
Density / Sq Mi
$27,255
Median Household Income
$20,570
Median Earnings
$1,048
Median Rent
$101,500
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?
Multifamily property - Residential income property offered for sale in Lubbock, Texas.
Where is this multifamily property located?
The property is located at 1908 15th St Lubbock, TX.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Residential income property for sale in Lubbock, Texas; Built in 2011
