Three-Unit Residential
For Sale
$235,000
3809 36th St, Lubbock, TX 79413
Front apartment and two back room rentals feature separate entrances and parking accessibility.
Property Size1,630 SF
Price / SF$144.17
Days on Market23
Property Features for 3809 36th St
General Information
Standard status
Active
Size
1,630 SF
Property subtype
Multi-Family
Building Details
Year Built
2023
Listing Agency:
Exit Realty of Lubbock
(806) 771-3900
Listed By:
Coby Crump · License #0468085
Source:
Raftercrossrealty
Added: Jul 21
Changed: Jul 22
Last Checked: Aug 12 at 9:44AM
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 Exit Realty of Lubbock
Investment Insights
Based on property information with market context.
This property is a three-unit residential income setup, originally a 3/2/2 that has been retrofitted into a front apartment and two back room rentals. Each unit has a separate entrance and parking accessibility. The two back rentals each have their own locked door access to the shared, spacious bathroom to support individual privacy and security.
The home is offered for sale. Reported current rents include $925 for the front apartment and $650 for each back room rental.
The configuration provides a straightforward three-door layout with shared bathroom access limited to the two back room rentals, while the front apartment operates separately from the rear units.
The home is offered for sale. Reported current rents include $925 for the front apartment and $650 for each back room rental.
The configuration provides a straightforward three-door layout with shared bathroom access limited to the two back room rentals, while the front apartment operates separately from the rear units.
Key Highlights
- Year built 2023 3/2/2 retrofitted into a front apartment and two back room rentals
- Front apartment rents for $925; each back room rental rents for $650
- Each unit has a separate entrance
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
$14,722
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
6.26%
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%
$294,440
$294.4K
Cap Rate 7%
$210,314
$210.3K
Cap Rate 9%
$163,578
$163.6K
Market Conditions
NOI Build-Up for 1,630 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
$22.5K $13.80/SF
− Vacancy
−$1.5K −$0.90/SF
EGI
$21.0K $12.90/SF
− OpEx
−$6.3K −$3.87/SF
NOI
$14.7K $9.03/SF
Area
Lubbock, TX
Vacancy
6.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$294,440
Cap Rate 7%
$210,314
Cap Rate 9%
$163,578
Alternative Uses
Best Use
Multifamily LT 5
$210.3K
$184.0K – $245.4K
NOI $14,722 @ 7.0% cap · market cap 6.26%
Second Best
Apartment 5plus
$188.8K
$165.2K – $220.3K
NOI $13,219 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$410.9K
$359.6K – $479.4K
NOI $28,765 @ 7.0% cap · market cap 12.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
471
Businesses Nearby
Explore this area
Business Placement
Demographics for 79413, TX
20,962
Population
9,590
Households
2.2
Avg Household Size
35
Median Age
35%
College-Educated
91%
High-School Grad
4.7 sq mi
ZIP Area
4,460
Density / Sq Mi
$67,062
Median Household Income
$38,004
Median Earnings
$1,325
Median Rent
$195,900
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?
Triplex - Front apartment and two back room rentals feature separate entrances and parking accessibility.
Where is this triplex located?
The property is located at 3809 36th St Lubbock, TX.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Year built 2023 3/2/2 retrofitted into a front apartment and two back room rentals; Front apartment rents for $925; each back room rental rents for $650; Each unit has a separate entrance
