6-Unit Apartment
New
For Sale
$349,000
1305 S 9th Street, Slaton, TX 79364
Residential Income, Slaton, TX
Property Size3,140 SF
Lot Size0.48 Acres
Price / SF$111.15
Days on Market2
Property Features for 1305 S 9th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 1, Bathroom 4, Bathroom 3, Bedroom 5, Bathroom 2, Bedroom 1, Bedroom 7, Bedroom 2, Bedroom 3, Bathroom 6, Bedroom 4, Bedroom 6, Bathroom 5
Parking features
Garage, Parking Lot
Middle school
Slaton
High school
Slaton
Elementary school district
Slaton ISD
Middle school district
Slaton ISD
High school district
Slaton ISD
Subdivision
Slaton
Standard status
Active
APN
R52237
Size
3,140 SF
Lot size
0.48 Acres
Taxes and HOA fees
Tax Description
South Slaton Blk 89 L 1 Thru 3
Tax Annual Amount
3178
Legal Description
South Slaton Blk 89 L 1 Thru 3
Utilities
Cooling system
Ceiling Fan(s)
Building Details
Year built
1945
Floors in Building
1
Number of units
6
Building materials
Stucco
Roof type
Composition
Architectural style
Other
Listing Agency:
Reside Real Estate Co.
(806) 646-6423
Listed By:
Casey Klingensmith · License #0633729
(940) 328-3123
Added: Oct 2
Last Checked: Oct 3 at 2:06AM
MLS# 202613585
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.
Investment Insights
Based on property information with market context.
This 3,140-square-foot apartment property contains six units: five one-bedroom apartments ranging from 400 to 500 square feet and one two-bedroom apartment measuring 840 square feet. The units were fully occupied as of September 30, 2026, and the current leases expire at different times from December 2026 through September 2028. Reported in-place rents are within 2% of market rents on the rent roll. The building was constructed in 1945 and has stucco exterior construction, a composition roof, and ceiling fans for cooling. Parking includes a garage and a parking lot.
The property occupies 0.48 acres in Slaton, approximately 15 miles from Lubbock. U.S. Highway 84 runs through Slaton, providing a connection toward Lubbock and its employment base. Professional management and a full year of documented operating expenses are also noted.
The property occupies 0.48 acres in Slaton, approximately 15 miles from Lubbock. U.S. Highway 84 runs through Slaton, providing a connection toward Lubbock and its employment base. Professional management and a full year of documented operating expenses are also noted.
Key Highlights
- Six apartments in total: five one‑bedroom units and one two‑bedroom unit
- Building area of 3,140 square feet on 0.48 acres
- One‑bedroom units range from 400‑500 SF; the two‑bedroom unit is 840 SF
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
$25,465
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
7.30%
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%
$509,300
$509.3K
Cap Rate 7%
$363,786
$363.8K
Cap Rate 9%
$282,944
$282.9K
Market Conditions
NOI Build-Up for 3,140 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
$49.4K $15.72/SF
− Vacancy
−$3.1K −$0.97/SF
EGI
$46.3K $14.75/SF
− OpEx
−$20.8K −$6.64/SF
NOI
$25.5K $8.11/SF
Area
Lubbock County, 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%
$509,300
Cap Rate 7%
$363,786
Cap Rate 9%
$282,944
Alternative Uses
Best Use
Apartment 5plus
$363.8K
$318.3K – $424.4K
NOI $25,465 @ 7.0% cap · market cap 7.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$791.6K
$692.7K – $923.5K
NOI $55,412 @ 7.0% cap · market cap 15.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
78
Businesses Nearby
Explore this area
Business Placement
Demographics for 79364, TX
7,985
Population
2,949
Households
2.7
Avg Household Size
40
Median Age
16%
College-Educated
85%
High-School Grad
210.5 sq mi
ZIP Area
38
Density / Sq Mi
$55,221
Median Household Income
$39,774
Median Earnings
$1,018
Median Rent
$89,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Current tenancy is fully occupied, with lease expirations distributed across several years.
Where is this apartment building located?
The property is located at 1305 S 9th Street Slaton, 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: Six apartments in total: five one‑bedroom units and one two‑bedroom unit; Building area of 3,140 square feet on 0.48 acres; One‑bedroom units range from 400‑500 SF; the two‑bedroom unit is 840 SF
