Nine-House Multifamily
For Sale
$1,100,000
7603 Alcove Avenue # A-d, Lubbock, TX 79407
Existing rental houses generate current income alongside plans for future property redevelopment.
Property Size9,752 SF
Lot Size4.00 Acres
Price / SF$112.80
Days on Market45
Property Features for 7603 Alcove Avenue # A-d
General Information
Standard status
Active
Size
9,752 SF
Lot size
4.00 Acres
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Gross Income
$101,400
Land Use
residential, commercial
Multifamily Units
9
Building Details
Year Built
1956
Buildings
9
Listing Agency:
Progressive Properties
Listed By:
Brandon Tyler · License #0542831
(806) 794-7777
Source:
Raftercrossrealty
Added: Aug 25
Changed: Sep 8
Last Checked: Oct 7 at 5:27PM
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 Progressive Properties
Investment Insights
Based on property information with market context.
This multifamily property covers 4± acres and includes nine rental houses. The existing residential improvements generate rental income while the broader site is evaluated for future redevelopment. The property was built in 1956 and is identified at 7603 Alcove Avenue # A-d, Lubbock, Texas 79407.
Access is available immediately to US-82/62, also known as the Marsha Sharp Fwy. United Supermarkets is planned across the street, and Alcove Avenue is scheduled for widening. Established retail and dining uses surround the property, providing an established commercial setting for a site currently improved with residential rentals.
Access is available immediately to US-82/62, also known as the Marsha Sharp Fwy. United Supermarkets is planned across the street, and Alcove Avenue is scheduled for widening. Established retail and dining uses surround the property, providing an established commercial setting for a site currently improved with residential rentals.
Key Highlights
- 4±-acre multifamily property at 7603 Alcove Avenue # A‑d
- Nine rental houses currently improve the site
- Existing rentals generate ongoing income
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$79,088
Cap Rate
7.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,581,760
$1.6M
Cap Rate 7%
$1,129,829
$1.1M
Cap Rate 9%
$878,756
$878.8K
Market Conditions
NOI Build-Up for 9,752 SF
Gross rent
$153.3K $15.72/SF
− Vacancy
−$9.5K −$0.97/SF
EGI
$143.8K $14.75/SF
− OpEx
−$64.7K −$6.64/SF
NOI
$79.1K $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 Rate 5%
$1,581,760
Cap Rate 7%
$1,129,829
Cap Rate 9%
$878,756
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$988.6K – $1.32M
NOI $79,088 @ 7.0% cap · market cap 7.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.46M
$2.15M – $2.87M
NOI $172,095 @ 7.0% cap · market cap 15.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
9
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
151
Businesses Nearby
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Business Placement
Demographics for 79407, TX
23,208
Population
11,817
Households
2
Avg Household Size
32
Median Age
41%
College-Educated
92%
High-School Grad
75.9 sq mi
ZIP Area
306
Density / Sq Mi
$64,778
Median Household Income
$38,212
Median Earnings
$1,131
Median Rent
$200,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Existing rental houses generate current income alongside plans for future property redevelopment.
Where is this multifamily property located?
The property is located at 7603 Alcove Avenue # A-d Lubbock, TX.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 4±-acre multifamily property at 7603 Alcove Avenue # A‑d; Nine rental houses currently improve the site; Existing rentals generate ongoing income
