Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Updated Multifamily Near Texas Tech Title is generated by Realmo AI

    1610 45th Street, Lubbock, TX 79412

    View on Map
    Claim this Listing
    For Sale
    $849,000

    MULTI_FAMILY - Lubbock, TX

    Property size:
    7,638 SF
    Lot size:
    0.47 Acres
    Price / SF:
    $111/SF
    Added:
    Jun 11, 2025
    Days on Market:
    356
    Last Refresh:
    Jun 1 at 10:06 pm

    Property Features for 1610 45th Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    1
    Bathrooms
    1
    Rooms
    Bedroom 1, Bathroom 1
    Parking features
    Off Street
    Window features
    Double Pane Windows
    Interior features
    Ceiling Fan(s)
    Standard status
    Active
    APN
    R104341
    Size
    7,638 SF
    Lot size
    0.47 Acres

    Taxes and HOA fees

    Tax Description
    ARMSTRONG-ALLDREDGE BLK 1 L19- 21
    Tax Annual Amount
    9576

    Utilities

    Heating system
    Ductless (Heating)
    Cooling system
    Ductless

    Building Details

    Year built
    1961
    Floors in Building
    1
    Number of units
    1
    Building materials
    Brick
    Roof type
    Composition

    We can help!

    Listing Contact
    Casey Klingensmith

    Listing agent Casey Klingensmith License #0633729

    Listing office Reside Real Estate Co. 6901 Quaker Ave, Ste 100, Lubbock, TX

    Listing date Jun 11, 2025

    MLS# 202556139 Listing URL

    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.

    HighLights

    • Updated Apartments: All 13 units renovated within the last two years.
    • Proximity to Texas Tech University: Convenient location for students and staff.
    • New HVAC & Windows: New heating and cooling systems and double paned windows in all units.
    • All Bills Paid Option: Tenants currently utilize the 'all bills paid' leasing option.
    • On‑Site Laundry: Laundry facility managed by a third party.
    • Off‑Street Parking: Dedicated off‑street parking available.

    Overview

    This is a 13-unit apartment building located in Lubbock, Texas, in close proximity to Texas Tech University. All units have been updated within the last two years. Updates include new double-paned windows, new heating and cooling systems, fresh paint, new LED lighting, and new low-flow fixtures. New appliances have also been installed in each unit. The property includes an on-site laundry facility managed by a third party. It also features a quiet courtyard and off-street parking. The property is situated on a 0.47-acre lot. The building has 7638 square feet of space. The property offers tenants an allocated utilities option and an all bills paid option; all tenants currently take the all bills paid option.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $120.1k $15.72
    − Vacancy −$7.4k −$0.97
    EGI $112.6k $14.75
    − OpEx −$50.7k −$6.64
    NOI $61.9k $8.11
    7,638 SF · lease $15.72/SF/yr · vacancy 6.20% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $884.9K
    $774.3K – $1.03M (±1% cap)
    NOI $61,944 @ 7.0% cap · market cap 7.30%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $1.93M
    $1.68M – $2.25M (±1% cap)
    NOI $134,789 @ 7.0% cap · market cap 15.88%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Summit Apartments Apartment Complex

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.853916
    Latitude
    33.553669

    Nearby Similar for Sale

    • $525,000
      6,211 SF

      Versatile Commercial Space in Lubbock

      6,211 SF commercial space for operational and investment uses.
      2301 122nd Street, Lubbock, TX 79423
      View Details
    • $899,000
      9,300 SF

      Highway Frontage Commercial Building

      9,300 SF metal building with yard and highway frontage.
      11607 Highway 87, Lubbock, TX 79423
      View Details
    • $695,000

      Lubbock Warehouse with Office Space

      High-quality warehouse with office in central Lubbock warehouse district.
      4212 Martin L King Boulevard, Lubbock, TX 79404
      View Details
    • $1,399,999
      4,300 SF

      Lubbock Commercial Suites For Sale

      Two well-appointed commercial suites in a prime location.
      6102 82nd Street, Lubbock, TX 79424
      View Details
    • $550,000
      6,395 SF

      Versatile Commercial Property in Lubbock

      Two commercial properties with flexible use and strong visibility.
      4905 Memphis Avenue, Lubbock, TX 79413
      View Details
    • $480,000
      2,135 SF

      Lubbock Medical Office Opportunity

      Well-maintained medical office in Central Lubbock, ideal for healthcare.
      3508 22nd Place, Lubbock, TX 79410
      View Details
    • $629,000
      6,250 SF

      Downtown Lubbock Office Building

      Move-in ready office space with renovation potential.
      1113 Main Street, Lubbock, TX 79401
      View Details
    • $2,499,999
      14,043 SF

      Lubbock Commercial Opportunity on Upland

      Prime commercial property in a rapidly growing Lubbock corridor.
      8312 Upland Avenue, Lubbock, TX 79424
      View Details
    • $599,000
      9,300 SF

      Lubbock Church with Redevelopment Potential

      Well-maintained church facility on a large lot in central Lubbock.
      1809 34th Street, Lubbock, TX 79411
      View Details
    • $1,300,000
      4,660 SF

      Lubbock Office Investment Opportunity

      Fully leased office building in Lubbock, TX, generating immediate income.
      13037 Quaker Avenue, Lubbock, TX 79423
      View Details
    • $275,000
      3,041 SF

      Versatile Flex Building in Lubbock

      3,041 SF flex building ideal for various business operations.
      2301 122nd Street, Lubbock, TX 79423
      View Details
    • $1,150,000
      4,043 SF

      Well-Appointed Office Building in Lubbock

      Office building in a fast-growing corridor near residential development.
      3214 140th Street, Lubbock, TX 79423
      View Details

    FAQs

    What type of property is this?
    Apartment building - Updated 13-unit apartment building near Texas Tech University.
    Where is this apartment building located?
    The property is located at 1610 45th Street Lubbock, TX.
    What is the asking price?
    The asking price for this property is $849,000.
    What are key features of this property?
    This property features: Updated Apartments: All 13 units renovated within the last two years.; Proximity to Texas Tech University: Convenient location for students and staff.; New HVAC & Windows: New heating and cooling systems and double paned windows in all units.
    (940) 328-3123
    We can help!
    Listing Contact
    Casey Klingensmith
    Real Estate License ID: 0633729
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1610 45th Street, Lubbock, TX 79412
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!