Three-Unit Income
For Sale
$270,000
1621 Avenue Y, Lubbock, TX 79401
Three separate dwellings combine a primary residence with two occupied efficiency units near Texas Tech.
Property Size2,067 SF
Price / SF$130.62
Days on Market58
Property Features for 1621 Avenue Y
General Information
Standard status
Active
Size
2,067 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 2 x 1BR/1BA
Multifamily Units
3
Building Details
Year Built
1927
Listing Agency:
Keller Williams Realty
Listed By:
Steadfast Realty
(806) 451-4767
Source:
Steadfast-realty
Added: Sep 6
Changed: Nov 1
Last Checked: Nov 1 at 5:03AM
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 Keller Williams Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 2,067-square-foot triplex property contains three separate dwellings on one parcel. The primary residence offers three bedrooms and two bathrooms and has been used as an Airbnb, while two additional one-bedroom, one-bath efficiency units are occupied by tenants. Built in 1927, the property is being offered in its current condition, with offers subject to lender approval.
The property is approximately a 20-minute walk from Jones AT&T Stadium and is near Texas Tech. The two efficiency units produce combined rental income, while the main dwelling provides a separate short-term rental use. Showings of the occupied efficiency units are restricted until the property is under contract. Buyers should independently verify property details, rental information, restrictions, and short-term rental requirements.
The property is approximately a 20-minute walk from Jones AT&T Stadium and is near Texas Tech. The two efficiency units produce combined rental income, while the main dwelling provides a separate short-term rental use. Showings of the occupied efficiency units are restricted until the property is under contract. Buyers should independently verify property details, rental information, restrictions, and short-term rental requirements.
Key Highlights
- Three separate dwellings on one property
- 2,067 SF triplex built in 1927
- 3‑bedroom, 2‑bath main residence used as an Airbnb
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,669
Cap Rate
6.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$373,380
$373.4K
Cap Rate 7%
$266,700
$266.7K
Cap Rate 9%
$207,433
$207.4K
Market Conditions
NOI Build-Up for 2,067 SF
Gross rent
$28.5K $13.80/SF
− Vacancy
−$1.9K −$0.90/SF
EGI
$26.7K $12.90/SF
− OpEx
−$8.0K −$3.87/SF
NOI
$18.7K $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 Rate 5%
$373,380
Cap Rate 7%
$266,700
Cap Rate 9%
$207,433
Alternative Uses
Best Use
Multifamily LT 5
$266.7K
$233.4K – $311.2K
NOI $18,669 @ 7.0% cap · market cap 6.91%
Second Best
Apartment 5plus
$239.5K
$209.5K – $279.4K
NOI $16,763 @ 7.0% cap · market cap 6.21%
Theoretical Best
Office A
$521.1K
$456.0K – $608.0K
NOI $36,477 @ 7.0% cap · market cap 13.51%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
856
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
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
Frequently Asked Questions
What type of property is this?
Triplex - Three separate dwellings combine a primary residence with two occupied efficiency units near Texas Tech.
Where is this triplex located?
The property is located at 1621 Avenue Y Lubbock, TX.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: Three separate dwellings on one property; 2,067 SF triplex built in 1927; 3‑bedroom, 2‑bath main residence used as an Airbnb
