Triplex With Separate
New
For Sale
$270,000
1621 Avenue Y, Lubbock, TX 79401
Residential Income, Lubbock, TX
Property Size2,067 SF
Lot Size0.14 Acres
Price / SF$130.62
Days on Market2
Property Features for 1621 Avenue Y
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bathroom 1, Bedroom 4, Bathroom 4, Bedroom 3, Bedroom 1, Bathroom 3, Bedroom 2, Bathroom 2
Parking features
Driveway, Alley
Patio and Porch features
Porch
Interior features
Bookcases, Ceiling Fan(s)
Exterior features
Private Entrance, Private Yard
Appliances
Dryer, Electric Oven, Refrigerator, Washer
Elementary school
Ramirez Charter School
Middle school
Hutchinson
High school
Lubbock
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
1
Special listing conditions
Short Sale
Standard status
Active
APN
R68571
Size
2,067 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
Hankins Blk 1 L 11
Tax Annual Amount
3199
Legal Description
Hankins Blk 1 L 11
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1927
Floors in Building
2
Flooring type
Vinyl
Building materials
Brick
Roof type
Composition
Listing Agency:
Keller Williams Realty
(806) 771-7710
Listed By:
Chelsea Chinworth · License #0732313
(806) 549-6416
Added: Sep 4
Last Checked: Sep 5 at 5:06AM
MLS# 202612317
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 triplex contains 2,067 square feet across three separate residential dwellings on a 0.14-acre lot. The primary residence includes three bedrooms and two bathrooms and has operated as an Airbnb. Two additional efficiency units each offer one bedroom and one bathroom; both are occupied. The property is being sold as-is, and offers require lender approval.
Located at 1621 Avenue Y in Lubbock, the property is approximately a 20-minute walk from Jones AT&T Stadium and Texas Tech. Improvements include brick construction, composition roofing, vinyl flooring, central heating and cooling, natural gas availability, public water, and public sewer. Exterior features include private entrances, a private yard, a porch, driveway parking, and alley access. Interior amenities include bookcases, ceiling fans, and a washer, dryer, electric oven, and refrigerator.
Located at 1621 Avenue Y in Lubbock, the property is approximately a 20-minute walk from Jones AT&T Stadium and Texas Tech. Improvements include brick construction, composition roofing, vinyl flooring, central heating and cooling, natural gas availability, public water, and public sewer. Exterior features include private entrances, a private yard, a porch, driveway parking, and alley access. Interior amenities include bookcases, ceiling fans, and a washer, dryer, electric oven, and refrigerator.
Key Highlights
- Three separate dwellings totaling 2,067 square feet
- 0.14‑acre lot at 1621 Avenue Y, Lubbock, TX 79401
- Main residence offers 3 bedrooms and 2 bathrooms
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
$18,669
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
6.91%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
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
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 - Three-unit residential property with a main residence and two 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 totaling 2,067 square feet; 0.14‑acre lot at 1621 Avenue Y, Lubbock, TX 79401; Main residence offers 3 bedrooms and 2 bathrooms
