12-Unit Apartment
For Sale
Contact for pricing
1801 MAIN ST, Lubbock, TX 79401
Built in 2023, the property combines leased residences with a shared fitness and yoga amenity near Texas Tech University.
Property Size9,680 SF
Price / SF$246.90
Days on Market21
Property Features for 1801 MAIN ST
General Information
Standard status
Active
Size
9,680 SF
Class
A
Total Parking Spaces
21
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$63,977
Additional Details
Asking Price
$2,390,000
Utilities to Site
Yes
Multifamily Units
11
Amenities
communal fitness and yoga center
Building Details
Year Built
2023
Buildings
2
Units
11
Tenancy
Multi
Listing Agency:
Fairway Commercial Advisors
(806) 559-6498
Listed By:
Smith McLelland · License #721545
Source:
Crexi
Added: Aug 12
Changed: Aug 30
Last Checked: Sep 1 at 8:42AM
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 Fairway Commercial Advisors
Investment Insights
Based on property information with market context.
This 9,680-square-foot apartment property was completed in 2023 and contains 12 total units. Eleven units are residential apartments, with all 11 currently leased. The remaining unit is configured as a communal fitness and yoga center, providing an on-site amenity for residents.
Located at 1801 Main Street in Lubbock, the property is near Texas Tech University and downtown Lubbock. Each building is served by one electric meter rather than separate meters for individual apartments. Individual metering or submetering could be evaluated as part of future utility management, subject to further review.
Located at 1801 Main Street in Lubbock, the property is near Texas Tech University and downtown Lubbock. Each building is served by one electric meter rather than separate meters for individual apartments. Individual metering or submetering could be evaluated as part of future utility management, subject to further review.
Key Highlights
- 12 total units, including 11 residential apartments and one communal fitness and yoga center
- All 11 residential units are currently 100% leased
- 9,680 SF property completed in 2023
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
$78,504
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
3.28%
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%
$1,570,080
$1.6M
Cap Rate 7%
$1,121,486
$1.1M
Cap Rate 9%
$872,267
$872.3K
Market Conditions
NOI Build-Up for 9,680 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
$152.2K $15.72/SF
− Vacancy
−$9.4K −$0.97/SF
EGI
$142.7K $14.75/SF
− OpEx
−$64.2K −$6.64/SF
NOI
$78.5K $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 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%
$1,570,080
Cap Rate 7%
$1,121,486
Cap Rate 9%
$872,267
Alternative Uses
Best Use
Apartment 5plus
$1.12M
$981.3K – $1.31M
NOI $78,504 @ 7.0% cap · market cap 3.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.44M
$2.14M – $2.85M
NOI $170,825 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,565
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?
Apartment building - Built in 2023, the property combines leased residences with a shared fitness and yoga amenity near Texas Tech University.
Where is this apartment building located?
The property is located at 1801 MAIN ST Lubbock, TX.
What is the asking price?
The asking price for this property is $2,390,000.
What are key features of this property?
This property features: 12 total units, including 11 residential apartments and one communal fitness and yoga center; All 11 residential units are currently 100% leased; 9,680 SF property completed in 2023
