Three-Unit Multifamily
For Sale
$225,815
1901 15th Street, Lubbock, TX 79401
Residential Income, Lubbock, TX
Property Size2,209 SF
Lot Size0.15 Acres
Price / SF$102.22
Days on Market110
Property Features for 1901 15th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 6, Bedroom 5, Bedroom 2, Bathroom 1, Bathroom 3, Bedroom 1, Bedroom 3, Bathroom 2
Parking features
On Street
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
1
Standard status
Active
APN
R26692
Size
2,209 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
Overton Blk 22 L 1
Tax Annual Amount
3599
Legal Description
Overton Blk 22 L 1
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1934
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
The 32:18 Management Group
(806) 319-1021
Listed By:
Chris Carter · License #0817825
(806) 500-5599
Added: Jul 16
Changed: Oct 31
Last Checked: Nov 2 at 4:06AM
MLS# 202609786
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.
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Investment Insights
Based on property information with market context.
This multifamily property comprises three separate homes within a 2,209-square-foot residential income asset. Each home includes two bedrooms and one bathroom, creating three individual rental units in a compact configuration. The property was built in 1934 and features wood siding, composition roofing, central heating, and central air conditioning.
The property occupies 0.15 acres at 1901 15th Street in Lubbock, Texas 79401. Parking is provided on the street. The three-home layout offers a clearly defined multifamily setup with separate residential units on one site.
The property occupies 0.15 acres at 1901 15th Street in Lubbock, Texas 79401. Parking is provided on the street. The three-home layout offers a clearly defined multifamily setup with separate residential units on one site.
Key Highlights
- Three separate homes configured as 3 individual rental units
- Each home includes 2 bedrooms and 1 bathroom
- 2,209 square feet on a 0.15‑acre parcel
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,915
Cap Rate
7.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$358,300
$358.3K
Cap Rate 7%
$255,929
$255.9K
Cap Rate 9%
$199,056
$199.1K
Market Conditions
NOI Build-Up for 2,209 SF
Gross rent
$34.7K $15.72/SF
− Vacancy
−$2.2K −$0.97/SF
EGI
$32.6K $14.75/SF
− OpEx
−$14.7K −$6.64/SF
NOI
$17.9K $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%
$358,300
Cap Rate 7%
$255,929
Cap Rate 9%
$199,056
Alternative Uses
Best Use
Apartment 5plus
$255.9K
$223.9K – $298.6K
NOI $17,915 @ 7.0% cap · market cap 7.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$556.9K
$487.3K – $649.7K
NOI $38,983 @ 7.0% cap · market cap 17.26%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
1,438
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - Three separate homes offer a compact multifamily configuration with central heating and air conditioning.
Where is this multifamily property located?
The property is located at 1901 15th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $225,815.
What are key features of this property?
This property features: Three separate homes configured as 3 individual rental units; Each home includes 2 bedrooms and 1 bathroom; 2,209 square feet on a 0.15‑acre parcel
