Three-Unit Triplex
For Sale
$225,815
1901 15th Street, Lubbock, TX 79401
MULTI_FAMILY - Lubbock, TX
Property Size2,209 SF
Lot Size0.15 Acres
Price / SF$102.22
Days on Market48
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 5, Bedroom 3, Bathroom 3, Bedroom 2, Bedroom 4, Bedroom 1, Bedroom 6, Bathroom 1, 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: Aug 14
Last Checked: Sep 1 at 2:06PM
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.
Investment Insights
Based on property information with market context.
This triplex comprises three independent homes within a 2,209-square-foot property on 0.15 acres. Each residence includes two bedrooms and one bathroom, creating a total of six bedrooms and three bathrooms. Central heating and central air conditioning serve the homes, while wood siding and a composition roof complete the primary exterior features. The property was built in 1934.
Located at 1901 15th Street in Lubbock, Texas, the property provides on-street parking. Its three-home configuration offers separate residential units within one multifamily asset.
Located at 1901 15th Street in Lubbock, Texas, the property provides on-street parking. Its three-home configuration offers separate residential units within one multifamily asset.
Key Highlights
- Three separate homes configured as a triplex
- Each residence includes 2 bedrooms and 1 bathroom
- 2,209 square feet on 0.15 acres
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
$19,952
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
8.84%
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%
$399,040
$399.0K
Cap Rate 7%
$285,029
$285.0K
Cap Rate 9%
$221,689
$221.7K
Market Conditions
NOI Build-Up for 2,209 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
$30.5K $13.80/SF
− Vacancy
−$2.0K −$0.90/SF
EGI
$28.5K $12.90/SF
− OpEx
−$8.6K −$3.87/SF
NOI
$20.0K $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%
$399,040
Cap Rate 7%
$285,029
Cap Rate 9%
$221,689
Alternative Uses
Best Use
Multifamily LT 5
$285.0K
$249.4K – $332.5K
NOI $19,952 @ 7.0% cap · market cap 8.84%
Second Best
Apartment 5plus
$255.9K
$223.9K – $298.6K
NOI $17,915 @ 7.0% cap · market cap 7.93%
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.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,438
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 separate residences with central heating, air conditioning, and on-street parking.
Where is this triplex 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 a triplex; Each residence includes 2 bedrooms and 1 bathroom; 2,209 square feet on 0.15 acres
