Triplex With Separate
For Sale
$225,815
1901 15th St, Lubbock, TX 79403
Three individual residences offer a consistent two-bedroom, one-bathroom configuration across the property.
Property Size2,209 SF
Price / SF$102.22
Days on Market48
Property Features for 1901 15th St
General Information
Standard status
Active
Size
2,209 SF
Property subtype
Residential Income
Additional Details
Asking Price
$2,200,000
Taxes and HOA fees
Annual Taxes
$3,599
Listing Agency:
The 32:18 Management Group
(806) 500-5599
Listed By:
Chris Carter · License #0817825
(806) 500-5599
Source:
Exprealty
Added: Jul 16
Changed: Aug 30
Last Checked: Aug 31 at 6:52PM
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 The 32:18 Management Group
Investment Insights
Based on property information with market context.
This triplex is composed of three separate homes, with each residence containing two bedrooms and one bathroom. The property includes three individual rental units within a single multifamily asset.
Located at 1901 15th St in Lubbock, Texas, the property is offered as part of a larger real estate portfolio and is not available for separate purchase.
Located at 1901 15th St in Lubbock, Texas, the property is offered as part of a larger real estate portfolio and is not available for separate purchase.
Key Highlights
- Three individual rental units
- Each home includes 2 bedrooms and 1 bathroom
- Three separate homes on one multifamily property
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
Location Intelligence
Trade Area within ½ mile
142
Businesses Nearby
Explore this area
Business Placement
Demographics for 79403, TX
15,604
Population
6,530
Households
2.4
Avg Household Size
38
Median Age
11%
College-Educated
76%
High-School Grad
131.3 sq mi
ZIP Area
119
Density / Sq Mi
$45,343
Median Household Income
$27,431
Median Earnings
$946
Median Rent
$83,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three individual residences offer a consistent two-bedroom, one-bathroom configuration across the property.
Where is this triplex located?
The property is located at 1901 15th St 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 individual rental units; Each home includes 2 bedrooms and 1 bathroom; Three separate homes on one multifamily property
