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 Market94
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) 319-1021
Listed By:
Chris Carter · License #0817825
(806) 500-5599
Source:
Exprealty
Added: Jul 16
Changed: Oct 17
Last Checked: Oct 16 at 2:38PM
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
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$19,952
Cap Rate
8.84%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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
