Residential Income
For Sale
$349,000
1908 15th St, Lubbock, TX 79401
Residential income property offered for sale in Lubbock, Texas.
Property Size3,461 SF
Price / SF$100.84
Days on Market106
Property Features for 1908 15th St
General Information
Standard status
Active
Size
3,461 SF
Property subtype
Multi-Family
Building Details
Year Built
2011
Listing Agency:
The 32:18 Management Group
Listed By:
Chris Carter · License #0817825
(806) 500-5599
Source:
Raftercrossrealty
Added: Jul 21
Changed: Oct 25
Last Checked: Oct 7 at 4:49PM
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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Investment Insights
Based on property information with market context.
This residential income property is offered for sale in Lubbock, Texas. The listing is categorized as a multifamily property/other multifamily property within residential income classifications.
The property is located at 1908 15th St in Lubbock, TX 79401. Further details on unit mix, condition, and specific improvements are not provided in the available information.
The property is located at 1908 15th St in Lubbock, TX 79401. Further details on unit mix, condition, and specific improvements are not provided in the available information.
Key Highlights
- Residential income property for sale in Lubbock, Texas
- Built in 2011
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,069
Cap Rate
8.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$561,380
$561.4K
Cap Rate 7%
$400,986
$401.0K
Cap Rate 9%
$311,878
$311.9K
Market Conditions
NOI Build-Up for 3,461 SF
Gross rent
$54.4K $15.72/SF
− Vacancy
−$3.4K −$0.97/SF
EGI
$51.0K $14.75/SF
− OpEx
−$23.0K −$6.64/SF
NOI
$28.1K $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%
$561,380
Cap Rate 7%
$400,986
Cap Rate 9%
$311,878
Alternative Uses
Best Use
Apartment 5plus
$401.0K
$350.9K – $467.8K
NOI $28,069 @ 7.0% cap · market cap 8.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$872.5K
$763.5K – $1.02M
NOI $61,077 @ 7.0% cap · market cap 17.50%
Zoning and permitted uses should be independently verified with authorities.
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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 - Residential income property offered for sale in Lubbock, Texas.
Where is this multifamily property located?
The property is located at 1908 15th St Lubbock, TX.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Residential income property for sale in Lubbock, Texas; Built in 2011
