Remodeled Triplex Near Texas
For Sale
$175,000
2123 21st St, Lubbock, TX 79411
Three leased units occupy a fully renovated residential property near Texas Tech.
Property Size1,816 SF
Price / SF$96.37
Days on Market57
Property Features for 2123 21st St
General Information
Standard status
Active
Size
1,816 SF
Property subtype
Multi-Family
Zoning
Apartment A-1
Occupancy
100%
Additional Details
Multifamily Units
3
Building Details
Year Built
1929
Year Renovated
2024
Buildings
1
Tenancy
Multi
Listing Agency:
Brick & Loft Realty
Listed By:
Travis Turner · License #0660475
(806) 577-2508
Source:
Raftercrossrealty
Added: Aug 20
Changed: Oct 1
Last Checked: Oct 7 at 5:23PM
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 Brick & Loft Realty
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Investment Insights
Based on property information with market context.
This 1,816-square-foot triplex was originally built in 1929 and received a full remodel in 2024. The property is configured for three residential units, all of which are currently leased. Its apartment-oriented layout provides an established multifamily setup in a compact building.
The property is located near Texas Tech and has been rezoned to Apartment A-1, with the zoning designation supporting triplex use. The address is 2123 21st St in Lubbock, Texas.
The property is located near Texas Tech and has been rezoned to Apartment A-1, with the zoning designation supporting triplex use. The address is 2123 21st St in Lubbock, Texas.
Key Highlights
- 1,816‑square‑foot triplex
- Full remodel completed in 2024
- Three units, all currently leased
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,728
Cap Rate
8.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$294,560
$294.6K
Cap Rate 7%
$210,400
$210.4K
Cap Rate 9%
$163,644
$163.6K
Market Conditions
NOI Build-Up for 1,816 SF
Gross rent
$28.5K $15.72/SF
− Vacancy
−$1.8K −$0.97/SF
EGI
$26.8K $14.75/SF
− OpEx
−$12.0K −$6.64/SF
NOI
$14.7K $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%
$294,560
Cap Rate 7%
$210,400
Cap Rate 9%
$163,644
Alternative Uses
Best Use
Multifamily LT 5
$234.3K
$205.0K – $273.4K
NOI $16,402 @ 7.0% cap · market cap 9.37%
Second Best
Apartment 5plus
$210.4K
$184.1K – $245.5K
NOI $14,728 @ 7.0% cap · market cap 8.42%
Theoretical Best
Office A
$457.8K
$400.6K – $534.1K
NOI $32,047 @ 7.0% cap · market cap 18.31%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
977
Businesses Nearby
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Business Placement
Demographics for 79411, TX
7,297
Population
3,474
Households
2.1
Avg Household Size
31
Median Age
22%
College-Educated
72%
High-School Grad
1.5 sq mi
ZIP Area
4,865
Density / Sq Mi
$44,866
Median Household Income
$24,493
Median Earnings
$942
Median Rent
$85,000
Median Home Value
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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 leased units occupy a fully renovated residential property near Texas Tech.
Where is this triplex located?
The property is located at 2123 21st St Lubbock, TX.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: 1,816‑square‑foot triplex; Full remodel completed in 2024; Three units, all currently leased
