Remodeled Three-Unit
For Sale
$175,000
2123 21st Street, Lubbock, TX 79411
Residential Income, Lubbock, TX
Property Size1,816 SF
Lot Size0.16 Acres
Price / SF$96.37
Days on Market54
Property Features for 2123 21st Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
Multi-Family
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bathroom 1, Bathroom 3, Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 2
Parking features
Off Street, Carport, Covered
Window features
Window Coverings
Interior features
Ceiling Fan(s), Storage
Exterior features
Private Yard
Fencing
Fenced
Appliances
Electric Range, Range Hood
Lot features
Landscaped
Elementary school
Dupre
Middle school
Slaton
High school
Monterey
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
2
Standard status
Active
APN
R117291
Size
1,816 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
McCrummen 2nd Blk 54 L 12
Tax Annual Amount
3057
Legal Description
McCrummen 2nd Blk 54 L 12
Utilities
Heating system
Central
Cooling system
Window Unit(s), Wall/Window Unit(s), Central Air, Electric
Building Details
Year built
1929
Floors in Building
1
Number of units
3
Flooring type
Vinyl
Building materials
Asbestos
Roof type
Composition
Additional Structures
Storage
Listing Agency:
Brick & Loft Realty
(806) 999-0722
Listed By:
Travis Turner · License #0660475
(806) 577-2508
Added: Aug 4
Changed: Sep 15
Last Checked: Sep 26 at 5:06PM
MLS# 202610784
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 three-unit residential property in Lubbock offers 1,816 square feet on a 0.16-acre lot. The building was remodeled in 2024 and includes vinyl flooring, central heating, electric cooling, ceiling fans, storage, and fenced outdoor space. Covered off-street parking is provided by a carport, while the property also features a composition roof and private yard.
Located at 2123 21st Street near Texas Tech, the property carries Apartment A-1 zoning and is configured for triplex use. All three units are currently leased. The 1929-built structure also includes electric range and range hood appliances, along with wall or window cooling units.
Located at 2123 21st Street near Texas Tech, the property carries Apartment A-1 zoning and is configured for triplex use. All three units are currently leased. The 1929-built structure also includes electric range and range hood appliances, along with wall or window cooling units.
Key Highlights
- Three‑unit property with 1,816 SF of building area
- Full remodel completed in 2024
- 0.16‑acre lot at 2123 21st Street, Lubbock, TX 79411
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
$14,728
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
8.42%
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%
$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
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
$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 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%
$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.
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
Explore this area
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Fully leased residential asset near Texas Tech with A-1 apartment zoning.
Where is this triplex located?
The property is located at 2123 21st Street 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: Three‑unit property with 1,816 SF of building area; Full remodel completed in 2024; 0.16‑acre lot at 2123 21st Street, Lubbock, TX 79411
