Triplex with Vacant
New
For Sale
$180,000
2201 23rd Street, Lubbock, TX 79411
Residential Income, Lubbock, TX
Property Size1,976 SF
Lot Size0.20 Acres
Price / SF$91.09
Days on Market1
Property Features for 2201 23rd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 3, Bedroom 2
Parking features
Off Street
Elementary school
Wilson
Middle school
Hutchinson
High school
Lubbock
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
2
Standard status
Active
APN
R119878
Size
1,976 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Description
McCrummen 2nd Blk 61 L 1 & E12.5'Of 2
Tax Annual Amount
2779
Legal Description
McCrummen 2nd Blk 61 L 1 & E12.5'Of 2
Utilities
Cooling system
Wall/Window Unit(s), Window Unit(s)
Building Details
Year built
1947
Floors in Building
2
Building materials
Wood Siding
Listing Agency:
Sutherland, REALTORS
(806) 798-0947
Listed By:
Madison Sutherland · License #0853397
(806) 445-7795
Added: Sep 22
Last Checked: Sep 22 at 4:06PM
MLS# 202613082
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 1,976-square-foot triplex was built in 1947 and includes three residential units, with two currently occupied and one vacant. The available unit can support a new tenancy or owner occupancy. Wood siding, wall/window and window-unit cooling, and off-street parking are among the property features.
The property sits on a 0.2-acre lot at 2201 23rd Street in Lubbock, Texas, within ZIP Code 79411. Its existing unit configuration provides an established multifamily format with an immediately available residence.
The property sits on a 0.2-acre lot at 2201 23rd Street in Lubbock, Texas, within ZIP Code 79411. Its existing unit configuration provides an established multifamily format with an immediately available residence.
Key Highlights
- Three‑unit residential configuration
- Two units occupied; third unit is vacant
- 1,976 square feet of property size
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
$16,025
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
8.90%
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%
$320,500
$320.5K
Cap Rate 7%
$228,929
$228.9K
Cap Rate 9%
$178,056
$178.1K
Market Conditions
NOI Build-Up for 1,976 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
$31.1K $15.72/SF
− Vacancy
−$1.9K −$0.97/SF
EGI
$29.1K $14.75/SF
− OpEx
−$13.1K −$6.64/SF
NOI
$16.0K $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%
$320,500
Cap Rate 7%
$228,929
Cap Rate 9%
$178,056
Alternative Uses
Best Use
Multifamily LT 5
$255.0K
$223.1K – $297.5K
NOI $17,847 @ 7.0% cap · market cap 9.92%
Second Best
Apartment 5plus
$228.9K
$200.3K – $267.1K
NOI $16,025 @ 7.0% cap · market cap 8.90%
Theoretical Best
Office A
$498.2K
$435.9K – $581.2K
NOI $34,871 @ 7.0% cap · market cap 19.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
721
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
View Realmo Analytics
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 - Two occupied units provide current rental activity, while the third is available for leasing or owner occupancy.
Where is this triplex located?
The property is located at 2201 23rd Street Lubbock, TX.
What is the asking price?
The asking price for this property is $180,000.
What are key features of this property?
This property features: Three‑unit residential configuration; Two units occupied; third unit is vacant; 1,976 square feet of property size
