4-Property Short-Term Rental
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For Sale
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2430 21st Street, Lubbock, TX 79411
Renovated rental units transfer with furnishings, operating systems, and an ownership walkthrough.
Property Size6,559 SF
Price / SF$182.95
Days on Market7
Property Features for 2430 21st Street
General Information
Standard status
Active
Size
6,559 SF
Class
A
Property subtype
Retail
Zoning
SFR
Investment Type
Owner/User
Additional Details
Furnished
Yes
Business Included
Yes
Multifamily Units
4
Building Details
Year Built
1929
Units
4
Tenancy
Multi
Listing Agency:
Brick & Loft Realty
Listed By:
Travis Turner · License #TX 0660475
(806) 577-2508
Source:
Crexi
Added: Aug 30
Changed: Sep 4
Last Checked: Sep 3 at 2:44AM
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
Investment Insights
Based on property information with market context.
This four-property short-term rental portfolio totals 6,559 square feet and was built in 1929. The units have been renovated for short-term lodging and are offered with furniture, furnishings, and a guided walkthrough covering business operations and system use. The package also includes the operating business.
The properties are located a few blocks from Texas Tech University in Lubbock, placing them near demand associated with university events, football games, graduation, and other short stays. SFR zoning applies to the properties. The offering is structured for an operator seeking an established short-term rental platform with the physical contents and operational guidance needed for transition.
The properties are located a few blocks from Texas Tech University in Lubbock, placing them near demand associated with university events, football games, graduation, and other short stays. SFR zoning applies to the properties. The offering is structured for an operator seeking an established short-term rental platform with the physical contents and operational guidance needed for transition.
Key Highlights
- Four short‑term rental properties offered with the operating business
- 6,559 square feet across the portfolio
- Units renovated for short‑term rental use
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
$53,193
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
4.43%
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%
$1,063,860
$1.1M
Cap Rate 7%
$759,900
$759.9K
Cap Rate 9%
$591,033
$591.0K
Market Conditions
NOI Build-Up for 6,559 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
$103.1K $15.72/SF
− Vacancy
−$6.4K −$0.97/SF
EGI
$96.7K $14.75/SF
− OpEx
−$43.5K −$6.64/SF
NOI
$53.2K $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%
$1,063,860
Cap Rate 7%
$759,900
Cap Rate 9%
$591,033
Alternative Uses
Best Use
Apartment 5plus
$759.9K
$664.9K – $886.6K
NOI $53,193 @ 7.0% cap · market cap 4.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.65M
$1.45M – $1.93M
NOI $115,748 @ 7.0% cap · market cap 9.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
629
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Renovated rental units transfer with furnishings, operating systems, and an ownership walkthrough.
Where is this short term rental property located?
The property is located at 2430 21st Street Lubbock, TX.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Four short‑term rental properties offered with the operating business; 6,559 square feet across the portfolio; Units renovated for short‑term rental use
