Five-Unit Townhome Apartment
2534 137th Street, Lubbock, TX 79423
For Sale
$1,150,000
Residential Income, Lubbock, TX
Property Size8,215 SF
Lot Size0.32 Acres
Price / SF$139.99
Days on Market51
Property Features for 2534 137th Street
General Information
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Parking features
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Elementary school
Middle school
High school
Elementary school district
Middle school district
High school district
Subdivision
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Description
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Legal Description
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Building Details
Year built
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Listing Agency:
Veritas Real Estate Company
(806) 853-7355
Listed By:
Andrew Baxter · License #0734273
(214) 926-1236
Added: Sep 18
Changed: Oct 28
Last Checked: Nov 7 at 8:06AM
MLS# 202613104
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.
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Investment Insights
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Built in 2022, this multifamily property contains five contemporary townhome units totaling 8,215 square feet on 0.32 acres. The unit mix includes three three-bedroom, 2.5-bath residences and two three-bedroom, two-bath residences. Each unit includes a one-car garage and private driveway, with additional street parking available. Interior details include granite countertops, vinyl plank flooring, and beamed ceilings, while central heating and central air support year-round comfort. Brick construction and composition roofing complete the improvements.
The property is located at 2534, 2536, 2538, 2540, and 2542 137th Street in Lubbock, Texas. Lubbock-Cooper East Elementary School is within walking distance. Low-maintenance turf is included as an exterior feature, and the property also offers alley parking access.
The property is located at 2534, 2536, 2538, 2540, and 2542 137th Street in Lubbock, Texas. Lubbock-Cooper East Elementary School is within walking distance. Low-maintenance turf is included as an exterior feature, and the property also offers alley parking access.
Key Highlights
- Five townhome units built in 2022
- 8,215 square feet on 0.32 acres
- Unit mix includes three 3‑bedroom, 2.5‑bath units and two 3‑bedroom, 2‑bath units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$66,623
Cap Rate
5.79%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,332,460
$1.3M
Cap Rate 7%
$951,757
$951.8K
Cap Rate 9%
$740,256
$740.3K
Market Conditions
NOI Build-Up for 8,215 SF
Gross rent
$129.1K $15.72/SF
− Vacancy
−$8.0K −$0.97/SF
EGI
$121.1K $14.75/SF
− OpEx
−$54.5K −$6.64/SF
NOI
$66.6K $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%
$1,332,460
Cap Rate 7%
$951,757
Cap Rate 9%
$740,256
Alternative Uses
Best Use
Apartment 5plus
$951.8K
$832.8K – $1.11M
NOI $66,623 @ 7.0% cap · market cap 5.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.07M
$1.81M – $2.42M
NOI $144,972 @ 7.0% cap · market cap 12.61%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
135
Businesses Nearby
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Business Placement
Demographics for 79423, TX
42,311
Population
18,463
Households
2.3
Avg Household Size
35
Median Age
38%
College-Educated
94%
High-School Grad
64.2 sq mi
ZIP Area
659
Density / Sq Mi
$82,906
Median Household Income
$45,520
Median Earnings
$1,284
Median Rent
$222,500
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Lubbock, TX
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Frequently Asked Questions
What type of property is this?
Apartment building - Contemporary multifamily property with private garages, modern finishes, and access to additional street parking.
Where is this apartment building located?
The property is located at 2534 137th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Five townhome units built in 2022; 8,215 square feet on 0.32 acres; Unit mix includes three 3‑bedroom, 2.5‑bath units and two 3‑bedroom, 2‑bath units
