5-Unit Townhome Apartment
For Sale
$1,150,000
Pending
2544 137th Street, Lubbock, TX 79423
Residential Income, Lubbock, TX
Property Size8,280 SF
Lot Size0.07 Acres
Days on Market161
Property Features for 2544 137th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 6, Bathroom 9, Bathroom 7, Bathroom 4, Bathroom 2, Bathroom 5, Bathroom 8, Bathroom 10, Bathroom 1, Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 2
Parking features
Garage
Interior features
Ceiling Fan(s), Granite Counters, Kitchen Island, Pantry
Fencing
Fenced
Appliances
Dishwasher, Disposal, Microwave, Refrigerator
Elementary school
Lubbock-Cooper East
Middle school
Lubbock-Cooper
High school
Liberty High School
Elementary school district
Lubbock-Cooper ISD
Middle school district
Lubbock-Cooper ISD
High school district
Lubbock-Cooper ISD
Subdivision
11
Standard status
Pending
APN
R339816
Size
8,280 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Description
Viridian L 206
Tax Annual Amount
25027
Legal Description
Viridian L 206
Utilities
Heating system
Central
Cooling system
Electric, Ceiling Fan(s)
Amenities
turf yards
Building Details
Year built
2023
Floors in Building
2
Number of units
5
Flooring type
Vinyl, Carpet
Building materials
Brick, Vinyl Siding
Roof type
Composition
Architectural style
Other
Listing Agency:
Keller Williams Realty
(806) 771-7710
Listed By:
Jennifer Colley · License #0652515
(806) 928-3233
Added: Mar 27
Changed: Aug 19
Last Checked: Sep 3 at 5:06PM
MLS# 202603992
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 5-unit apartment property consists of townhome-style residences totaling 8,280 square feet. The unit mix includes two three-bedroom, two-bath homes and three three-bedroom, 2.5-bath homes, with a one-car garage assigned to each residence. Built in 2023, the buildings feature brick and vinyl siding, composition roofs, fenced yards, and turf landscaping in both front and rear areas.
Interior details include granite counters, kitchen islands, pantries, ceiling fans, vinyl and carpet flooring, central heating, and electric cooling. Appliances include refrigerators, dishwashers, disposals, and microwaves. The property is located in South Lubbock within Lubbock-Cooper ISD, with shopping, dining, and schools described as minutes away.
Interior details include granite counters, kitchen islands, pantries, ceiling fans, vinyl and carpet flooring, central heating, and electric cooling. Appliances include refrigerators, dishwashers, disposals, and microwaves. The property is located in South Lubbock within Lubbock-Cooper ISD, with shopping, dining, and schools described as minutes away.
Key Highlights
- 5‑unit apartment property totaling 8,280 square feet
- Unit mix includes two 3‑bedroom, 2‑bath homes and three 3‑bedroom, 2.5‑bath homes
- One‑car garage included with each townhome
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
$67,150
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
5.84%
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%
$1,343,000
$1.3M
Cap Rate 7%
$959,286
$959.3K
Cap Rate 9%
$746,111
$746.1K
Market Conditions
NOI Build-Up for 8,280 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
$130.2K $15.72/SF
− Vacancy
−$8.1K −$0.97/SF
EGI
$122.1K $14.75/SF
− OpEx
−$54.9K −$6.64/SF
NOI
$67.2K $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%
$1,343,000
Cap Rate 7%
$959,286
Cap Rate 9%
$746,111
Alternative Uses
Best Use
Apartment 5plus
$959.3K
$839.4K – $1.12M
NOI $67,150 @ 7.0% cap · market cap 5.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,119 @ 7.0% cap · market cap 12.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
135
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Modern townhome complex with individual garages, turf yards, and low-maintenance exterior features.
Where is this apartment building located?
The property is located at 2544 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: 5‑unit apartment property totaling 8,280 square feet; Unit mix includes two 3‑bedroom, 2‑bath homes and three 3‑bedroom, 2.5‑bath homes; One‑car garage included with each townhome
