5-Unit Apartment Building with
For Sale
$875,000
2610-2618 136th Street, Lubbock, TX 79423
Townhome-style residences offer updated finishes, private xeriscaped yards, and convenient access to a nearby elementary school.
Property Size6,640 SF
Days on Market48
Property Features for 2610-2618 136th Street
General Information
Standard status
Active
Size
6,640 SF
Property subtype
Multi Family
Lease Term
12 Months
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$19,545
Amenities
Xeriscape yards
ceiling fans
Building Details
Building Size
6,640 SF
Year Built
2022
Stories
1
Units
5
Listing Agency:
Aycock Realty Group, LLC
(405) 435-1534
Listed By:
Beth Wylie · License #0777416
(405) 435-1534
Source:
Lubbockhomemarket
Added: Jun 26
Changed: Aug 10
Last Checked: Aug 12 at 1:38PM
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 Aycock Realty Group, LLC
Investment Insights
Based on property information with market context.
Built in 2022, this five-unit apartment property consists of townhome-style residences with practical layouts and durable interior finishes. Features include granite countertops, attractive flooring, ceiling fans, xeriscaped yards, and rear-entry garages serving the homes.
The property is located at 2610-2618 136th Street in Lubbock, across from Lubbock Cooper East Elementary. Several tenants have occupied their homes for more than two years, providing established tenancy within the community. The combination of individual residences, garage access, low-maintenance landscaping, and updated construction creates a cohesive multifamily asset.
The property is located at 2610-2618 136th Street in Lubbock, across from Lubbock Cooper East Elementary. Several tenants have occupied their homes for more than two years, providing established tenancy within the community. The combination of individual residences, garage access, low-maintenance landscaping, and updated construction creates a cohesive multifamily asset.
Key Highlights
- Five townhome units built in 2022
- Across from Lubbock Cooper East Elementary
- Rear‑entry garages serve the residences
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
$53,850
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
6.15%
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%
$1,077,000
$1.1M
Cap Rate 7%
$769,286
$769.3K
Cap Rate 9%
$598,333
$598.3K
Market Conditions
NOI Build-Up for 6,640 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
$104.4K $15.72/SF
− Vacancy
−$6.5K −$0.97/SF
EGI
$97.9K $14.75/SF
− OpEx
−$44.1K −$6.64/SF
NOI
$53.9K $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%
$1,077,000
Cap Rate 7%
$769,286
Cap Rate 9%
$598,333
Alternative Uses
Best Use
Apartment 5plus
$769.3K
$673.1K – $897.5K
NOI $53,850 @ 7.0% cap · market cap 6.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $117,177 @ 7.0% cap · market cap 13.39%
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
164
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 - Townhome-style residences offer updated finishes, private xeriscaped yards, and convenient access to a nearby elementary school.
Where is this apartment building located?
The property is located at 2610-2618 136th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Five townhome units built in 2022; Across from Lubbock Cooper East Elementary; Rear‑entry garages serve the residences
