Building Details

Year Built 2022

Listing Agency: Realty Refined

Listed By: Steadfast Realty Show Phone

Source: Steadfast-realty

Added: Jul 15 Changed: Oct 15 Last Checked: Oct 16 at 9:11AM

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Investment Insights

Based on property information with market context.

This five-unit townhome property contains 6,640 SF and was built in 2022. Interior features include granite countertops, attractive flooring, ceiling fans, and thoughtfully arranged floor plans. Each home also offers a rear-entry garage and a xeriscaped yard, combining practical parking with lower-maintenance exterior areas.

The property is located at 2610-2618 136th St in Lubbock, across from Lubbock Cooper East Elementary. Many tenants have remained for more than 2 years, providing an established occupancy history. The townhome configuration and maintained finishes support a straightforward multifamily rental profile.

Key Highlights

• Five townhomes totaling 6,640 SF
• Constructed in 2022
• Across from Lubbock Cooper East Elementary

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$53,850

Cap Rate

6.15%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,077,000 $1.1M

Cap Rate 7%

$769,286 $769.3K

Cap Rate 9%

$598,333 $598.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,640 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $117,177 @ 7.0% cap · market cap 13.39%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Electrical Service Auto Parts Store Real Estate Agency Grocery & Convenience Store Bakery Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

145

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Townhomes feature rear-entry garages, xeriscaped yards, and updated interior finishes across from an elementary school.

Where is this apartment building located?

The property is located at 2610-2618 136th St 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 townhomes totaling 6,640 SF; Constructed in 2022; Across from Lubbock Cooper East Elementary