Townhome Community with Rear-Entry
For Sale
$875,000
26202628 2620-2628 136th St, Lubbock, TX 79423
Five well-built townhomes include three 2BR/2BA and two 3BR/2BA end units, each with a rear-entry garage.
Property Size6,688 SF
Price / SF$130.83
Days on Market43
Property Features for 26202628 2620-2628 136th St
General Information
Standard status
Active
Size
6,688 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
5
Amenities
rear-entry garage
xeriscape yards
Building Details
Year Built
2022
Tenancy
Multi
Listing Agency:
Aycock Realty Group, LLC
Listed By:
Beth Wylie · License #0777416
(405) 435-1534
Source:
Raftercrossrealty
Added: Jul 23
Changed: Aug 11
Last Checked: Sep 1 at 8:37PM
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.
This for-sale townhome community features five well-built homes with xeriscape yards and rear-entry garages. The unit mix consists of three 2-bedroom, 2-bath townhomes and two end units with 3-bedroom, 2-bath layouts. Each home is configured with a rear-entry garage, supporting convenient off-street parking and practical day-to-day access.
The property is located at 2620–2628 136th St in Lubbock, TX, directly across from Lubbock Cooper East Elementary, which includes a park and playground.
The current offering notes strong onsite management and steady tenancy, with several tenants having lived at the property for 2+ years. The homes are described as easy to keep leased, reflecting consistent day-to-day performance.
The property is located at 2620–2628 136th St in Lubbock, TX, directly across from Lubbock Cooper East Elementary, which includes a park and playground.
The current offering notes strong onsite management and steady tenancy, with several tenants having lived at the property for 2+ years. The homes are described as easy to keep leased, reflecting consistent day-to-day performance.
Key Highlights
- Year built 2022: five townhomes in a well‑built community
- Unit mix includes three 2BR/2BA units and two 3BR/2BA end units
- Each townhome has a rear‑entry garage
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
$54,239
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
6.20%
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%
$1,084,780
$1.1M
Cap Rate 7%
$774,843
$774.8K
Cap Rate 9%
$602,656
$602.7K
Market Conditions
NOI Build-Up for 6,688 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
$105.1K $15.72/SF
− Vacancy
−$6.5K −$0.97/SF
EGI
$98.6K $14.75/SF
− OpEx
−$44.4K −$6.64/SF
NOI
$54.2K $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%
$1,084,780
Cap Rate 7%
$774,843
Cap Rate 9%
$602,656
Alternative Uses
Best Use
Apartment 5plus
$774.8K
$678.0K – $904.0K
NOI $54,239 @ 7.0% cap · market cap 6.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,024 @ 7.0% cap · market cap 13.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
108
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 - Five well-built townhomes include three 2BR/2BA and two 3BR/2BA end units, each with a rear-entry garage.
Where is this apartment building located?
The property is located at 26202628 2620-2628 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: Year built 2022: five townhomes in a well‑built community; Unit mix includes three 2BR/2BA units and two 3BR/2BA end units; Each townhome has a rear‑entry garage
