Updated
302 Avenue U, Lubbock, TX 79415
For Sale
$170,000
Three-unit property near Texas Tech with refreshed interiors and a varied unit mix.
Property Size1,865 SF
Price / SF$91.15
Days on Market95
Property Features for 302 Avenue U
General Information
Standard status
Size
Property subtype
Building Details
Year Built
Listing Agency:
Reside Real Estate Co.
Listed By:
Daniel Hernandez · License TX #0809570
(214) 264-6045
Source:
Raftercrossrealty
Added: Aug 8
Changed: Oct 25
Last Checked: Oct 7 at 4:37PM
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 Reside Real Estate Co.
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Investment Insights
Based on property information with market context.
Built in 1951, this 1,865 SF triplex contains three residential units: one two-bedroom, one-bath unit and two one-bedroom, one-bath units. Interior improvements include new paint, light fixtures, countertops, and flooring throughout the property.
The property is located close to Texas Tech, providing a nearby setting for student-oriented housing. Its three-unit configuration and distinct bedroom layouts offer a compact multifamily format with refreshed interior finishes.
The property is located close to Texas Tech, providing a nearby setting for student-oriented housing. Its three-unit configuration and distinct bedroom layouts offer a compact multifamily format with refreshed interior finishes.
Key Highlights
- Three‑unit triplex with one 2/1 and two 1/1 units
- 1,865 SF property built in 1951
- New paint, light fixtures, countertops, and flooring in each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,125
Cap Rate
8.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$302,500
$302.5K
Cap Rate 7%
$216,071
$216.1K
Cap Rate 9%
$168,056
$168.1K
Market Conditions
NOI Build-Up for 1,865 SF
Gross rent
$29.3K $15.72/SF
− Vacancy
−$1.8K −$0.97/SF
EGI
$27.5K $14.75/SF
− OpEx
−$12.4K −$6.64/SF
NOI
$15.1K $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%
$302,500
Cap Rate 7%
$216,071
Cap Rate 9%
$168,056
Alternative Uses
Best Use
Multifamily LT 5
$240.6K
$210.6K – $280.8K
NOI $16,845 @ 7.0% cap · market cap 9.91%
Second Best
Apartment 5plus
$216.1K
$189.1K – $252.1K
NOI $15,125 @ 7.0% cap · market cap 8.90%
Theoretical Best
Office A
$470.2K
$411.4K – $548.5K
NOI $32,912 @ 7.0% cap · market cap 19.36%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Location Intelligence
Trade Area within ½ mile
989
Businesses Nearby
Explore this area
Business Placement
Demographics for 79415, TX
17,499
Population
7,225
Households
2.4
Avg Household Size
30
Median Age
26%
College-Educated
77%
High-School Grad
67.8 sq mi
ZIP Area
258
Density / Sq Mi
$37,101
Median Household Income
$25,506
Median Earnings
$956
Median Rent
$94,000
Median Home Value
Market
Average Price Trend$/SF for Triplexes in Lubbock, TX
Properties on Market for Triplexes in Lubbock
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property near Texas Tech with refreshed interiors and a varied unit mix.
Where is this triplex located?
The property is located at 302 Avenue U Lubbock, TX.
What is the asking price?
The asking price for this property is $170,000.
What are key features of this property?
This property features: Three‑unit triplex with one 2/1 and two 1/1 units; 1,865 SF property built in 1951; New paint, light fixtures, countertops, and flooring in each unit
