Updated
New
For Sale
$170,000
302 Avenue U, Lubbock, TX 79415
Three-unit property near Texas Tech with refreshed interiors and a varied unit mix.
Property Size1,865 SF
Price / SF$91.15
Days on Market5
Property Features for 302 Avenue U
General Information
Standard status
Active
Size
1,865 SF
Property subtype
Multi-Family
Building Details
Year Built
1951
Listing Agency:
Reside Real Estate Co.
(806) 500-4003
Listed By:
Daniel Hernandez · License #0809570
Source:
Raftercrossrealty
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 10:16AM
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.
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 = 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
$15,125
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
8.90%
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%
$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
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
$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 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%
$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.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
717
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
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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
