Updated
For Sale
$170,000
302 Avenue U, Lubbock, TX 79415
Residential Income, Lubbock, TX
Property Size1,865 SF
Lot Size0.16 Acres
Price / SF$91.15
Days on Market60
Property Features for 302 Avenue U
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 3, Bedroom 4, Bedroom 1, Bedroom 2
Parking features
On Street
Interior features
Ceiling Fan(s)
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
1
Standard status
Active
APN
R41315
Size
1,865 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
CRUMP ADD BLK 9 L 12
Tax Annual Amount
1061
Legal Description
CRUMP ADD BLK 9 L 12
Utilities
Heating system
Central
Cooling system
Central Air, Ceiling Fan(s)
Building Details
Year built
1951
Floors in Building
1
Number of units
3
Flooring type
Vinyl
Building materials
Masonite
Roof type
Composition
Architectural style
Other
Listing Agency:
Reside Real Estate Co.
(806) 646-6423
Listed By:
Daniel Hernandez · License #0809570
(806) 500-4003
Added: Jul 10
Changed: Sep 6
Last Checked: Sep 7 at 11:06PM
MLS# 202609436
Copyright © 2026 Lubbock Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This triplex contains 1,865 square feet on a 0.16-acre lot and was built in 1951. Each unit has received new paint, light fixtures, countertops, and flooring, with vinyl flooring used throughout. The property includes central heating and central air, supplemented by ceiling fans, along with Masonite construction and a composition roof.
Located at 302 Avenue U in Lubbock, the property is near Texas Tech. Parking is provided on the street. The unit layout includes three bedrooms and three bathrooms, supporting the property's three-unit configuration.
Located at 302 Avenue U in Lubbock, the property is near Texas Tech. Parking is provided on the street. The unit layout includes three bedrooms and three bathrooms, supporting the property's three-unit configuration.
Key Highlights
- Three‑unit property with 1,865 square feet
- Each unit features new paint, light fixtures, countertops, and flooring
- Situated on a 0.16‑acre lot in Lubbock
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
Property Profile
Current Use
Lease Details
3
Residential units
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
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 residential income property with refreshed interiors, central HVAC, and on-street parking in Lubbock.
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 property with 1,865 square feet; Each unit features new paint, light fixtures, countertops, and flooring; Situated on a 0.16‑acre lot in Lubbock
