Three-Unit Income
302 Avenue U Lubbock, TX 79415
For Sale
$170,000
MULTI_FAMILY - Other - Lubbock, TX
Property Size1,865 SF
Lot Size0.16 Acres
Price / SF$91.15
Days on Market15
Property Features for 302 Avenue U
General Information
- Property type
- Residential Multi Family
- Property subtype
- Triplex
- Bedrooms
- 4
- Bathrooms
- 3
- Rooms
- Bathroom 3, Bedroom 4, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 1, Bedroom 2
- Parking features
- On Street
- Interior features
- Ceiling Fan(s)
- 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
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: Jul 21
Last Checked: Jul 24 at 8:06AM
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 is a three-unit residential income property offering a 2/1 unit and two 1/1 units. The units have received recent updates including new paint, light fixtures, countertops, and flooring.
The property is located at 302 Avenue U in Lubbock, TX 79415, in Lubbock County.
Each unit’s configuration consists of one 2/1 layout and two 1/1 layouts, providing a straightforward income mix within a single property.
The property is located at 302 Avenue U in Lubbock, TX 79415, in Lubbock County.
Each unit’s configuration consists of one 2/1 layout and two 1/1 layouts, providing a straightforward income mix within a single property.
Key Highlights
- 3‑unit property with unit mix of one 2BR/1BA and two 1BR/1BA units
- Rental income listed as $2,150/month total; 2BR/1BA at $850/month and two 1BR/1BA at $650/month each
- Each unit includes brand new paint, light fixtures, countertops, and flooring
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $29.3k | $15.72 |
| − Vacancy | −$1.8k | −$0.97 |
| EGI | $27.5k | $14.75 |
| − OpEx | −$12.4k | −$6.64 |
| NOI | $15.1k | $8.11 |
1,865 SF · lease $15.72/SF/yr · vacancy 6.20% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
FAQs
What type of property is this?
Triplex - Three-unit residential income property with one 2-bedroom unit and two 1-bedroom units.
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: 3‑unit property with unit mix of one 2BR/1BA and two 1BR/1BA units; Rental income listed as $2,150/month total; 2BR/1BA at $850/month and two 1BR/1BA at $650/month each; Each unit includes brand new paint, light fixtures, countertops, and flooring
