Three-Unit Residential
For Sale
$235,000
3809 36th St, Lubbock, TX 79413
Front apartment and two back room rentals feature separate entrances and parking accessibility.
Property Size1,630 SF
Price / SF$144.17
Days on Market104
Property Features for 3809 36th St
General Information
Standard status
Active
Size
1,630 SF
Property subtype
Multi-Family
Building Details
Year Built
2023
Listing Agency:
Exit Realty of Lubbock
Listed By:
Coby Crump · License #0468085
(806) 789-4600
Source:
Raftercrossrealty
Added: Jul 21
Changed: Oct 25
Last Checked: Oct 7 at 1:55PM
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 Exit Realty of Lubbock
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Investment Insights
Based on property information with market context.
This property is a three-unit residential income setup, originally a 3/2/2 that has been retrofitted into a front apartment and two back room rentals. Each unit has a separate entrance and parking accessibility. The two back rentals each have their own locked door access to the shared, spacious bathroom to support individual privacy and security.
The home is offered for sale. Reported current rents include $925 for the front apartment and $650 for each back room rental.
The configuration provides a straightforward three-door layout with shared bathroom access limited to the two back room rentals, while the front apartment operates separately from the rear units.
The home is offered for sale. Reported current rents include $925 for the front apartment and $650 for each back room rental.
The configuration provides a straightforward three-door layout with shared bathroom access limited to the two back room rentals, while the front apartment operates separately from the rear units.
Key Highlights
- Year built 2023 3/2/2 retrofitted into a front apartment and two back room rentals
- Front apartment rents for $925; each back room rental rents for $650
- Each unit has a separate entrance
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,722
Cap Rate
6.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$294,440
$294.4K
Cap Rate 7%
$210,314
$210.3K
Cap Rate 9%
$163,578
$163.6K
Market Conditions
NOI Build-Up for 1,630 SF
Gross rent
$22.5K $13.80/SF
− Vacancy
−$1.5K −$0.90/SF
EGI
$21.0K $12.90/SF
− OpEx
−$6.3K −$3.87/SF
NOI
$14.7K $9.03/SF
Area
Lubbock, TX
Vacancy
6.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$294,440
Cap Rate 7%
$210,314
Cap Rate 9%
$163,578
Alternative Uses
Best Use
Multifamily LT 5
$210.3K
$184.0K – $245.4K
NOI $14,722 @ 7.0% cap · market cap 6.26%
Second Best
Apartment 5plus
$188.8K
$165.2K – $220.3K
NOI $13,219 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$410.9K
$359.6K – $479.4K
NOI $28,765 @ 7.0% cap · market cap 12.24%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
461
Businesses Nearby
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Business Placement
Demographics for 79413, TX
20,962
Population
9,590
Households
2.2
Avg Household Size
35
Median Age
35%
College-Educated
91%
High-School Grad
4.7 sq mi
ZIP Area
4,460
Density / Sq Mi
$67,062
Median Household Income
$38,004
Median Earnings
$1,325
Median Rent
$195,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Front apartment and two back room rentals feature separate entrances and parking accessibility.
Where is this triplex located?
The property is located at 3809 36th St Lubbock, TX.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Year built 2023 3/2/2 retrofitted into a front apartment and two back room rentals; Front apartment rents for $925; each back room rental rents for $650; Each unit has a separate entrance
