Three-Unit Residential
For Sale
$235,000
3809 36th Street, Lubbock, TX 79413
Residential Income, Lubbock, TX
Property Size1,630 SF
Lot Size0.17 Acres
Price / SF$144.17
Days on Market100
Property Features for 3809 36th Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 3, Bathroom 1, Bathroom 2
Parking features
Driveway
Elementary school
Maedgen
Middle school
Hutchinson
High school
Monterey
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Directions
Located just WEST of Memphis Ave. on 36th. May be accessed off Quaker Ave. to the EAST, also.
Subdivision
3
Standard status
Active
APN
R338901
Size
1,630 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
Sunny Hill Blk 3 L 5A
Tax Annual Amount
3933
Legal Description
Sunny Hill Blk 3 L 5A
Utilities
Heating system
Electric (Heating)
Cooling system
Ceiling Fan(s), Electric
Building Details
Year built
2023
Floors in Building
1
Number of units
3
Building materials
Blown-In Insulation, Brick Veneer, Masonite
Roof type
Composition
Listing Agency:
Exit Realty of Lubbock
(806) 771-3900
Listed By:
Coby Crump · License #0468085
(806) 789-4600
Added: Jun 19
Changed: Sep 17
Last Checked: Sep 26 at 6:06PM
MLS# 202608540
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.
Built in 2023, this 1,630-square-foot residential property is arranged as a front apartment with two rear room rentals. Each area has its own entrance, while the rear rooms share a bathroom equipped with locking doors for individual privacy. Driveway parking provides on-site vehicle access.
The 0.17-acre property features brick veneer, Masonite, and blown-in insulation, along with a composition roof. Electric heating and cooling are supplemented by ceiling fans. The layout, separate access points, and residential configuration support its classification as a triplex property.
The 0.17-acre property features brick veneer, Masonite, and blown-in insulation, along with a composition roof. Electric heating and cooling are supplemented by ceiling fans. The layout, separate access points, and residential configuration support its classification as a triplex property.
Key Highlights
- 1,630‑square‑foot property on a 0.17‑acre lot
- Built in 2023
- Front apartment plus two rear room rentals
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
$14,722
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
6.26%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
461
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Separate entry points and driveway parking support independent access for the three rental areas.
Where is this triplex located?
The property is located at 3809 36th Street 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: 1,630‑square‑foot property on a 0.17‑acre lot; Built in 2023; Front apartment plus two rear room rentals
