Townhome Income
New
For Sale
$195,000
5861 Virginia Ave, Lubbock, TX 79407
Completed townhome construction with attached garage, fenced yard, landscaping, and finishes suited to residential occupancy.
Property Size1,578 SF
Price / SF$123.57
Days on Market3
Property Features for 5861 Virginia Ave
General Information
Standard status
Active
Size
1,578 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Units
Unit Mix
3BR/2BA
Multifamily Units
1
Building Details
Year Built
2023
Buildings
1
Listing Agency:
The 32:18 Management Group
Listed By:
Steadfast Realty
(806) 451-4767
Source:
Steadfast-realty
Added: Sep 12
Changed: Sep 13
Last Checked: Sep 13 at 8:08AM
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 The 32:18 Management Group
Investment Insights
Based on property information with market context.
Completed in 2023, this townhome offers 1,578 square feet with three bedrooms, two bathrooms, and a one-car garage. Interior features include granite countertops and vinyl plank flooring, while the property also includes a fenced and landscaped outdoor area.
The home is located in Escondido Crossing and falls within the Frenship School District. Its residential configuration and completed construction provide a straightforward addition to an income-property portfolio.
The home is located in Escondido Crossing and falls within the Frenship School District. Its residential configuration and completed construction provide a straightforward addition to an income-property portfolio.
Key Highlights
- Completed construction in 2023
- 1,578‑square‑foot townhome with 3 bedrooms and 2 bathrooms
- Attached 1‑car garage
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
$12,797
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
6.56%
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%
$255,940
$255.9K
Cap Rate 7%
$182,814
$182.8K
Cap Rate 9%
$142,189
$142.2K
Market Conditions
NOI Build-Up for 1,578 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
$24.8K $15.72/SF
− Vacancy
−$1.5K −$0.97/SF
EGI
$23.3K $14.75/SF
− OpEx
−$10.5K −$6.64/SF
NOI
$12.8K $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%
$255,940
Cap Rate 7%
$182,814
Cap Rate 9%
$142,189
Alternative Uses
Best Use
Apartment 5plus
$182.8K
$160.0K – $213.3K
NOI $12,797 @ 7.0% cap · market cap 6.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$397.8K
$348.1K – $464.1K
NOI $27,847 @ 7.0% cap · market cap 14.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
161
Businesses Nearby
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Business Placement
Demographics for 79407, TX
23,208
Population
11,817
Households
2
Avg Household Size
32
Median Age
41%
College-Educated
92%
High-School Grad
75.9 sq mi
ZIP Area
306
Density / Sq Mi
$64,778
Median Household Income
$38,212
Median Earnings
$1,131
Median Rent
$200,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Completed townhome construction with attached garage, fenced yard, landscaping, and finishes suited to residential occupancy.
Where is this residential income property located?
The property is located at 5861 Virginia Ave Lubbock, TX.
What is the asking price?
The asking price for this property is $195,000.
What are key features of this property?
This property features: Completed construction in 2023; 1,578‑square‑foot townhome with 3 bedrooms and 2 bathrooms; Attached 1‑car garage
