Newer Triplex Townhome
New
For Sale
$625,000
Pending
5861 5863 5865 Virginia Avenue, Lubbock, TX 79407
Residential Income, Lubbock, TX
Property Size4,653 SF
Lot Size0.23 Acres
Days on Market4
Property Features for 5861 5863 5865 Virginia Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
9
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 2, Bathroom 5, Bedroom 4, Bathroom 1, Bedroom 7, Bedroom 8, Bedroom 9, Bedroom 1, Bathroom 3, Bedroom 6, Bedroom 2, Bedroom 5, Bathroom 4, Bedroom 3, Bathroom 6
Parking features
Garage
Window features
Double Pane Windows
Interior features
Ceiling Fan(s), Granite Counters, Pantry, Walk-In Closet(s)
Fencing
Fenced
Appliances
Disposal
Lot features
Landscaped, Sprinklers In Rear
Elementary school
Bennett
Middle school
Frenship
High school
Frenship
Elementary school district
Frenship ISD
Middle school district
Frenship ISD
High school district
Frenship ISD
Subdivision
7
Standard status
Pending
APN
R345367, R345366, R345365
Size
4,653 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
ESCONDIDO CROSSING L 192, 191, 190
Tax Annual Amount
4000
Legal Description
ESCONDIDO CROSSING L 192, 191, 190
Utilities
Heating system
Central, Natural Gas
Cooling system
Central Air, Electric
Amenities
granite countertops
vinyl plank flooring
fencing
landscaping
Building Details
Year built
2024
Number of units
3
Flooring type
Vinyl, Plank
Building materials
Brick
Roof type
Composition
Listing Agency:
Aycock Realty Group, LLC
(806) 778-5956
Listed By:
Liz Karr · License #0629554
(806) 632-5666
Added: Aug 28
Last Checked: Aug 31 at 12:06PM
MLS# 202612035
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 2024, this triplex package consists of three adjacent townhome units totaling 4,653 square feet. Each residence includes three bedrooms, two bathrooms, and a one-car garage, along with granite countertops, vinyl plank flooring, walk-in closets, pantries, ceiling fans, and fenced outdoor areas. Brick construction, composition roofing, central heating, and central air serve the property.
The units are situated along Virginia Avenue in Lubbock, Texas, within the Frenship School District. All three residences are currently leased and occupied by tenants. The property sits on approximately 0.23 acres and includes natural-gas heating, electric cooling, garage parking, and disposal appliances.
The units are situated along Virginia Avenue in Lubbock, Texas, within the Frenship School District. All three residences are currently leased and occupied by tenants. The property sits on approximately 0.23 acres and includes natural-gas heating, electric cooling, garage parking, and disposal appliances.
Key Highlights
- Three adjacent townhome units totaling 4,653 square feet
- Each unit includes 3 bedrooms, 2 bathrooms, and a one‑car garage
- Built in 2024 with brick construction and composition roofing
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
$42,026
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
6.72%
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%
$840,520
$840.5K
Cap Rate 7%
$600,371
$600.4K
Cap Rate 9%
$466,956
$467.0K
Market Conditions
NOI Build-Up for 4,653 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
$64.2K $13.80/SF
− Vacancy
−$4.2K −$0.90/SF
EGI
$60.0K $12.90/SF
− OpEx
−$18.0K −$3.87/SF
NOI
$42.0K $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%
$840,520
Cap Rate 7%
$600,371
Cap Rate 9%
$466,956
Alternative Uses
Best Use
Multifamily LT 5
$600.4K
$525.3K – $700.4K
NOI $42,026 @ 7.0% cap · market cap 6.72%
Second Best
Apartment 5plus
$539.1K
$471.7K – $628.9K
NOI $37,736 @ 7.0% cap · market cap 6.04%
Theoretical Best
Office A
$1.17M
$1.03M – $1.37M
NOI $82,112 @ 7.0% cap · market cap 13.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
113
Businesses Nearby
Explore this area
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
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 - Side-by-side townhome units are fully leased and feature garages, granite counters, fenced yards, and vinyl plank flooring.
Where is this triplex located?
The property is located at 5861 5863 5865 Virginia Avenue Lubbock, TX.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Three adjacent townhome units totaling 4,653 square feet; Each unit includes 3 bedrooms, 2 bathrooms, and a one‑car garage; Built in 2024 with brick construction and composition roofing
