Professionally Managed
For Sale
$299,900
7401 Avenue X, Lubbock, TX 79423
Four-unit residential income property with two-bedroom layouts, selective updates, and professional management.
Property Size3,102 SF
Price / SF$96.68
Days on Market67
Property Features for 7401 Avenue X
General Information
Standard status
Active
Size
3,102 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Highway Access
Yes
Building Details
Year Built
1981
Buildings
1
Listing Agency:
Williams & Company Real Estate
Listed By:
Cameron Seale · License #0688378
(806) 773-0821
Source:
Raftercrossrealty
Added: Aug 11
Changed: Oct 2
Last Checked: Oct 7 at 2:35PM
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 Williams & Company Real Estate
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Investment Insights
Based on property information with market context.
This professionally managed quadplex contains four residential units, each configured with 2 bedrooms and 1 bathroom. The 3,102-square-foot property was built in 1981 and includes updates in some units. Stable occupancy and consistent leasing support its use as an income-producing multifamily asset.
The property is in South Lubbock, just off University Avenue and near South Loop 289. Its location provides access to major roads, Texas Tech, restaurants, and shopping. The asset is also available as part of a package with 7405 Ave X and 7405 Waco Ave.
The property is in South Lubbock, just off University Avenue and near South Loop 289. Its location provides access to major roads, Texas Tech, restaurants, and shopping. The asset is also available as part of a package with 7405 Ave X and 7405 Waco Ave.
Key Highlights
- Four‑unit quadplex with 2‑bedroom, 1‑bathroom layouts
- 3,102 square feet on a property built in 1981
- Professionally managed multifamily asset
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,157
Cap Rate
8.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$503,140
$503.1K
Cap Rate 7%
$359,386
$359.4K
Cap Rate 9%
$279,522
$279.5K
Market Conditions
NOI Build-Up for 3,102 SF
Gross rent
$48.8K $15.72/SF
− Vacancy
−$3.0K −$0.97/SF
EGI
$45.7K $14.75/SF
− OpEx
−$20.6K −$6.64/SF
NOI
$25.2K $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 Rate 5%
$503,140
Cap Rate 7%
$359,386
Cap Rate 9%
$279,522
Alternative Uses
Best Use
Multifamily LT 5
$400.3K
$350.2K – $467.0K
NOI $28,018 @ 7.0% cap · market cap 9.34%
Second Best
Apartment 5plus
$359.4K
$314.5K – $419.3K
NOI $25,157 @ 7.0% cap · market cap 8.39%
Theoretical Best
Office A
$782.0K
$684.3K – $912.4K
NOI $54,742 @ 7.0% cap · market cap 18.25%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
608
Businesses Nearby
Explore this area
Business Placement
Demographics for 79423, TX
42,311
Population
18,463
Households
2.3
Avg Household Size
35
Median Age
38%
College-Educated
94%
High-School Grad
64.2 sq mi
ZIP Area
659
Density / Sq Mi
$82,906
Median Household Income
$45,520
Median Earnings
$1,284
Median Rent
$222,500
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?
Quadplex - Four-unit residential income property with two-bedroom layouts, selective updates, and professional management.
Where is this quadplex located?
The property is located at 7401 Avenue X Lubbock, TX.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Four‑unit quadplex with 2‑bedroom, 1‑bathroom layouts; 3,102 square feet on a property built in 1981; Professionally managed multifamily asset
