Rental Home Portfolio and
7603 Alcove Avenue Lubbock, TX 79407
For Sale
$1,100,000
MULTI_FAMILY - Lubbock, TX
Property Size9,752 SF
Lot Size4.00 Acres
Price / SF$112.80
Days on Market296
Property Features for 7603 Alcove Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 21
- Bathrooms
- 12
- Rooms
- Bathroom 5, Bedroom 20, Bedroom 19, Bathroom 1, Bedroom 12, Bedroom 11, Bathroom 3, Bathroom 11, Bedroom 17, Bathroom 4, Bathroom 10, Bathroom 9, Bathroom 8, Bedroom 4, Bedroom 7, Bedroom 1, Bedroom 3, Bedroom 14, Bedroom 9, Bedroom 18, Bedroom 8, Bedroom 15, Bedroom 21, Bathroom 12, Bathroom 6, Bathroom 2, Bedroom 5, Bedroom 16, Bedroom 10, Bedroom 6, Bathroom 7, Bedroom 2, Bedroom 13
- Standard status
- Active
- APN
- R130706
- Size
- 9,752 SF
- Lot size
- 4.00 Acres
Taxes and HOA fees
- Tax Description
- BLK AK SEC 31 AB 243 TR C4A LESS W10' ACS: .2565 - Please reach out to listing agent for all legal descriptions
- Tax Annual Amount
- 21000
Utilities
- Heating system
- Central
- Cooling system
- Central Air
Building Details
- Year built
- 1956
- Roof type
- Composition
Listing Agency:
Progressive Properties
(806) 794-7777
Listed By:
Brandon Tyler · License #0542831
(806) 239-0962
Added: Oct 3, 2025
Changed: Jun 26
Last Checked: Jul 25 at 10:06AM
MLS# 202561366
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.
This offering features a 4+ acre parcel at 7603 Alcove Avenue improved with nine rental houses, currently producing approximately $8,450 per month. The property provides cash-flow while offering a platform for redevelopment on the buyer’s timeline, including the option to pursue an entitle-and-design approach.
The site is positioned along Alcove Avenue with immediate access to US-82/62 (Marsha Sharp Fwy). A United Supermarkets is planned across the street, and Alcove Avenue is scheduled to be widened, supporting future visibility and access in a fast-growing corridor.
Surrounding development includes established retail and dining, creating practical upside for future retail pads, a neighborhood center, restaurants, or other service-oriented commercial uses, subject to applicable approvals.
The site is positioned along Alcove Avenue with immediate access to US-82/62 (Marsha Sharp Fwy). A United Supermarkets is planned across the street, and Alcove Avenue is scheduled to be widened, supporting future visibility and access in a fast-growing corridor.
Surrounding development includes established retail and dining, creating practical upside for future retail pads, a neighborhood center, restaurants, or other service-oriented commercial uses, subject to applicable approvals.
Key Highlights
- 4+/- acres on Alcove Ave with immediate access to US‑82/62 (Marsha Sharp Fwy)
- Currently improved with nine rental houses generating approximately $8,450 per month
- Central heating and central air
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $146.3k | $15.00 |
| − Vacancy | −$11.7k | −$1.20 |
| EGI | $134.6k | $13.80 |
| − OpEx | −$40.4k | −$4.14 |
| NOI | $94.2k | $9.66 |
9,752 SF · lease $15.00/SF/yr · vacancy 8.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.35M
$1.18M – $1.57M
NOI $94,204 @ 7.0% cap · market cap 8.56%
Second Best
Apartment 5plus
$1.13M
$988.6K – $1.32M
NOI $79,088 @ 7.0% cap · market cap 7.19%
Theoretical Best
Office A
$2.46M
$2.15M – $2.87M
NOI $172,095 @ 7.0% cap · market cap 15.65%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Single family properties
FAQs
What type of property is this?
Single family property - 4+ acre site with nine rental houses generating approximately $8,450 per month, with direct access to US-82/62.
Where is this single family property located?
The property is located at 7603 Alcove Avenue Lubbock, TX.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 4+/- acres on Alcove Ave with immediate access to US‑82/62 (Marsha Sharp Fwy); Currently improved with nine rental houses generating approximately $8,450 per month; Central heating and central air
