Building Details

Year Built 1960

Buildings 4

Listing Agency: Exit Realty of Lubbock

Listed By: Joanna Cunningham · License #0645128 Show Phone

Source: Raftercrossrealty

Added: Sep 12 Changed: Oct 25 Last Checked: Oct 7 at 4:49PM

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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 Exit Realty of Lubbock

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Investment Insights

Based on property information with market context.

This multifamily property consists of four separate homes offered together as one package. Each residence provides two bedrooms and one bathroom, creating a consistent unit configuration across the property. The homes were built in 1960.

The property is located at 807 Avenue L in Shallowater, Texas. Its four-home configuration and uniform layouts provide a clearly defined residential income property offering.

Key Highlights

• Four homes offered together in one package
• Each home includes 2 bedrooms and 1 bathroom
• Built in 1960

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$26,990

Cap Rate

7.10%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$539,800 $539.8K

Cap Rate 7%

$385,571 $385.6K

Cap Rate 9%

$299,889 $299.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,328 SF

Gross rent

$52.3K $15.72/SF

− Vacancy

−$3.2K −$0.97/SF

EGI

$49.1K $14.75/SF

− OpEx

−$22.1K −$6.64/SF

NOI

$27.0K $8.11/SF

Area

Lubbock County, 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%

$539,800

Cap Rate 7%

$385,571

Cap Rate 9%

$299,889

Alternative Uses

Best Use

Apartment 5plus

$385.6K

$337.4K – $449.8K (±1% cap)

NOI $26,990 @ 7.0% cap · market cap 7.10%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$839.0K

$734.1K – $978.8K (±1% cap)

NOI $58,730 @ 7.0% cap · market cap 15.46%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Location Intelligence

Trade Area within ½ mile

149

Businesses Nearby

Explore this area Business Placement

Demographics for 79363, TX

6,259

Population

2,233

Households

2.8

Avg Household Size

36

Median Age

30%

College-Educated

88%

High-School Grad

108.1 sq mi

ZIP Area

58

Density / Sq Mi

$93,320

Median Household Income

$45,035

Median Earnings

$1,138

Median Rent

$201,200

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Frequently Asked Questions

What type of property is this?

Multifamily property - Package includes four residential units, each with a two-bedroom, one-bath layout.

Where is this multifamily property located?

The property is located at 807 Avenue L Shallowater, TX.

What is the asking price?

The asking price for this property is $380,000.

What are key features of this property?

This property features: Four homes offered together in one package; Each home includes 2 bedrooms and 1 bathroom; Built in 1960