Four-Unit Brick
For Sale
$380,000
807 Avenue L, Shallowater, TX 79363
Residential Income, Shallowater, TX
Property Size3,328 SF
Lot Size0.41 Acres
Price / SF$114.18
Days on Market48
Property Features for 807 Avenue L
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Single Family
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 6, Bathroom 2, Bathroom 1, Bathroom 4, Bedroom 1, Bedroom 5, Bedroom 2, Bedroom 7, Bathroom 3, Bedroom 3, Bedroom 8
Parking features
Carport
Fencing
Fenced
Elementary school
Shallowater
Middle school
Shallowater
High school
Shallowater
Elementary school district
Shallowater ISD
Middle school district
Shallowater ISD
High school district
Shallowater ISD
Subdivision
Shallowater
Standard status
Active
APN
R40425
Size
3,328 SF
Lot size
0.41 Acres
Taxes and HOA fees
Tax Description
RIPLEY BLK 25 TR A 118' X 150' IN NE/4
Tax Annual Amount
4364
Legal Description
RIPLEY BLK 25 TR A 118' X 150' IN NE/4
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1960
Floors in Building
1
Number of units
4
Building materials
Brick
Architectural style
Other
Listing Agency:
Exit Realty of Lubbock
(806) 771-3900
Listed By:
Joanna Cunningham · License #0645128
(806) 252-7801
Added: Aug 30
Changed: Oct 10
Last Checked: Oct 16 at 8:06AM
MLS# 202612096
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.
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Investment Insights
Based on property information with market context.
This four-unit residential property includes four separate homes with a combined 3,328 square feet of living area. Each residence provides two bedrooms and one bathroom, creating a consistent layout across the offering. Brick construction, central heating, central air conditioning, carports, and fencing are included. The homes were built in 1960 and are situated on 0.41 acres.
Located at 807 Avenue L in Shallowater, Texas, the property is served by public water and public sewer. The four residences are being offered together as one package, providing a single acquisition that includes all units at the same address.
Located at 807 Avenue L in Shallowater, Texas, the property is served by public water and public sewer. The four residences are being offered together as one package, providing a single acquisition that includes all units at the same address.
Key Highlights
- Four homes offered together as one package
- Each home includes 2 bedrooms and 1 bathroom
- Combined property size of 3328 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,059
Cap Rate
7.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$601,180
$601.2K
Cap Rate 7%
$429,414
$429.4K
Cap Rate 9%
$333,989
$334.0K
Market Conditions
NOI Build-Up for 3,328 SF
Gross rent
$45.9K $13.80/SF
− Vacancy
−$3.0K −$0.90/SF
EGI
$42.9K $12.90/SF
− OpEx
−$12.9K −$3.87/SF
NOI
$30.1K $9.03/SF
Area
Lubbock County, 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 Rate 5%
$601,180
Cap Rate 7%
$429,414
Cap Rate 9%
$333,989
Alternative Uses
Best Use
Multifamily LT 5
$429.4K
$375.7K – $501.0K
NOI $30,059 @ 7.0% cap · market cap 7.91%
Second Best
Apartment 5plus
$385.6K
$337.4K – $449.8K
NOI $26,990 @ 7.0% cap · market cap 7.10%
Theoretical Best
Office A
$839.0K
$734.1K – $978.8K
NOI $58,730 @ 7.0% cap · market cap 15.46%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - The property combines brick construction, central heating and cooling, carports, and a fenced lot.
Where is this quadplex 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 as one package; Each home includes 2 bedrooms and 1 bathroom; Combined property size of 3328 square feet
