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    Property profile & analytics

    2408 98Th St Lubbock, TX 79423

    • Retail properties
    • 7,000 SF
    • 0.93 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties

    Property Details for 2408 98Th St

    Year built
    2018
    Lot size
    0.93 lot acres
    Property size
    7,000 SF
    Property type
    Retail properties

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.869
    Latitude
    33.5053

    Comparable in this City

    • Value Estimation by Request
      6,400 SF

      12011 Indiana Ave

      Retail properties • 6,400 SF
      12011 Indiana Ave, Lubbock, TX 79423
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    • Value Estimation by Request
      3.52 Acres

      98th St

      Land • 3.52 Acres
      98th St, Lubbock, TX 79423
      View Details
    • Value Estimation by Request
      62,618 SF

      4210 82Nd St

      Neighborhood centers • 62,618 SF
      4210 82Nd St, Lubbock, TX 79423
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    • Value Estimation by Request

      12508 Indiana Ave

      Land
      12508 Indiana Ave, Lubbock, TX 79423
      View Details
    • Value Estimation by Request
      6,900 SF

      10303 Indiana Ave

      Retail properties • 6,900 SF
      10303 Indiana Ave, Lubbock, TX 79423
      View Details
    • Value Estimation by Request
      4,032 SF

      8206 Hudson Ave

      Automotive properties • 4,032 SF
      8206 Hudson Ave, Lubbock, TX 79423
      View Details

    Similar Nearby for Sale

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      Retail property available for sale in Lubbock, Texas.
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    • $1,740,480

      Prime Lubbock Retail Land

      High-traffic C-3 zoned land, excellent investment.
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    • $919,986
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      Prime Lubbock Land: Office & Retail

      3.52 Acres, Excellent Location, High Potential
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    • Contact for pricing
      18,360 SF

      Retail Space in South Lubbock

      Prime location near 98th & Indiana. Versatile retail opportunity.
      3410 98Th St, Lubbock, TX 79423
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    Similar Nearby for Lease

    • $60 SF/Yr

      Lubbock Warehouse/Office Space for Lease

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      28,116 SF

      University Ave Retail Space

      7,000 SF Office Suite Available in Lubbock, TX
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    • $18 SF/Yr
      3,000 SF

      Retail Space in Lubbock, Texas

      Retail space available for lease in Lubbock, Texas.
      3408 98Th St, Lubbock, TX 79423
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    • Contact for pricing
      4,400 SF

      Retail Redevelopment Opportunity

      Retail space available at a highly trafficked intersection.
      2526 82Nd St, Lubbock, TX 79423
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    • Contact for pricing
      1,112 SF

      Retail or Office Space Available

      Located in a fast-growing area with high traffic.
      9810 Indiana Ave, Lubbock, TX 79423
      View Details
    • Contact for pricing
      2,400 SF

      Freestanding Restaurant with Drive-Thru

      Second-generation restaurant with drive-thru available for lease.
      7901 University Ave, Lubbock, TX 79423
      View Details
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    Lubbock, TX 79423
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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