Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Property profile & analytics

    6515 Milwaukee Ave Lubbock, TX 79424

    • Land
    • 1.87 lot acres
    For Sale
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 6515 Milwaukee Ave

    Lot size
    1.87 lot acres
    Property type
    Land

    Description

    This exceptional 1.87-acre commercial land parcel is situated in a prime Lubbock location along Milwaukee Avenue, within the Neighborhood Commercial (NC) zoning district. Its strategic position offers unparalleled visibility and accessibility, placing it just two minutes from the newly constructed 800,000 square-foot Canyon West retail center. This presents a significant advantage for businesses seeking high foot traffic and exposure. The property's proximity to major institutions, including Texas Tech University, University Medical Center, and Covenant Health Systems (all within an eight-minute radius), makes it exceptionally well-suited for a diverse range of commercial ventures, including retail establishments, office spaces, or healthcare-related facilities. The land is priced at $11.50 per square foot, representing a compelling investment opportunity. Essential utilities are readily available, simplifying the development process. Furthermore, this property is conveniently located outside of any designated floodplain, eliminating potential flood-related risks and development complications. This ready-to-develop site presents a unique chance to establish a thriving business in a vibrant and rapidly growing area of Lubbock, Texas. The property's size and location combine to create a truly exceptional opportunity for commercial development.

    Value Estimations

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.956
    Latitude
    33.5332

    Comparable in this City

    • Value Estimation by Request

      5721 122Nd St

      Land
      5721 122Nd St, Lubbock, TX 79424
      View Details
    • Value Estimation by Request
      2.70 Acres

      7315 Marsha Sharp Fwy

      Land • 2.70 Acres
      7315 Marsha Sharp Fwy, Lubbock, TX 79424
      View Details
    • Value Estimation by Request

      12001 Frankford Ave

      Land
      12001 Frankford Ave, Lubbock, TX 79424
      View Details
    • Value Estimation by Request
      5.00 Acres

      7002 82Nd St

      Land • 5.00 Acres
      7002 82Nd St, Lubbock, TX 79424
      View Details
    • Value Estimation by Request

      11002 Quaker Ave

      Land
      11002 Quaker Ave, Lubbock, TX 79424
      View Details
    • Value Estimation by Request

      10212 Slide Rd

      Land
      10212 Slide Rd, Lubbock, TX 79424
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Prime Lubbock Pad Sites

      Three commercial land parcels ready for development.
      4906 114Th St, Lubbock, TX 79424
      View Details
    • Contact for pricing
      0.74 Acres

      West Lubbock Commercial Land

      Prime 0.74-acre lot, high traffic
      5016 Acc Rd, Lubbock, TX 79424
      View Details
    • $217,800

      Prime Lubbock Commercial Land

      Texas commercial lot, great location.
      6623 Monticello Ave, Lubbock, TX 79424
      View Details
    • $3,500,000
      9.93 Acres

      Prime Lubbock Commercial Land

      9.9 Acres, High-Traffic Location
      7103 Milwaukee Ave, Lubbock, TX 79424
      View Details
    • $325,000

      South Lubbock Commercial Land

      1.3 Acres, Prime Development Site
      1730 & Fm 41, Lubbock, TX 79424
      View Details
    • Contact for pricing
      0.94 Acres

      Prime Lubbock Commercial Land

      0.94-acre lot, ideal for development. High-traffic location.
      7531 82Nd St, Lubbock, TX 79424
      View Details

    Similar Nearby for Lease

    • $3 SF/Yr
      26,600 SF

      Prime Lubbock Retail Pad Site

      Grocery-anchored outparcel, high traffic location.
      11310 Slide Rd, Lubbock, TX 79424
      View Details
    • $34 SF/Yr
      2,700 SF

      Lubbock Land Ready For Development

      Prime commercial land available for ground lease or build-to-suit.
      11401 Slide Rd, Lubbock, TX 79424
      View Details
    • Contact for pricing

      Lubbock Land for Lease

      Land available for lease in developing south Lubbock area.
      11200 Quaker Ave, Lubbock, TX 79424
      View Details
    • Contact for pricing
      72,100 SF

      Commercial Land on Quaker Avenue

      6.36 acres of commercial land in South Lubbock.
      12410 Quaker Ave, Lubbock, TX 79424
      View Details
    • Contact for pricing

      29-Acre Development Site For Rent

      29-acre development site near Lubbock's southern growth corridor.
      11915 Quaker Ave, Lubbock, TX 79424
      View Details
    • $16 SF/Yr
      4,386 SF

      Frankford Ave Medical Office Space

      4,386 sq ft Medical Office in Lubbock, TX
      11931 Frankford Ave, Lubbock, TX 79424
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    6515 Milwaukee Ave
    Lubbock, TX 79424
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.