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    3609 Ave Q Q Lubbock, TX 79412-1239

    • Office buildings
    • 384 SF
    • 0.32 lot acres
    OFF-MARKET
    Last Sale
    Jun 07, 2023
    Value Estimations
    $300,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-2521750
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Office buildings

    Property Details for 3609 Ave Q Q

    Year built
    1963
    Lot size
    0.32 lot acres
    Property size
    384 SF
    Zone code
    38
    Property type
    Office buildings
    APN
    R31278
    APU
    R31278

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $300,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.855
    Latitude
    33.5611
    CBSA code
    31180
    CBSA name
    LUBBOCK, TX METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $1,089
    $42,168
    $18,752
    $60,920
    -
    $42,168
    $18,752
    $60,920

    Comparable in this City

    • Value Estimation
      $325,000
      5,016 SF

      2161 50th St

      OFFICE BUILDING • 5,016 SF
      2161 50th St, Lubbock, TX 79412-2600
      View Details
    • Value Estimation
      $300,000
      2,520 SF

      1312 50th St

      OFFICE BUILDING • 2,520 SF
      1312 50th St, Lubbock, TX 79412-2904
      View Details
    • Value Estimation
      $310,000
      4,506 SF

      19 Briercroft Ofc Park

      OFFICE BUILDING • 4,506 SF
      19 Briercroft Ofc Park, Lubbock, TX 79412-3040
      View Details
    • Value Estimation
      $300,000
      3,275 SF

      4 Briercroft Ofc Park

      OFFICE BUILDING • 3,275 SF
      4 Briercroft Ofc Park, Lubbock, TX 79412-3014
      View Details
    • Value Estimation
      $310,000
      2,080 SF

      3704 Ave Q Q

      OFFICE BUILDING • 2,080 SF
      3704 Ave Q Q, Lubbock, TX 79412
      View Details
    • Value Estimation
      $305,000
      4,241 SF

      29 Briercroft Ofc Park

      OFFICE BUILDING • 4,241 SF
      29 Briercroft Ofc Park, Lubbock, TX 79412-3029
      View Details

    Similar Nearby for Sale

    • $940,000
      11,752 SF

      Versatile Office Building For Sale

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    • $825,000
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      Office Building For Sale

      Office building with HDR zoning, built in 1966.
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    • $1,495,000
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      Value-Add Office Building For Sale

      Three-story office building with redevelopment potential at a busy intersection.
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    • $250,000
      2,660 SF

      Functional Office Building For Sale

      Well-maintained office building with versatile commercial space in Lubbock, TX.
      1321 58Th St, Lubbock, TX 79412
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    • $1,800,000
      53,748 SF

      53,748 SF Office with Warehouse For Sale

      53,748 SF Office with Warehouse For Sale
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    • $350,000
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      Large Office Building For Sale

      Spacious office building in Briercroft Office Park, Lubbock, TX.
      10 Briercroft Office Park, Lubbock, TX 79412
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    Similar Nearby for Lease

    • $9 SF/Yr
      2,590 SF

      Renovated Office/Warehouse Space Available

      Completely renovated office and warehouse space for lease.
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      View Details
    • $6 SF/Yr
      8,000 SF

      Lubbock Office Space For Lease

      Multi-tenant office building with flexible lease spaces available.
      22 Briercroft Office Park, Lubbock, TX 79412
      View Details
    • $750,000
      3,500 SF

      Office Building with Private Parking

      Office building for lease with flexible floor plans and parking.
      23 Briercroft Office Park, Lubbock, TX 79412
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    • $975 /Mo
      1,120 SF

      Freestanding Office Building For Lease

      Office building featuring five offices, kitchen, and built-in closets.
      4 Briercroft Office Park, Lubbock, TX 79412
      View Details
    • $500 /Mo
      1,000 SF

      Lubbock Office Space For Rent

      Office space available for lease in Lubbock, Texas.
      2402 52Nd St, Lubbock, TX 79412
      View Details
    • $18 SF/Yr
      3,658 SF

      Lubbock Office Suites Available

      Two modern suites, 519-565 sq ft.
      1314 50Th St, Lubbock, TX 79412
      View Details
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    3609 Ave Q Q
    Lubbock, TX 79412-1239
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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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