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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1002 Frankford Ave Lubbock, TX 79416-5056

    • Office buildings
    • 244,983 SF
    • 14.26 lot acres
    OFF-MARKET
    Value Estimations
    $945,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-3323845
    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

    • Absolut Management / Economic Development Agency
    • The One at Lubbock / Student Housing Center / Apartment Complex

    Property Details for 1002 Frankford Ave

    Year built
    1997
    Lot size
    14.26 lot acres
    Property size
    244,983 SF
    Zone code
    17
    Property type
    Office buildings
    APN
    R146318
    APU
    R146318

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $945,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.941
    Latitude
    33.5867
    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
    $379,020
    $2,485,360
    $15,614,640
    $18,100,000
    -
    $2,485,360
    $15,614,640
    $18,100,000

    Comparable in this City

    • Value Estimation
      $245,000
      3,482 SF

      1401 Frankford Ave

      OFFICE BUILDING • 3,482 SF
      1401 Frankford Ave, Lubbock, TX 79416
      View Details
    • Value Estimation
      $425,000
      2,400 SF

      1406 Quitsna Ave

      OFFICE BUILDING • 2,400 SF
      1406 Quitsna Ave, Lubbock, TX 79416-1809
      View Details
    • Value Estimation
      $320,000
      304 SF

      6302 Erskine St

      OFFICE BUILDING • 304 SF
      6302 Erskine St, Lubbock, TX 79416
      View Details
    • Value Estimation
      $615,000
      21,121 SF

      5004 Loop 289

      OFFICE BUILDING • 21,121 SF
      5004 Loop 289, Lubbock, TX 79416-2461
      View Details
    • Value Estimation
      $425,000
      1,673 SF

      308 Frankford Ave

      OFFICE BUILDING • 1,673 SF
      308 Frankford Ave, Lubbock, TX 79416-1517
      View Details
    • Value Estimation
      $295,000
      1,394 SF

      1615 Loop 289

      OFFICE BUILDING • 1,394 SF
      1615 Loop 289, Lubbock, TX 79416-5124
      View Details

    Similar Nearby for Sale

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      27-Acre Lubbock Development Land

      Prime Lubbock location, multi-use potential.
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    • $1,006,236
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      West Lubbock Commercial Land Opportunity

      Prime 3.53-acre lot, excellent visibility.
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      Lubbock Industrial Land - $700K

      11.41 Acres, Prime Lubbock Location
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    • Contact for pricing
      1 SF

      Prime Corner Land Parcel Available

      1.39 acre commercial land with high visibility and frontage.
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    Similar Nearby for Lease

    • $4,500 /Mo
      11,400 SF

      Lubbock Commercial Property with Warehouse

      4.625-acre property featuring renovated office, warehouse, and ag barn.
      510 Valencia Ave, Lubbock, TX 79416
      View Details
    • $4,000 /Mo
      3,600 SF

      Office/Warehouse on Acre Lot

      Office and warehouse space for lease on approximately one acre.
      5914 County Road 6300, Lubbock, TX 79416
      View Details
    • $10 SF/Yr
      19,553 SF

      Prime Lubbock Medical Office Space

      19,000 SF Single-Tenant Medical Office
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    • $1,334,370
      2,397 SF

      New Garden Office For Lease

      Brand-new 2,397 sqft garden office space available for lease.
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      View Details
    • $949,905
      3,333 SF

      Garden Office on 4th Street

      Single-tenant office space in a high-traffic Lubbock corridor.
      6024 4Th St, Lubbock, TX 79416
      View Details
    • $13 SF/Yr
      11,464 SF

      Loop 289 Office Space Available

      Modern, flexible office; 5,000-11,464 sq ft.
      1607 Acc Rd, Lubbock, TX 79416
      View Details
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    1002 Frankford Ave
    Lubbock, TX 79416-5056
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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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