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

    1005 15th St Lubbock, TX 79401-5001

    • Office buildings
    • 5,459 SF
    • 0.22 lot acres
    OFF-MARKET
    Value Estimations
    $360,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US83-4055272
    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

    • ITP Crop Insurance / Insurance Agency

    Property Details for 1005 15th St

    Year built
    1957
    Lot size
    0.22 lot acres
    Property size
    5,459 SF
    Zone code
    38
    Property type
    Office buildings
    APN
    R119205
    APU
    R119205

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $320,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $396,000
      Market price range: $225k - $638k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $425,000
      Current use
      AUTO REPAIR, GARAGE
      $480,000
      Change: +13% Conversion: Difficult
      RETAIL STORES
      $375,000
      Change: -12% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.846
    Latitude
    33.5815
    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
    $5,577
    $19,500
    $315,590
    $335,090
    -
    $19,500
    $315,590
    $335,090

    Comparable in this City

    • Value Estimation
      $300,000
      2,400 SF

      513 Broadway

      OFFICE BUILDING • 2,400 SF
      513 Broadway, Lubbock, TX 79401-3501
      View Details
    • Value Estimation
      $470,000
      17,534 SF

      1722 Broadway

      OFFICE BUILDING • 17,534 SF
      1722 Broadway, Lubbock, TX 79401-3014
      View Details
    • Value Estimation
      $330,000
      1,690 SF

      1716 Buddy Holly Ave

      OFFICE BUILDING • 1,690 SF
      1716 Buddy Holly Ave, Lubbock, TX 79401-5135
      View Details
    • Value Estimation
      $505,000
      31,416 SF

      904 Ave O O

      OFFICE BUILDING • 31,416 SF
      904 Ave O O, Lubbock, TX 79401-3924
      View Details
    • Value Estimation
      $735,000
      77,350 SF

      1212 Ave J J

      OFFICE BUILDING • 77,350 SF
      1212 Ave J J, Lubbock, TX 79401-4020
      View Details
    • Value Estimation
      $295,000
      122,016 SF

      1314 Ave K K

      OFFICE BUILDING • 122,016 SF
      1314 Ave K K, Lubbock, TX 79401-4051
      View Details

    Similar Nearby for Sale

    • $975,000
      8,200 SF

      Downtown Lubbock Stand-Alone Office Building

      Stand-alone office building with private parking in downtown Lubbock.
      1401 Avenue M, Lubbock, TX 79401
      View Details
    • $2,500,000
      77,350 SF

      Historic Hemphill-Wells Building For Sale

      Unique office/retail space in revitalizing downtown Lubbock.
      1212-1212 Avenue J, Lubbock, TX 79401
      View Details
    • $200,000
      0.22 Acres

      Downtown Lubbock Parking Lot Investment

      High-Visibility Lot, Prime Location
      1413 Texas Ave, Lubbock, TX 79401
      View Details
    • $350,000
      5,086 SF

      Avenue O Medical Office Building

      Lubbock, TX Office Building - $350K
      302 Avenue O, Lubbock, TX 79401
      View Details
    • $2,500,000
      77,350 SF

      Downtown Lubbock Office Building

      Historic 77,350 SF Office Space
      1212 Avenue J, Lubbock, TX 79401
      View Details
    • $1,100,000
      8,200 SF

      Downtown Lubbock Office Building

      8,200 SF Office, Owner/User Opportunity
      1401 Avenue M, Lubbock, TX 79401
      View Details

    Similar Nearby for Lease

    • $1,950,000
      24,628 SF

      Downtown Lubbock Office Building

      Two-story office building in Downtown Lubbock with versatile workspace.
      1611 10Th St, Lubbock, TX 79401
      View Details
    • $14 SF/Yr
      4,356 SF

      Freestanding Building in Downtown Lubbock

      Character-filled building with parking and outdoor space, easily accessible.
      1510 Avenue L, Lubbock, TX 79401
      View Details
    • $2,150 /Mo
      2,720 SF

      Downtown Lubbock Open Concept Space

      2,720 SF flexible space in the heart of downtown.
      1416 Texas Ave, Lubbock, TX 79401
      View Details
    • $2,800 /Mo
      3,505 SF

      Downtown Lubbock Flexible Office Space

      3,505 SF of adaptable office/studio space in prime location.
      1701 Buddy Holly Ave, Lubbock, TX 79401
      View Details
    • $13 SF/Yr
      10,780 SF

      Broadway Street Office Space

      10,780 SF Office, High Visibility
      1921 Broadway St, Lubbock, TX 79401
      View Details
    • $23 SF/Yr
      6,300 SF

      Downtown Lubbock Executive Suite

      Historic charm meets modern office
      1204 Broadway St, Lubbock, TX 79401
      View Details
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    1005 15th St
    Lubbock, TX 79401-5001
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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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