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    Property profile & analytics

    1615 45th St Lubbock, TX 79412-1841

    • Warehouses
    • 13,200 SF
    • 0.51 lot acres
    OFF-MARKET
    Value Estimations
    $335,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-4233957
    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

    • Bullseye / Storage Facility

    Property Details for 1615 45th St

    Year built
    1953
    Lot size
    0.51 lot acres
    Property size
    13,200 SF
    Zone code
    38
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    R107688
    APU
    R107688

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $340,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $315,000
      Market price range: $316k - $959k

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

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.854
    Latitude
    33.5531
    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
    $1,859
    $33,369
    $76,631
    $110,000
    -
    $33,369
    $76,631
    $110,000

    Comparable in this City

    • Value Estimation
      $295,000
      10,300 SF

      1616 44th St

      MINI-WAREHOUSE, STORAGE • 10,300 SF
      1616 44th St, Lubbock, TX 79412-1851
      View Details
    • Value Estimation
      $870,000
      71,410 SF

      3511 Ave Q Q

      MINI-WAREHOUSE, STORAGE • 71,410 SF
      3511 Ave Q Q, Lubbock, TX 79412-1237
      View Details
    • Value Estimation
      $285,000
      6,967 SF

      1616 46th St

      MINI-WAREHOUSE, STORAGE • 6,967 SF
      1616 46th St, Lubbock, TX 79412
      View Details
    • Value Estimation
      $270,000
      600 SF

      1721 50th St

      MINI-WAREHOUSE, STORAGE • 600 SF
      1721 50th St, Lubbock, TX 79412
      View Details
    • Value Estimation
      $265,000
      3,234 SF

      1718 40th St

      WAREHOUSE, STORAGE • 3,234 SF
      1718 40th St, Lubbock, TX 79412-1647
      View Details
    • Value Estimation
      $275,000
      1,600 SF

      1314 48th St

      WAREHOUSE, STORAGE • 1,600 SF
      1314 48th St, Lubbock, TX 79412-2326
      View Details

    Similar Nearby for Sale

    • $450,000

      Warehouse with East 50th Street Frontage

      Former Gin Saw Service warehouse with secure perimeter fence.
      2319 E 50Th St, Lubbock, TX 79412
      View Details
    • $550,000

      Mixed-Use Property with Office and Warehouse

      7,513 SF property with office and industrial space.
      5104 Avenue T, Lubbock, TX 79412
      View Details
    • $345,000
      12 SF

      Insulated Warehouse Near 40th Street

      12,000 SF warehouse with classrooms near Ave Q and 40th.
      4011 Avenue S Lubbock, Lubbock, TX 79412
      View Details
    • $3,800,000
      50,472 SF

      Lubbock Industrial Food-Grade Facility

      Well-equipped industrial property suitable for manufacturing and processing operations.
      901 E 66Th St, Lubbock, TX 79412
      View Details
    • $315,000
      5,495 SF

      Multi-Tenant Warehouse with Large Lot

      Multi-tenant warehouse featuring a large parking lot and fenced yard.
      4820 Avenue Q, Lubbock, TX 79412
      View Details
    • $1,800,000
      53,748 SF

      53,748 SF Office with Warehouse For Sale

      53,748 SF Office with Warehouse For Sale
      3804 I 27, Lubbock, TX 79412
      View Details

    Similar Nearby for Lease

    • $1,000 /Mo
      1,800 SF

      Office Warehouse Space Available

      Office warehouse space for rent with overhead door access.
      1300 35Th St, Lubbock, TX 79412
      View Details
    • $9 SF/Yr
      2,590 SF

      Renovated Office/Warehouse Space Available

      Completely renovated office and warehouse space for lease.
      5007 Avenue U, Lubbock, TX 79412
      View Details
    • Contact for pricing
      58,806 SF

      Briercroft Center Pad Sites

      Prime Lubbock County Commercial Land
      5302 Avenue Q, 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
    • $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
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    1615 45th St
    Lubbock, TX 79412-1841
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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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