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

    2002 98Th St Lubbock, TX 79423

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-5311197
    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

    • Commercial real estate

    Property Details for 2002 98Th St

    Property type
    Commercial real estate

    Description

    This exceptional 2.16-acre property located at 2002 98th Street, Lubbock, Texas, 79423, presents a unique investment opportunity. Zoned HDR (High Density Residential), this land offers significant potential for various residential developments. The property includes a currently leased 1,828 square foot home situated on the corner of 98th Street and Avenue T, providing immediate rental income. This existing structure allows for a passive income stream while future development plans are underway. The expansive lot provides ample space for a variety of residential projects, maximizing the return on investment. Conveniently located just east of University Avenue on 98th Street, this property boasts easy access to all areas of Lubbock. The asking price is $499,999. The property is situated in Lubbock County and fronts 98th Street. Please note that the residential tenant should not be disturbed. This is a prime opportunity for investors seeking a blend of immediate income and long-term development potential in a thriving Texas city. The property's high-density zoning allows for a wide range of possibilities, making it an attractive proposition for both experienced developers and those new to the market. Don't miss this chance to acquire a valuable piece of Lubbock real estate.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.8597753
    Latitude
    33.5056211

    Comparable in this City

    • $700,000
      1.55 Acres

      Lubbock Townhome Development Land

      1.55 Acres, 27 Townhome Potential
      1620-1672 82Nd St, Lubbock, TX 79423
      View Details
    • $999,000
      3.82 Acres

      82nd Street Lubbock Development Land

      Prime Lubbock land, mixed-use potential.
      1953 82Nd St, Lubbock, TX 79423
      View Details
    • $1,101,893
      3.16 Acres

      Lubbock Commercial Land - 3.16 Acres

      Prime Lubbock location, heavy commercial zoning.
      1617 82Nd St, Lubbock, TX 79423
      View Details
    • Contact for pricing
      10.75 Acres

      South Lubbock Land - 10.75 Acres

      Prime Residential Land, Future Loop 88 Access
      130 130Th St, Lubbock, TX 79423
      View Details
    • $446,500
      1,627 SF

      New Duplex in Waters Neighborhood

      New construction duplex in Lubbock's desirable Waters neighborhood.
      3115-3117 74Th St, Lubbock, TX 79423
      View Details
    • $385,000
      4,868 SF

      Spacious Duplex with Atriums

      Two units, each with private atrium and two-car garage.
      3313 74Th St, Lubbock, TX 79423
      View Details

    Similar Nearby for Sale

    • $700,000
      1.55 Acres

      Lubbock Townhome Development Land

      1.55 Acres, 27 Townhome Potential
      1620-1672 82Nd St, Lubbock, TX 79423
      View Details
    • $999,000
      3.82 Acres

      82nd Street Lubbock Development Land

      Prime Lubbock land, mixed-use potential.
      1953 82Nd St, Lubbock, TX 79423
      View Details
    • $1,101,893
      3.16 Acres

      Lubbock Commercial Land - 3.16 Acres

      Prime Lubbock location, heavy commercial zoning.
      1617 82Nd St, Lubbock, TX 79423
      View Details
    • Contact for pricing
      10.75 Acres

      South Lubbock Land - 10.75 Acres

      Prime Residential Land, Future Loop 88 Access
      130 130Th St, Lubbock, TX 79423
      View Details
    • $446,500
      1,627 SF

      New Duplex in Waters Neighborhood

      New construction duplex in Lubbock's desirable Waters neighborhood.
      3115-3117 74Th St, Lubbock, TX 79423
      View Details
    • $385,000
      4,868 SF

      Spacious Duplex with Atriums

      Two units, each with private atrium and two-car garage.
      3313 74Th St, Lubbock, TX 79423
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1 SF

      Prime Lubbock Retail Pads

      Two spaces available, high traffic location.
      2514 82Nd St, Lubbock, TX 79423
      View Details
    • Contact for pricing
      113,256 SF

      South Lubbock Commercial Land

      Prime Retail & Pad Sites, High Growth Area
      122 122Nd St, Lubbock, TX 79423
      View Details
    • Contact for pricing
      43,560 SF

      Prime Lubbock Commercial Land

      1-Acre Lot, High Visibility, Loop 88 Access
      12823 Indiana Ave, Lubbock, TX 79423
      View Details
    • $1.00 SF/Yr
      1 SF

      Loop 88 Commercial Land Opportunity

      Prime 1-acre lot, ideal commercial development.
      0 Lubbock Tx, Lubbock, TX 79423
      View Details
    • Contact for pricing

      Corner Land Parcel For Lease

      Land parcel at prominent intersection in a growing area.
      130Th St, Lubbock, TX 79423
      View Details
    • Contact for pricing
      175,111 SF

      South Lubbock Commercial Land Opportunity

      Prime 3-4 acre commercial lots in Lubbock, TX
      114th St & Indiana Ave, Lubbock, TX 79423
      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.
    2002 98Th St
    Lubbock, TX 79423
    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.

    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
    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
    Thank You

    You are Unsubscribed From Notifications

    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.