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

    2206 Lucas Ave Wichita Falls, TX 76301-8134

    • Schools
    • 48,901 SF
    • 7.46 lot acres
    OFF-MARKET
    Value Estimations
    $770,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-6698542
    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

    • Lamar Elementary School / Elementary School

    Property Details for 2206 Lucas Ave

    Year built
    1955
    Lot size
    7.46 lot acres
    Property size
    48,901 SF
    Zone code
    SF2
    Property type
    Schools
    APN
    0470 046 00
    APU
    47004600

    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
    Wichita Falls
    County
    Wichita
    State
    Texas
    Longitude
    -98.4653
    Latitude
    33.8921
    CBSA code
    48660
    CBSA name
    WICHITA FALLS, 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
    $0.00
    $48,490
    $4,205,455
    $4,253,945
    -
    $48,490
    $4,205,455
    $4,253,945

    Comparable in this City

    • Value Estimation
      $660,000
      35,862 SF

      3115 5th St

      COLLEGE, UNIVERSITY, VOC SCHOOL • 35,862 SF
      3115 5th St, Wichita Falls, TX 76301-1822
      View Details
    • Value Estimation
      $665,000
      18,756 SF

      1609 Blonde St

      COLLEGE, UNIVERSITY, VOC SCHOOL • 18,756 SF
      1609 Blonde St, Wichita Falls, TX 76301-6224
      View Details
    • Value Estimation by Request
      5,383 SF

      1201 Scott Ave

      COLLEGE, UNIVERSITY, VOC SCHOOL • 5,383 SF
      1201 Scott Ave, Wichita Falls, TX 76301-8033
      View Details
    • Value Estimation
      $1,545,000
      109,536 SF

      1300 Harding St

      COLLEGE, UNIVERSITY, VOC SCHOOL • 109,536 SF
      1300 Harding St, Wichita Falls, TX 76301-7328
      View Details
    • Value Estimation
      $830,000
      26,383 SF

      2222 Brk Ave

      COLLEGE, UNIVERSITY, VOC SCHOOL • 26,383 SF
      2222 Brk Ave, Wichita Falls, TX 76301-6122
      View Details
    • Value Estimation
      $1,655,000
      125,809 SF

      1401 11th St

      COLLEGE, UNIVERSITY, VOC SCHOOL • 125,809 SF
      1401 11th St, Wichita Falls, TX 76301
      View Details

    Similar Nearby for Sale

    • $150,000
      3,750 SF

      Wichita Falls Church Opportunity

      Church facility with equipped kitchen and sound system for sale.
      306 Broad St, Wichita Falls, TX 76301
      View Details
    • $599,999
      9,564 SF

      Wichita Falls Commercial Opportunity

      9,564 SF building on 4.47 acres in Wichita Falls.
      2900 5Th St, Wichita Falls, TX 76301
      View Details
    • $2,079,000
      10,805 SF

      Wichita Falls Medical Office Building

      Prime Medical Office Space, Excellent Investment
      1601 9Th St, Wichita Falls, TX 76301
      View Details
    • $210,000
      0.21 Acres

      Refreshed Duplex in Wichita Falls

      Renovated duplex with modern finishes, ideal for investment or living.
      1608 Lucile Ave, Wichita Falls, TX 76301
      View Details
    • $159,000
      0.07 Acres

      Wichita Falls Historic District Property

      Located in the Downtown Historic District, offering commercial and residential potential.
      604 7Th St, Wichita Falls, TX 76301
      View Details
    • $70,000
      0.13 Acres

      Vacant Corner Lot Ready to Build

      Unimproved land in Wichita Falls, ready for development.
      501 Juarez St, Wichita Falls, TX 76301
      View Details

    Similar Nearby for Lease

    • $1,000 /Mo
      64,469 SF

      Wichita Falls Retail Space Available

      Recently renovated retail spaces available in Wichita Falls, Texas.
      2603 Seymour Hwy, Wichita Falls, TX 76301
      View Details
    • $6 SF/Yr
      28,710 SF

      Wichita Falls Warehouse - 28,710 SF

      Spacious warehouse, excellent highway access.
      2716 Commerce St, Wichita Falls, TX 76301
      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.
    2206 Lucas Ave
    Wichita Falls, TX 76301-8134
    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.