Add Listing
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

    2232 Indiana Ave Lubbock, TX 79410-2139

    • Office buildings
    • 9,015 SF
    • 0.85 lot acres
    OFF-MARKET
    Last Sale
    Jul 26, 2022
    Value Estimations
    $1,745,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-4449449
    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

    • Beth A. Shapiro, LMFT / Marriage Or Relationship Counselor
    • Center For Blood Disorders / Physician
    • Vugrin Davor MD / Physician
    • Texas Center For Cancer Control / Medical Clinic
    • Hub City Surgical Center / Medical Clinic / Hospital

    Property Details for 2232 Indiana Ave

    Year built
    1981
    Lot size
    0.85 lot acres
    Property size
    9,015 SF
    Zone code
    38
    Property type
    Office buildings
    APN
    R112855
    APU
    R112855

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,095,000
      6.5%
      $1,935,000
      7%
      $1,795,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,551,000
      Market price range: $488k - $1.55M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $1,560,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.889
    Latitude
    33.5737
    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
    $15,585
    $185,825
    $1,021,518
    $1,207,343
    -
    $185,825
    $1,021,518
    $1,207,343

    Comparable in this City

    • Value Estimation by Request
      1,201 SF

      3403 33rd St

      OFFICE BUILDING • 1,201 SF
      3403 33rd St, Lubbock, TX 79410-2821
      View Details
    • Value Estimation by Request
      1,300 SF

      4646 34th St

      OFFICE BUILDING • 1,300 SF
      4646 34th St, Lubbock, TX 79410-2452
      View Details
    • Value Estimation
      $3,555,000
      18,402 SF

      4014 22nd Pl

      OFFICE BUILDING • 18,402 SF
      4014 22nd Pl, Lubbock, TX 79410-1103
      View Details
    • Value Estimation
      $2,735,000
      14,146 SF

      3408 22nd St

      OFFICE BUILDING • 14,146 SF
      3408 22nd St, Lubbock, TX 79410
      View Details
    • Value Estimation by Request
      1,366 SF

      3515 22nd St

      OFFICE BUILDING • 1,366 SF
      3515 22nd St, Lubbock, TX 79410-1307
      View Details
    • Value Estimation by Request
      1,356 SF

      3807 24th St

      OFFICE BUILDING • 1,356 SF
      3807 24th St, Lubbock, TX 79410-1813
      View Details

    Similar Nearby for Sale

    • $760,000
      5,933 SF

      Class A Lubbock Office Building

      Central Lubbock office building, ideal for owner occupancy or investment.
      3610 34Th St, Lubbock, TX 79410
      View Details
    • $850,000

      Lubbock Medical District Adaptable Building

      7,562 SF building in Lubbock Medical District, ideal for redevelopment.
      3707 22Nd St, Lubbock, TX 79410
      View Details
    • $480,000
      2,135 SF

      Lubbock Medical Office Opportunity

      Well-maintained medical office in Central Lubbock, ideal for healthcare.
      3508 22Nd Pl, Lubbock, TX 79410
      View Details
    • $550,000
      5,520 SF

      Private Office Suite For Rent

      Private office suite with shared amenities and all bills paid.
      2615-2619 34Th St, Lubbock, TX 79410
      View Details
    • $2,942,974
      6,521 SF

      Medical District Office Space

      Office space in the heart of the Medical District.
      4324 23Rd St, Lubbock, TX 79410
      View Details
    • $550,000

      Multi-Tenant Office/Retail Investment Opportunity

      Two-story mixed-use building with retail and office spaces for sale.
      2619 34Th St, Lubbock, TX 79410
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Prime Lubbock Office Space For Rent

      Unique office opportunity in Lubbock's Tech Terrace neighborhood.
      2801 26Th St, Lubbock, TX 79410
      View Details
    • $800 /Mo
      593 SF

      Office Space Near Texas Tech

      Office space available for lease near Texas Tech University.
      4010 21St St, Lubbock, TX 79410
      View Details
    • Contact for pricing
      2,690 SF

      Medical District Office Space

      Office space for rent in the heart of the Medical District.
      3801 22Nd St, Lubbock, TX 79410
      View Details
    • $108 SF/Yr
      6,135 SF

      Lubbock Commercial Space For Lease

      Versatile showroom/office space in prime location.
      4537 34Th St, Lubbock, TX 79410
      View Details
    • Contact for pricing

      Medical and Office Space Available

      Medical and office spaces available, ranging from 700 to 2500sf.
      3801 22Nd St, Lubbock, TX 79410
      View Details
    • $18 SF/Yr
      5,174 SF

      Medical Office Space For Lease

      Medical building with exam rooms, lab space, and offices available.
      3621 22Nd St, Lubbock, TX 79410
      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.
    2232 Indiana Ave
    Lubbock, TX 79410-2139
    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.
    Sign Up Successful!
    You now have access to more from Realmo!