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

    2304 Fm 1585 Lubbock, TX 79423-6513

    • Retail space
    • 15,655 SF
    • 4.62 lot acres
    OFF-MARKET
    Last Sale
    Jul 31, 2024
    Value Estimations
    $430,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-8064435
    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

    • Hardy Trees & Nursery Inc / Landscape Designer

    Property Details for 2304 Fm 1585

    Year built
    1990
    Lot size
    4.62 lot acres
    Property size
    15,655 SF
    Property type
    Retail space
    APN
    R320777
    APU
    R320777

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $430,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.865
    Latitude
    33.4773
    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
    $11,600
    $603,351
    $644,734
    $1,248,085
    -
    $603,351
    $644,734
    $1,248,085

    Comparable in this City

    • Value Estimation
      $385,000
      3,162 SF

      8802 Hwy 87

      RETAIL STORES (PERSONAL SERVICES) • 3,162 SF
      8802 Hwy 87, Lubbock, TX 79423-3502
      View Details
    • Value Estimation
      $305,000
      2,883 SF

      3419 82nd St

      RETAIL STORES (PERSONAL SERVICES) • 2,883 SF
      3419 82nd St, Lubbock, TX 79423-1721
      View Details
    • Value Estimation
      $295,000
      5,000 SF

      1501 82nd St

      RETAIL STORES (PERSONAL SERVICES) • 5,000 SF
      1501 82nd St, Lubbock, TX 79423-2507
      View Details
    • Value Estimation
      $290,000
      4,400 SF

      3319 82nd St

      RETAIL STORES (PERSONAL SERVICES) • 4,400 SF
      3319 82nd St, Lubbock, TX 79423-2010
      View Details
    • Value Estimation
      $360,000
      6,280 SF

      3322 82nd St

      RETAIL STORES (PERSONAL SERVICES) • 6,280 SF
      3322 82nd St, Lubbock, TX 79423-2011
      View Details
    • Value Estimation
      $640,000
      22,841 SF

      10205 Hwy 87

      RETAIL STORES (PERSONAL SERVICES) • 22,841 SF
      10205 Hwy 87, Lubbock, TX 79423-7224
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      18,360 SF

      Retail Space in South Lubbock

      Prime location near 98th & Indiana. Versatile retail opportunity.
      3410 98Th St, Lubbock, TX 79423
      View Details
    • $3,375,000
      19,000 SF

      11703 Indiana Ave Retail Building

      19,000 SF Retail Building, Lubbock, TX
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    • $2,850,000

      Retail Building on Indiana Avenue

      19,000 SF retail building on 1.54 acres for sale.
      11703 Indiana Ave, Lubbock, TX 79423
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    • $1,395,000
      2.00 Acres

      Prime Commercial Land in Lubbock

      High-visibility commercial land perfect for development in a growing area.
      114Th St, Lubbock, TX 79423
      View Details
    • $2,699,164
      5,388 SF

      Lubbock Applebee's NNN Investment Opportunity

      NNN leased Applebee's with annual rent increases in Lubbock, TX.
      4025 Loop 289 S, Lubbock, TX 79423
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    • $440,836
      0.85 Acres

      Retail Land on South University

      Retail tract of land in high-traffic area near restaurants.
      8902 University Ave, Lubbock, TX 79423
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr
      85,292 SF

      Melonie Square Retail Space Available

      Prime Lubbock Retail Space, Two Units Available
      8004 Indiana Ave, Lubbock, TX 79423
      View Details
    • $25 SF/Yr
      3,464 SF

      Retail Spaces in Growing Corridor

      Retail spaces available in Lubbock's fast-growing southwest corridor.
      10303 Indiana Ave, Lubbock, TX 79423
      View Details
    • $550 /Mo
      3,110 SF

      Retail Space in Melonie Square

      Retail space available in a busy shopping center.
      8004 Indiana Dr, Lubbock, TX 79423
      View Details
    • $18 SF/Yr
      3,000 SF

      Retail Space in Lubbock, Texas

      Retail space available for lease in Lubbock, Texas.
      3408 98Th St, Lubbock, TX 79423
      View Details
    • Contact for pricing
      4,400 SF

      Retail Redevelopment Opportunity

      Retail space available at a highly trafficked intersection.
      2526 82Nd St, Lubbock, TX 79423
      View Details
    • Contact for pricing
      1,112 SF

      Retail or Office Space Available

      Located in a fast-growing area with high traffic.
      9810 Indiana Ave, Lubbock, TX 79423
      View Details
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    2304 Fm 1585
    Lubbock, TX 79423-6513
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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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