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

    2412 98th St Lubbock, TX 79423-4289

    • Commercial real estate
    • 6,190 SF
    • 1.50 lot acres
    OFF-MARKET
    Value Estimations
    $860,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-5182185
    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

    • Stripes / Grocery & Convenience Store
    • Phillips 66 / Car Wash
    • Redbox / Cinema / (Bike/Boat/Book/etc) Store
    • Coin Cloud Bitcoin ATM / Atm / Currency Exchange Service

    Property Details for 2412 98th St

    Year built
    2010
    Lot size
    1.50 lot acres
    Property size
    6,190 SF
    Zone code
    38
    Property type
    Commercial real estate
    APN
    R96523
    APU
    R96523

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $872,000
      Market price range: $292k - $872k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $575,000
      Current use
      RESTAURANT
      $630,000
      Change: +9% Conversion: Difficult
      OFFICE BUILDING
      $625,000
      Change: +8% Conversion: Easy
      AUTO REPAIR, GARAGE
      $545,000
      Change: -6% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.87
    Latitude
    33.5058
    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
    $23,527
    $326,560
    $1,380,145
    $1,706,705
    -
    $326,560
    $1,380,145
    $1,706,705

    Comparable in this City

    • Value Estimation by Request
      1.52 Acres

      13802 Indiana Ave

      Land • 1.52 Acres
      13802 Indiana Ave, Lubbock, TX 79423
      View Details
    • Value Estimation by Request
      6.00 Acres

      Highway 87

      Land • 6.00 Acres
      0 Highway 87, Lubbock, TX 79423
      View Details
    • Value Estimation by Request
      0.36 Acres

      1906 110th St

      COMMERCIAL (GENERAL) • 0.36 Acres
      1906 110th St, Lubbock, TX 79423-7289
      View Details
    • Value Estimation by Request
      0.50 Acres

      1412 County Rd 7365

      COMMERCIAL (GENERAL) • 0.50 Acres
      1412 County Rd 7365, Lubbock, TX 79423-8600
      View Details
    • Value Estimation
      $2,120,000
      16,724 SF

      4019 Loop 289

      COMMERCIAL (GENERAL) • 16,724 SF
      4019 Loop 289, Lubbock, TX 79423-1131
      View Details
    • Value Estimation
      $4,310,000
      37,368 SF

      4003 Loop 289

      COMMERCIAL (GENERAL) • 37,368 SF
      4003 Loop 289, Lubbock, TX 79423-1131
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3.92 Acres

      South Lubbock Commercial Land

      3.92 Acres, Woodrow Road Frontage
      3510 Woodrow Rd, Lubbock, TX 79423
      View Details
    • $4,500,000
      8.58 Acres

      Prime Lubbock Commercial Land

      8.5 Acres, South Loop 289
      3201 Loop 289, Lubbock, TX 79423
      View Details
    • $550,000
      0.83 Acres

      Lubbock Commercial Land - $550K

      High-density residential, 0.83 acres
      3723 130Th St, Lubbock, TX 79423
      View Details
    • Contact for pricing
      95.00 Acres

      95 Acres Hwy 87 Lubbock, TX

      Prime Commercial/Industrial Land, High Traffic
      17715 Us Highway 87, Lubbock, TX 79423
      View Details
    • $38,000
      9,790 SF

      Lubbock Commercial Land: $38K

      Prime Lubbock office land, 9,790 sq ft.
      1522 82Nd St, Lubbock, TX 79423
      View Details
    • $1,881,792
      3.60 Acres

      Lubbock Commercial Land - 3.6 Acres

      Prime Lubbock location, high-growth area. Neighborhood Commercial zoning.
      14202 Indiana Ave, Lubbock, TX 79423
      View Details

    Similar Nearby for Lease

    • $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
    • $21 SF/Yr
      30,118 SF

      Kingsgate Executive Office Suites

      South Lubbock Office Space Available
      4010 82Nd St, Lubbock, TX 79423
      View Details
    • $2,799 /Mo
      1,900 SF

      1900 Sq Ft Office space For Lease

      1900 Sq Ft Office Space For Lease
      4213 85th #A, Lubbock, TX 79423
      View Details
    • $12 SF/Yr
      19,376 SF

      Times Square Executive Suites

      South Lubbock Office Space, 506-10,221 SF
      2574 74Th St, Lubbock, TX 79423
      View Details
    • $21 SF/Yr
      2,262 SF

      Prime Lubbock Office Space

      Class A Office, 2,262 sq ft, South Lubbock
      13918 Indiana Ave, Lubbock, TX 79423
      View Details
    • $22 SF/Yr
      11,445 SF

      Times Square Office Park, Lubbock

      Executive Suites, Lubbock, TX. Newly Renovated.
      2807 74Th St, Lubbock, TX 79423
      View Details

    Property Visit Statistics

    • Visits by month
      6.8k
    • Visitors by month
      5.1k
    • Avg Time on site
      6 min
    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.
    2412 98th St
    Lubbock, TX 79423-4289
    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.