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

    3002 Municipal Dr Lubbock, TX 79403-2913

    • Office buildings
    • 166,487 SF
    • 21.98 lot acres
    OFF-MARKET
    Value Estimations
    $860,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-3343639
    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

    • Wilkerson Co / Storage Facility
    • Amazon WTX2 / Warehouse

    Property Details for 3002 Municipal Dr

    Year built
    1979
    Lot size
    21.98 lot acres
    Property size
    166,487 SF
    Zone code
    38
    Property type
    Office buildings
    APN
    R27627
    APU
    R27627

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $860,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.804
    Latitude
    33.6171
    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
    $24,555
    $198,662
    $1,225,425
    $1,424,087
    -
    $198,662
    $1,225,425
    $1,424,087

    Comparable in this City

    • Value Estimation
      $320,000
      3,872 SF

      2806 Idalou Rd

      OFFICE BUILDING • 3,872 SF
      2806 Idalou Rd, Lubbock, TX 79403-5634
      View Details
    • Value Estimation
      $985,000
      67,510 SF

      5711 Fm 40

      OFFICE BUILDING • 67,510 SF
      5711 Fm 40, Lubbock, TX 79403-7193
      View Details
    • Value Estimation
      $1,010,000
      279,143 SF

      1717 Loop 289

      OFFICE BUILDING • 279,143 SF
      1717 Loop 289, Lubbock, TX 79403-6501
      View Details
    • Value Estimation
      $490,000
      11,192 SF

      110 Interstate 27

      OFFICE BUILDING • 11,192 SF
      110 Interstate 27, Lubbock, TX 79403-3215
      View Details
    • Value Estimation
      $450,000
      14,600 SF

      5939 Hwy 62

      OFFICE BUILDING • 14,600 SF
      5939 Hwy 62, Lubbock, TX 79403-7226
      View Details
    • Value Estimation
      $790,000
      71,551 SF

      6304 Cedar Ave

      OFFICE BUILDING • 71,551 SF
      6304 Cedar Ave, Lubbock, TX 79403-6842
      View Details

    Similar Nearby for Sale

    • $790,000
      18,000 SF

      Versatile Industrial Flex Space

      18,000 sq ft industrial flex space for sale.
      1109 Kemper St, Lubbock, TX 79403
      View Details
    • $200,000
      6,864 SF

      Prime Lubbock Executive Office Building

      Three-unit office building, excellent location.
      407 M.l. King Jr. Blvd, Lubbock, TX 79403
      View Details
    • $549,000
      4,400 SF

      Office with Warehouse and Yard

      Office, warehouse, and stack yard with secured gated access.
      201 Loop 289 NE, Lubbock, TX 79403
      View Details
    • $1,329,015

      I-27 & Loop 289 Commercial Land

      High-Visibility Lubbock Commercial Lot
      I-27 Frontage Rd, Lubbock, TX 79403
      View Details
    • $412,000
      2.37 Acres

      MLK Blvd Commercial Land Opportunity

      Prime Lubbock, TX commercial land; 2.365 acres.
      0 M.l. King Jr. Blvd, Lubbock, TX 79403
      View Details
    • $975,744

      6.4 Acre Tract on MLK

      6.4 acre tract near Texas Tech and Medical District.
      505 N Martin Luther King Blvd, Lubbock, TX 79403
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      19,416 SF

      Parkway Place Office Suites, Lubbock

      Medical/Office Space Available, High Visibility
      1824 Parkway Dr, Lubbock, TX 79403
      View Details
    • $23 SF/Yr
      2,022 SF

      Historic Pioneer Hotel Office Suite

      Remodeled office suite in downtown Lubbock's Historic Pioneer Hotel.
      1204 Broadway, Lubbock, TX 79403
      View Details
    • $6 SF/Yr
      70,000 SF

      501 East Hunter Street

      Distribution properties • 70,000 SF
      501 Hunter St, Lubbock, TX 79403
      View Details
    • $15 SF/Yr
      7,398 SF

      Retail Space in Salem Village

      Retail and office space in a high-traffic shopping center.
      4601 Loop 289 S, Lubbock, TX 79403
      View Details
    • Contact for pricing
      85,120 SF

      Under Construction Class A Industrial

      Class A industrial space available for lease, completion mid-2026.
      202 Loop 289 NE, Lubbock, TX 79403
      View Details
    • $225,000
      5,000 SF

      Retail Building Near Texas Tech

      5,000 SF commercial building near Texas Tech University.
      2133 19Th St, Lubbock, TX 79403
      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.
    3002 Municipal Dr
    Lubbock, TX 79403-2913
    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.