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

    307 Frankford Ave Lubbock, TX 79416-1531

    • Office buildings
    • 3,300 SF
    • 0.43 lot acres
    OFF-MARKET
    Value Estimations
    $290,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-2883944
    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

    • Lamb Sleep Center / Medical Center

    Property Details for 307 Frankford Ave

    Year built
    2000
    Lot size
    0.43 lot acres
    Property size
    3,300 SF
    Zone code
    38
    Property type
    Office buildings
    APN
    R154823
    APU
    R154823

    Description

    This exceptional 3,300 square foot medical office building presents a compelling investment opportunity in Lubbock, Texas. Located at 307 Frankford Ave, in North Lubbock, near the intersection of 4th and Frankford, this single-tenant Class B property boasts a prime location. Built in 2000 and extensively renovated in 2023, the building is ideally suited for its current use as a sleep center. The property features ample parking with 23 spaces available for patients and staff. The 0.43-acre lot provides ample space for future expansion or outdoor amenities. The asking price is $400,000, translating to $121.21 per square foot. This is a NNN lease, meaning the tenant is responsible for property taxes, insurance, and maintenance, minimizing the owner's operational expenses. The single-tenant occupancy ensures a streamlined management process and predictable income stream. This turnkey investment is ready for an immediate return, offering a rare opportunity to acquire a well-maintained, recently renovated medical office building in a thriving Lubbock neighborhood. The property's strategic location and recent renovations make it an attractive proposition for discerning investors seeking a stable and profitable addition to their portfolio. This is a truly exceptional opportunity to own a piece of Lubbock's growing healthcare sector.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $315,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $260,000
      Market price range: $78.4k - $411k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $220,000
      Current use
      COMMERCIAL (GENERAL)
      $440,000
      Change: +100% Conversion: Easy
      AUTO REPAIR, GARAGE
      $290,000
      Change: +33% Conversion: Difficult
      RETAIL STORES
      $210,000
      Change: -4% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.939
    Latitude
    33.5939
    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
    $6,860
    $74,496
    $340,151
    $414,647
    -
    $74,496
    $340,151
    $414,647

    Comparable in this City

    • Value Estimation
      $615,000
      21,121 SF

      5004 Loop 289

      OFFICE BUILDING • 21,121 SF
      5004 Loop 289, Lubbock, TX 79416-2461
      View Details
    • Value Estimation
      $425,000
      1,673 SF

      308 Frankford Ave

      OFFICE BUILDING • 1,673 SF
      308 Frankford Ave, Lubbock, TX 79416-1517
      View Details
    • Value Estimation
      $295,000
      1,394 SF

      1615 Loop 289

      OFFICE BUILDING • 1,394 SF
      1615 Loop 289, Lubbock, TX 79416-5124
      View Details
    • Value Estimation
      $245,000
      3,482 SF

      1401 Frankford Ave

      OFFICE BUILDING • 3,482 SF
      1401 Frankford Ave, Lubbock, TX 79416
      View Details
    • Value Estimation
      $425,000
      2,400 SF

      1406 Quitsna Ave

      OFFICE BUILDING • 2,400 SF
      1406 Quitsna Ave, Lubbock, TX 79416-1809
      View Details
    • Value Estimation
      $320,000
      304 SF

      6302 Erskine St

      OFFICE BUILDING • 304 SF
      6302 Erskine St, Lubbock, TX 79416
      View Details

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    307 Frankford Ave
    Lubbock, TX 79416-1531
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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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