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    Property profile & analytics

    3307 98Th St Lubbock, TX 79423

    • Retail space
    • 88,417 SF
    • 8.01 lot acres
    For Lease
    View listing
    $16 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-2100536
    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

    • KOHL’S PLAZA / Shopping Center & Mall
    • SEPHORA at Kohl's Lubbock / Cosmetic Store
    • Kohl's / Department Store

    Property Details for 3307 98Th St

    Year built
    2004
    Lot size
    8.01 lot acres
    Property size
    88,417 SF
    Property type
    Retail space
    APN
    R305230
    APU
    R305230

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $5,529,000
      Market price range: $2.43M - $8.13M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $5,390,000
      Current use
      RESTAURANT
      $9,025,000
      Change: +67% Conversion: Easy
      OFFICE BUILDING
      $8,935,000
      Change: +66% Conversion: Easy
      COMMERCIAL (GENERAL)
      $8,240,000
      Change: +53% Conversion: Easy
      AUTO REPAIR, GARAGE
      $7,780,000
      Change: +44% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.886
    Latitude
    33.5036
    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
    $157,818
    $1,256,096
    $6,243,904
    $7,500,000
    -
    $1,256,096
    $6,243,904
    $7,500,000

    Comparable in this City

    • Value Estimation by Request
      7,150 SF

      2408 98Th St

      Individual retail properties • 7,150 SF
      2408 98Th St, Lubbock, TX 79423
      View Details
    • Value Estimation by Request
      8,260 SF

      7720 University Ave

      RETAIL STORES (PERSONAL SERVICES) • 8,260 SF
      7720 University Ave, Lubbock, TX 79423-2144
      View Details
    • Value Estimation
      $565,000
      8,570 SF

      2715 82nd St

      RETAIL STORES (PERSONAL SERVICES) • 8,570 SF
      2715 82nd St, Lubbock, TX 79423-1429
      View Details
    • Value Estimation by Request
      1,759 SF

      3333 82nd St

      RETAIL STORES (PERSONAL SERVICES) • 1,759 SF
      3333 82nd St, Lubbock, TX 79423-2001
      View Details
    • Value Estimation by Request
      2,160 SF

      3311 83rd St

      RETAIL STORES (PERSONAL SERVICES) • 2,160 SF
      3311 83rd St, Lubbock, TX 79423-2807
      View Details
    • Value Estimation by Request
      3,162 SF

      8802 Hwy 87

      RETAIL STORES (PERSONAL SERVICES) • 3,162 SF
      8802 Hwy 87, Lubbock, TX 79423-3502
      View Details

    Similar Nearby for Sale

    • $3,375,000
      19,000 SF

      11703 Indiana Ave Retail Building

      19,000 SF Retail Building, Lubbock, TX
      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.
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      4,397 SF

      Retail Property on 82nd Street

      Retail property available for sale in Lubbock, Texas.
      3319 82Nd St, Lubbock, TX 79423
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    • $1,740,480

      Prime Lubbock Retail Land

      High-traffic C-3 zoned land, excellent investment.
      12508 Indiana Ave, Lubbock, TX 79423
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    • $440,836
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      Retail Land on South University

      Retail tract of land in high-traffic area near restaurants.
      8902 University Ave, Lubbock, TX 79423
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      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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    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
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    • $18 SF/Yr

      Retail Space in South Lubbock

      Prime location near 98th & Indiana. Versatile retail opportunity.
      3410 98Th St, 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
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    • $12 SF/Yr
      4,020 SF

      Retail Space in Melonie Square

      Retail space available in a busy shopping center.
      8004 Indiana Dr, Lubbock, TX 79423
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    • Contact for pricing
      1,051 SF

      Updated Retail/Office Space on 82nd

      Updated 1,051 SF retail/office space with excellent visibility.
      3300 82Nd St, Lubbock, TX 79423
      View Details
    • Contact for pricing
      3,200 SF

      New Retail Space in Lubbock

      New retail space in a high-growth Lubbock corridor.
      12011 Indiana Ave, Lubbock, TX 79423
      View Details
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    Lubbock, TX 79423
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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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