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

    3315 81St St Lubbock, TX 79423

    • Office buildings
    • 7,738 SF
    • 0.47 lot acres
    For Lease
    View listing
    $767 /Mo
    Value Estimations
    $390,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-2097617
    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

    • Stork Vision Lubbock / Pregnancy Care Center / Medical Diagnostic Imaging Center
    • Thermal Imaging of Lubbock / Health Consultant
    • Root & Vine Holistic Solutions / Health Consultant
    • TruPurpose Advisors - Ameriprise Financial Services, LLC / Financial Planner / Investment Service

    Property Details for 3315 81St St

    Year built
    1982
    Lot size
    0.47 lot acres
    Property size
    7,738 SF
    Zone code
    38
    Property type
    Office buildings
    APN
    R135426
    APU
    R135426

    Description

    This exceptional Lubbock, Texas office property, Spring Park, offers a variety of flexible spaces ideal for businesses of all sizes. Located at 3315 81st Street, near the intersection of 82nd Street and Indiana Avenue, this single-story, Class B building boasts 7,580 total square feet. Built in 1982 and extensively renovated in 2018, the property is zoned NC (Neighborhood Commercial) within Lubbock County. The building comprises one suite, offering multiple tenancy options. Individual spaces range from a minimum of 674 square feet to a maximum contiguous space of 924 square feet, with one currently available space ranging from 293 to 924 square feet. The property is well-suited for executive offices and traditional office setups, catering to diverse professional needs. Its convenient South Lubbock location provides easy access to major thoroughfares and surrounding amenities. This is a fantastic opportunity to secure prime office space in a well-maintained and updated building. The property's single-story design offers convenient accessibility, while the recent renovations ensure a modern and efficient workspace. Don't miss this chance to establish your business in this desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $330,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $451,000
      Market price range: $356k - $1.11M

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

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.887
    Latitude
    33.5207
    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
    $9,201
    $143,724
    $416,276
    $560,000
    -
    $143,724
    $416,276
    $560,000

    Comparable in this City

    • Value Estimation
      $680,000
      22,152 SF

      8215 Nashville Ave

      OFFICE BUILDING • 22,152 SF
      8215 Nashville Ave, Lubbock, TX 79423-1954
      View Details
    • Value Estimation
      $555,000
      12,811 SF

      4218 85th St

      OFFICE BUILDING • 12,811 SF
      4218 85th St, Lubbock, TX 79423
      View Details
    • Value Estimation
      $565,000
      7,200 SF

      2503 74th St

      OFFICE BUILDING • 7,200 SF
      2503 74th St, Lubbock, TX 79423-1411
      View Details
    • Value Estimation
      $390,000
      3,300 SF

      2737 81st St

      OFFICE BUILDING • 3,300 SF
      2737 81st St, Lubbock, TX 79423-2229
      View Details
    • Value Estimation
      $310,000
      1,472 SF

      2739 81st St

      OFFICE BUILDING • 1,472 SF
      2739 81st St, Lubbock, TX 79423-2229
      View Details
    • Value Estimation
      $440,000
      7,649 SF

      3318 83rd St

      OFFICE BUILDING • 7,649 SF
      3318 83rd St, Lubbock, TX 79423-2800
      View Details

    Similar Nearby for Sale

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      Versatile Two-Story Commercial Office Building

      Two-story office building with ample parking and flexible layout.
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      Freestanding office building with drive-through access and abundant parking.
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      New Office Park in Lubbock

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      New Construction Office/Retail Building

      Two-tenant building in high-growth, high-traffic area.
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    Similar Nearby for Lease

    • New
      $1,350 /Mo
      3,464 SF

      South Lubbock Office Building For Lease

      Professional office building in prime South Lubbock location.
      10309 Indiana Ave, Lubbock, TX 79423
      View Details
    • $10 SF/Yr
      4,576 SF

      Versatile Two-Story Commercial Office Building

      Two-story commercial office building with ample parking and flexible layout.
      2529 74Th St, Lubbock, TX 79423
      View Details
    • Contact for pricing
      7,631 SF

      South Lubbock Creative Office Space

      Modern Suites, Up to 380 SF Available
      7921 Indiana Dr, 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.
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      View Details
    • $21 SF/Yr
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      Kingsgate Executive Office Suites

      South Lubbock Office Space Available
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      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
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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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