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    Property profile & analytics

    3724 24Th St Lubbock, TX 79410

    • Commercial land
    For Sale
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US83-3958873
    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

    • Commercial land

    Property Details for 3724 24Th St

    Property type
    Commercial land
    Property subtype
    Commercial real estate

    Description

    Introducing a fantastic opportunity for a small clinic office—a 0.822-acre land located in a prime medical area. This well-positioned parcel of land is ideal for establishing a medical practice and offers immense potential for healthcare professionals. Here's a description to help you envision the possibilities:

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.89624
    Latitude
    33.572575

    Comparable in this City

    • $800,000

      Prime Medical District Land Parcel

      1.028 acres in the heart of the medical district.
      4001 19Th St, Lubbock, TX 79410
      View Details
    • $800,000

      Prime Medical District Land Parcel

      1.028 acres in the heart of the medical district.
      1914 Nashville Ave, Lubbock, TX 79410
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    • Contact for pricing
      20,333 SF

      Historic 34th Street Showroom/Warehouse

      Large showroom with warehouse storage and ample parking.
      4015 34Th St, Lubbock, TX 79410
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    • $499,999

      Free Standing Showroom/Office Building

      2,400 SF showroom/office building suitable for various business uses.
      3807 34Th St, Lubbock, TX 79410
      View Details
    • $95,000
      1,632 SF

      Lubbock Retail/Office Building For Sale

      Retail/office building with potential in a commercial-zoned area.
      3011 34Th St, Lubbock, TX 79410
      View Details
    • Contact for pricing
      2,587 SF

      Medical Office Space For Sale

      Located in the heart of the medical district.
      4002 22Nd St, Lubbock, TX 79410
      View Details

    Similar Nearby for Sale

    • $800,000

      Prime Medical District Land Parcel

      1.028 acres in the heart of the medical district.
      1914 Nashville Ave, Lubbock, TX 79410
      View Details
    • $800,000

      Prime Medical District Land Parcel

      1.028 acres in the heart of the medical district.
      4001 19Th St, Lubbock, TX 79410
      View Details
    • $760,000
      5,933 SF

      Class A Lubbock Office Building

      Central Lubbock office building, ideal for owner occupancy or investment.
      3610 34Th St, Lubbock, TX 79410
      View Details
    • $369,000
      3,427 SF

      Retail Center on 34th Street

      Retail center with two spaces available for sale or lease.
      2621 34Th St, Lubbock, TX 79410
      View Details
    • $369,600

      Retail Building on 34th Street

      5,280 SF retail building for sale or lease.
      2621 34Th St, Lubbock, TX 79410
      View Details
    • Contact for pricing
      20,333 SF

      Historic 34th Street Showroom/Warehouse

      Large showroom with warehouse storage and ample parking.
      4015 34Th St, Lubbock, TX 79410
      View Details

    Similar Nearby for Lease

    • $108 SF/Yr
      6,135 SF

      Lubbock Commercial Space For Lease

      Versatile showroom/office space in prime location.
      4537 34Th St, Lubbock, TX 79410
      View Details
    • Contact for pricing

      Medical and Office Space Available

      Medical and office spaces available, ranging from 700 to 2500sf.
      3801 22Nd St, Lubbock, TX 79410
      View Details
    • Contact for pricing

      Retail/Restaurant Space For Lease

      Retail and restaurant spaces available for lease.
      4426 34Th St, Lubbock, TX 79410
      View Details
    • $25 SF/Yr

      Charming Lubbock Shopping Center

      Unique retail and office destination with a creative vibe.
      2610 Salem Ave, Lubbock, TX 79410
      View Details
    • $20 SF/Yr

      Freestanding Restaurant and Bar Space

      2,544 SF restaurant/bar near Texas Tech and Cactus Alley.
      2608 Salem Ave, Lubbock, TX 79410
      View Details
    • $18 SF/Yr
      5,174 SF

      Medical Office Space For Lease

      Medical building with exam rooms, lab space, and offices available.
      3621 22Nd St, Lubbock, TX 79410
      View Details
    Request Owner's contact information
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    3724 24Th St
    Lubbock, TX 79410
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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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