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Property profile & analytics
OFF-MARKET
Estimated value
$3,980,000
Warehouses
507 Martin Luther King Blvd Lubbock, TX 79403-5213
Entity Owned
1-yr Hold
Absentee Owner
Free & Clear
Property ID
US83-3210946
Property profile
Verified
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Year built
2012
Total area
44,271 SF
Lot
9.38 ac (408,659 SF)
Zoning code
38
APN
R319401
UPID
US83-3210946
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.19M
Blend (final)
Blend
$3.98M
Owner & transaction history
Pmg Realco Lubbock LLC · 1 yrs held
Pmg Realco Lubbock LLC
since 2025
7 recorded transactions
Zoning & alternative use
38 · Lubbock, TX
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$5.3M
+116.9%
Restaurant
$4.8M
+93.2%
Auto repair, garage
$3.9M
+58.1%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Lubbock submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lubbock submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$2,465,000
Current use
COMMERCIAL (GENERAL)
$5,345,000
Change: +117% · Conversion: Difficult
RESTAURANT
$4,760,000
Change: +93% · Conversion: Difficult
AUTO REPAIR, GARAGE
$3,895,000
Change: +58% · Conversion: Easy
OFFICE BUILDING
$2,910,000
Change: +18% · Conversion: Difficult
RETAIL STORES
$2,815,000
Change: +14% · Conversion: Moderate
Blend value · Realmo final
$3.98M
Range $3.58M – $4.38M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$90 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$98,518
Tax year 2023
Assessed value
$5,353,775
Assessed 2024
Previous assessed
$5,353,775
+0.0% YoY
Effective rate
1.84%
On assessed value
Assessed land
$81,732
Assessed improvement
$5,272,043
Land market value
$81,732
Improvement market value
$5,272,043
Total market value
$5,353,775
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
MINI-WAREHOUSE, STORAGE
Status
Off-Market
Year built
2012
Heating
NONE
Total area
44,271 SF
Lot
9.38 ac (408,659 SF)
Zoning code
38
APN
R319401
UPID
US83-3210946
Jurisdiction
LUBBOCK
Zoning & alternative use
38 · Lubbock, TX
Zoning 38 · permitted uses
38 · Lubbock, TX
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Lubbock. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$2.5M
COMMERCIAL (GENERAL)
Est. value
$5.3M
RESTAURANT
Est. value
$4.8M
AUTO REPAIR, GARAGE
Est. value
$3.9M
OFFICE BUILDING
Est. value
$2.9M
RETAIL STORES
Est. value
$2.8M
WAREHOUSE, STORAGE Current
COMMERCIAL (GENERAL)
RESTAURANT
AUTO REPAIR, GARAGE
OFFICE BUILDING
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2012
Heating
NONE
Lot
9.38 ac
Current owner
From public records · entity-resolved
Pmg Realco Lubbock LLC
Entity
Free & Clear · 1 yrs held
Mailing address
128 BREEDERS DR, WILLOW PARK, TX 76087-1264
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 3, 2025
—
Pmg Realco Lubbock LLC
Jwjm Lbk LLC
Special Warranty Deed
—
Feb 4, 2020
—
Jwjm Lbk LLC
Gb & P Lubbock Ltd
Grant Deed
$1,400,000 · Gb&p Lubbock Ltd
Oct 13, 2016
—
Gb & P Lubbock Ltd
—
Deed
related
$4,819,131 · Bank Of The Ozarks
Jun 6, 2011
—
Gb & P Lubbock Ltd
Benavides,rick
Grant Deed
related
—
May 5, 2011
—
Gb & P Lubbock Ltd
Carrizales,dennis R
Warranty Deed
related
—
Jan 20, 2010
—
Dennis Carrizales
Lubbock Central Appraisal Dist
Tax Deed
related
—
—
—
Gb & P Lubbock Ltd
—
Loan Modification
related
$4,819,131 · Bank Of The Ozarks
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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