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Property profile & analytics
OFF-MARKET
Estimated value
$550,000
Flex space
515 50th St, Lubbock, TX 79404-3725
Individually Owned
21-yr Hold
Free & Clear
Property ID
US82-4441179
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1975
Total area
21,589 SF
Lot
2.29 ac (99,564 SF)
Zoning code
38
APN
R92313
UPID
US82-4441179
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
Current use
Occupant on record · Public records
-
Gicon Pumps and Equipment, Ltd. Big Box & Wholesale Store
-
Gicon Pumps and Equipment Big Box & Wholesale Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$545k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$558k
Blend (final)
Blend
$550k
Owner & transaction history
Gicon Pumps & Equipment Ltd · 21 yrs held
Gicon Pumps & Equipment Ltd
since 2004
3 recorded transactions
Zoning & alternative use
38 · Lubbock, TX
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$865,000
+82.2%
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
$545,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$475,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$865,000
Change: +82% · Conversion: Difficult
Blend value · Realmo final
$550k
Range $495k – $605k · ±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
$25 / 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
$14,102
Tax year 2023
Assessed value
$902,379
Assessed 2024
Previous assessed
$902,379
+0.0% YoY
Effective rate
1.56%
On assessed value
Assessed land
$19,913
Assessed improvement
$882,466
Land market value
$19,913
Improvement market value
$882,466
Total market value
$902,379
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
Flex space
Use group
LIGHT INDUSTRIAL
Status
Off-Market
Year built
1975
Heating
NONE
Total area
21,589 SF
Lot
2.29 ac (99,564 SF)
Zoning code
38
APN
R92313
UPID
US82-4441179
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
INDUSTRIAL (GENERAL) Current
Est. value
$475,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$865,000
INDUSTRIAL (GENERAL) Current
NEIGHBORHOOD: SHOPPING CENTER
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
1975
Heating
NONE
Lot
2.29 ac
Current owner
From public records · entity-resolved
Gicon Pumps & Equipment Ltd
Individual
Free & Clear · 21 yrs held
Mailing address
PO BOX 80610, BILLINGS, MT 59108-0610
Ownership since
2004
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 1, 2004
—
Gicon Pumps & Equipment Ltd
Global Pumps & Equipment
Warranty Deed
related
—
—
—
Global Pumps & Equipment Ltd
—
Deed Of Trust
related
$3,328,468 · State National Bank
—
—
Gicon Pumps & Equipment Ltd
—
Deed Of Trust
related
$752,000 · Compass Bank
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.
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