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

    602 Belmont Ave Lubbock, TX 79416

    • Residential income homes
    • 83,140 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-2136843
    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

    • Dimora Village / Apartment Complex / Apartment Building

    Property Details for 602 Belmont Ave

    Year built
    2003
    Property size
    83,140 SF
    Property type
    Residential income homes

    Description

    This exceptional value-add multifamily investment comprises 57 duplexes totaling 114 units, situated in Lubbock, Texas, at 602 N Belmont Ave, 79416. Built between 2003 and 2006, this one-story townhome community boasts a 92% occupancy rate and offers significant upside potential. The property features three distinct floor plans ranging from 1200 to 1890 square feet, each unit equipped with ovens, refrigerators, dishwashers, and in-unit washer/dryer hookups. Private garages are included with each unit. The total square footage across all units is 83,140 square feet. Benefiting from its proximity to Texas Tech University, South Plains College, Lubbock Christian University, and nearby golf courses and retail developments, this portfolio presents a compelling opportunity for investors seeking immediate cash flow and long-term appreciation. The strategic location near major economic drivers and the potential for rent increases through interior upgrades further enhance its investment appeal. Consider the flexibility of individual duplex disposition as a potential strategy. This bulk portfolio pricing offers a unique advantage in the Lubbock market.

    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
    -101.9280782
    Latitude
    33.6071224

    Comparable in this City

    • $250,000
      Pending

      Lubbock Duplex: Investment Opportunity

      Well-maintained duplex with strong rental history near shopping and schools.
      906 N Belmont Ave, Lubbock, TX 79416
      View Details
    • $231,500
      1,729 SF

      Three-Unit Investment Package in Lubbock

      Three modern homes in prime location with reliable income.
      1209 N Essex Ave, Lubbock, TX 79416
      View Details
    • $250,000
      Pending

      Lubbock Duplex: Investment Opportunity

      Well-maintained duplex with strong rental history near shopping and schools.
      908 N Belmont Ave, Lubbock, TX 79416
      View Details
    • $399,900
      2,930 SF

      New Duplex in North Lubbock

      2022-built duplex with rental income potential in North Lubbock.
      5514 Jarvis St, Lubbock, TX 79416
      View Details
    • New
      $275,000
      2,870 SF

      Lubbock Duplex Investment Opportunity

      North Lubbock duplex, fully leased until 2027, ideal investment.
      303 N Clinton Ave, Lubbock, TX 79416
      View Details
    • $365,000
      2,826 SF

      Lubbock Townhomes Investment Opportunity

      Like-new townhomes with strong rental potential in a high-demand area.
      5512 Kemper St, Lubbock, TX 79416
      View Details

    Similar Nearby for Sale

    • $399,900
      2,930 SF

      New Duplex in North Lubbock

      2022-built duplex with rental income potential in North Lubbock.
      5514 Jarvis St, Lubbock, TX 79416
      View Details
    • New
      $275,000
      2,870 SF

      Lubbock Duplex Investment Opportunity

      North Lubbock duplex, fully leased until 2027, ideal investment.
      303 N Clinton Ave, Lubbock, TX 79416
      View Details
    • $740,000
      5,652 SF

      Lubbock Townhomes Investment Opportunity

      Four like-new townhomes with strong rental potential in Lubbock, TX.
      5512 Kemper St, Lubbock, TX 79416
      View Details
    • $365,000
      2,826 SF

      Lubbock Townhomes Investment Opportunity

      Like-new townhomes with strong rental potential in a high-demand area.
      5512 Kemper St, Lubbock, TX 79416
      View Details
    • $285,000
      2,732 SF

      Lubbock Duplex with En-Suite Bathrooms

      North Lubbock duplex near Loop, Texas Tech, and hospitals.
      5423 Marshall St, Lubbock, TX 79416
      View Details
    • $250,000
      Pending

      Lubbock Duplex: Investment Opportunity

      Well-maintained duplex with strong rental history near shopping and schools.
      906 N Belmont Ave, Lubbock, TX 79416
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      19,553 SF

      Prime Lubbock Medical Office Space

      19,000 SF Single-Tenant Medical Office
      5402 4Th St, Lubbock, TX 79416
      View Details
    • $1,334,370
      2,397 SF

      New Garden Office For Lease

      Brand-new 2,397 sqft garden office space available for lease.
      1418-1424 N Slide Rd, Lubbock, TX 79416
      View Details
    • $6,500 /Mo
      7,232 SF

      Class A Warehouse with Offices

      Warehouse with offices, reception, conference room, and secured stack yard.
      6621 Xenia Ave, Lubbock, TX 79416
      View Details
    • $949,905
      3,333 SF

      Garden Office on 4th Street

      Single-tenant office space in a high-traffic Lubbock corridor.
      6024 4Th St, Lubbock, TX 79416
      View Details
    • $4,000 /Mo
      3,600 SF

      Office/Warehouse on Acre Lot

      Office and warehouse space for lease on approximately one acre.
      5914 County Road 6300, Lubbock, TX 79416
      View Details
    • Contact for pricing
      5,500 SF

      New Shopping Center on Loop

      New shopping center with high visibility and signage opportunities.
      1615 Loop 289 W, Lubbock, TX 79416
      View Details
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    602 Belmont Ave
    Lubbock, TX 79416
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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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