Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    602 Fm 1585 Lubbock, TX 79423-7615

    • Warehouses
    • 6,000 SF
    • 0.96 lot acres
    OFF-MARKET
    Last Sale
    Feb 28, 2020
    Value Estimations
    $380,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-4571550
    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

    • Warehouses

    Property Details for 602 Fm 1585

    Year built
    2019
    Lot size
    0.96 lot acres
    Property size
    6,000 SF
    Property type
    Warehouses
    APN
    R301471
    APU
    R301471

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $345,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $419,000
      Market price range: $163k - $419k

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $290,000
      Current use
      COMMERCIAL (GENERAL)
      $560,000
      Change: +92% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $530,000
      Change: +82% Conversion: Easy
      RETAIL STORES
      $365,000
      Change: +26% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $240,000
      Change: -17% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.83
    Latitude
    33.4758
    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
    $0.00
    $17,231
    $511,098
    $528,329
    -
    $17,231
    $511,098
    $528,329

    Comparable in this City

    • Value Estimation
      $280,000
      2,400 SF

      1104 84th St

      WAREHOUSE, STORAGE • 2,400 SF
      1104 84th St, Lubbock, TX 79423-3514
      View Details
    • Value Estimation
      $285,000
      2,400 SF

      118th St

      WAREHOUSE, STORAGE • 2,400 SF
      118th St, Lubbock, TX 79423
      View Details
    • Value Estimation
      $295,000
      2,701 SF

      11005 Ave Q Q

      WAREHOUSE, STORAGE • 2,701 SF
      11005 Ave Q Q, Lubbock, TX 79423
      View Details
    • Value Estimation
      $295,000
      5,025 SF

      8501 Ave P P

      WAREHOUSE, STORAGE • 5,025 SF
      8501 Ave P P, Lubbock, TX 79423
      View Details
    • Value Estimation
      $1,005,000
      139,175 SF

      2415 82nd St

      MINI-WAREHOUSE, STORAGE • 139,175 SF
      2415 82nd St, Lubbock, TX 79423-2300
      View Details
    • Value Estimation
      $275,000
      3,600 SF

      1503 County Rd 7300

      WAREHOUSE, STORAGE • 3,600 SF
      1503 County Rd 7300, Lubbock, TX 79423-7238
      View Details

    Similar Nearby for Sale

    • $630,000
      7,300 SF

      Warehouse Buildings on Two Acres

      Two warehouse buildings totaling 7300 SF on 2 acres.
      1511 Private Road 7325, Lubbock, TX 79423
      View Details
    • $995,900
      Pending

      New Construction Warehouse with Office

      New construction warehouse with office space on 1-acre lot.
      11419 County Road 2220, Lubbock, TX 79423
      View Details
    • $4,250,000
      97,984 SF

      New Industrial Facility Investment Opportunity

      Newly constructed industrial facility with a long-term tenant.
      3221 114Th St, Lubbock, TX 79423
      View Details
    • $999,000
      17,823 SF

      Industrial/Office Complex with Upscale Finishes

      Well-maintained industrial/office complex with flexible workspaces and high-clearance warehouse.
      10101 Highway 87, Lubbock, TX 79423
      View Details
    • $825,000
      20,604 SF

      Lubbock Commercial Investment Opportunity

      Commercial property featuring office, warehouse, and flex space for sale.
      12101 Geneva Ave, Lubbock, TX 79423
      View Details
    • Contact for pricing
      5,828 SF

      Lubbock Industrial Net Lease

      5,828 SF Warehouse, Excellent Tenant
      1627 County Road 7340, Lubbock, TX 79423
      View Details

    Similar Nearby for Lease

    • $2,370 /Mo
      2,708 SF

      Functional Warehouse Space For Rent

      Well-maintained warehouse with overhead doors and flexible layout.
      5517 132Nd St, Lubbock, TX 79423
      View Details
    • $3,200 /Mo
      3,122 SF

      Updated Warehouse with Fenced Yard

      Updated 3,122 SF office/warehouse with fenced yard for rent.
      2321 114Th St, Lubbock, TX 79423
      View Details
    • $3,200 /Mo
      5,000 SF

      Warehouse with Fenced Stack Yard

      Warehouse featuring offices, breakroom, overhead doors, and fenced stackyard.
      2304 120Th St, Lubbock, TX 79423
      View Details
    • $6 SF/Yr
      110,000 SF

      Lubbock Warehouse Space Available

      Industrial Units, 1500-2700 sqft
      9505 Us Highway 87, Lubbock, TX 79423
      View Details
    • $1,126,250
      9,010 SF

      Modern Office/Warehouse in Growing Park

      Modern, flexible office/warehouse space in South Lubbock's Four Fields.
      3229 118Th St, Lubbock, TX 79423
      View Details
    • Contact for pricing
      2,500 SF

      Lubbock Warehouse Space Available

      2,500 sq ft Industrial Warehouse Lease
      9205 Us Highway 87, Lubbock, TX 79423
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    602 Fm 1585
    Lubbock, TX 79423-7615
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.