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    6623 Monticello Ave Lubbock, TX 79424

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    6623 Monticello Ave Lubbock, TX 79424

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    • Commercial land
    For Sale
    $217,800
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    Commercial Lot Off Milwaukee For Sale
    $217,800

    Commercial Lot Off Milwaukee

    Commercial lot available for sale off Milwaukee.

    6623 Monticello Avenue, Lubbock, TX 79424
    View Listing
    Property ID
    US82-2252159
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial land

    Property Details for 6623 Monticello Ave

    Property type
    Commercial land
    Property subtype
    Commercial real estate

    Description

    Great commercial lot off Milwaukee.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.9603339
    Latitude
    33.5823711

    Comparable in this City

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      Lubbock Land Parcel Future Loop

      Development tract along future Loop 88 in Lubbock, TX.
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      Prime Development Site on 82nd

      0.94-acre development site in a rapidly growing commercial corridor.
      7638 82Nd St, Lubbock, TX 79424
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    • $3,320,905

      Lubbock Development Opportunity on Milwaukee

      Prime commercial land for sale in a high-growth Lubbock corridor.
      6612 114Th St, Lubbock, TX 79424
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    • $4,000,000

      Commercial Tract on South Frankford

      Excellent commercial land with great visibility and access to utilities.
      11701 Frankford Ave, Lubbock, TX 79424
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      Lubbock Industrial Land For Sale

      Approximately 3.9 acres of highway industrial zoned land available.
      6012-0 66Th St, Lubbock, TX 79424
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    Similar Nearby for Sale

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      Commercially Zoned Garden Office Tracts

      Three commercially zoned tracts near 114th St. & Quaker Ave.
      11002 Quaker Ave, Lubbock, TX 79424
      View Details
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      Lubbock Land Parcel Future Loop

      Development tract along future Loop 88 in Lubbock, TX.
      13005 Norfolk Ave, Lubbock, TX 79424
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      Prime Development Site on 82nd

      0.94-acre development site in a rapidly growing commercial corridor.
      7638 82Nd St, Lubbock, TX 79424
      View Details
    • $3,320,905

      Lubbock Development Opportunity on Milwaukee

      Prime commercial land for sale in a high-growth Lubbock corridor.
      6612 114Th St, Lubbock, TX 79424
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    • $4,000,000

      Commercial Tract on South Frankford

      Excellent commercial land with great visibility and access to utilities.
      11701 Frankford Ave, Lubbock, TX 79424
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      Lubbock Industrial Land For Sale

      Approximately 3.9 acres of highway industrial zoned land available.
      6012-0 66Th St, Lubbock, TX 79424
      View Details

    Similar Nearby for Lease

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      29-Acre Development Site For Rent

      29-acre development site near Lubbock's southern growth corridor.
      11915 Quaker Ave, Lubbock, TX 79424
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      Land on Indiana Avenue Corner

      1-2.6 acres available for ground lease, build-to-suit or purchase.
      122 122Nd St, Lubbock, TX 79424
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      204 SF

      Prime Commercial Site on Slide

      0.97-acre commercial site in a high-growth Lubbock corridor.
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      Lubbock Commercial Land on Quaker

      6.36 acres of commercial land in growing South Lubbock.
      124 124Th St, Lubbock, TX 79424
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      Land for Ground Lease

      Land available for ground lease near Brownfield Highway.
      7531 82Nd St, Lubbock, TX 79424
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      Retail Center Land for Lease

      Retail center on 1.2 acres in South Lubbock.
      4401 114Th St, Lubbock, TX 79424
      View Details
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    Lubbock, TX 79424
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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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    6623 Monticello Ave, Lubbock, TX, 79424
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