Duplex with Granite
For Sale
$354,900
1217 N Chicago Avenue, Lubbock, TX 79416
Residential Income, Lubbock, TX
Property Size2,942 SF
Lot Size0.17 Acres
Price / SF$120.63
Days on Market204
Property Features for 1217 N Chicago Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multi-Family
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bathroom 1, Bedroom 4, Bathroom 4, Bedroom 3, Bedroom 1, Bathroom 3, Bedroom 6, Bedroom 2, Bathroom 2
Parking features
Garage
Window features
Double Pane Windows, Window Coverings
Patio and Porch features
Patio
Interior features
Ceiling Fan(s), Granite Counters, Kitchen Island, Pantry, Walk-In Closet(s)
Fencing
Fenced
Appliances
Dishwasher, Electric Oven, Electric Range, Microwave
Lot features
City Lot
Elementary school
Centennial
Middle school
Mackenzie
High school
Coronado
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
8
Standard status
Active
APN
R335106
Size
2,942 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
Lincoln 16 L 51
Tax Annual Amount
6901
Legal Description
Lincoln 16 L 51
Utilities
Heating system
Natural Gas, Central
Cooling system
Electric, Attic Fan, Central Air
Water source
Public
Building Details
Year built
2020
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Plank
Building materials
Brick, Vinyl Siding
Roof type
Composition
Architectural style
Other
Listing Agency:
WestMark Companies
(806) 794-6000
Listed By:
Kristi Sherrard · License #0746574
(806) 441-3613
Added: Feb 15
Changed: Sep 4
Last Checked: Sep 7 at 2:06PM
MLS# 202602060
Copyright © 2026 Lubbock Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2020, this duplex contains 2,942 square feet and is arranged around open-concept living areas. Interior finishes include luxury vinyl plank flooring, granite countertops, large kitchen islands, pantries, ceiling fans, and walk-in closets. Each residence includes electric kitchen appliances, central air conditioning, natural-gas heating, and an attic fan.
The property sits on a 0.17-acre lot in Lubbock and includes garage parking, a patio, fencing, public water service, and a composition roof. Brick and vinyl siding provide the exterior finish, while the kitchen package includes a dishwasher, electric oven, electric range, and microwave.
The property sits on a 0.17-acre lot in Lubbock and includes garage parking, a patio, fencing, public water service, and a composition roof. Brick and vinyl siding provide the exterior finish, while the kitchen package includes a dishwasher, electric oven, electric range, and microwave.
Key Highlights
- Duplex built in 2020 with 2,942 square feet
- 0.17‑acre lot in Lubbock, TX 79416
- Open‑concept interiors with luxury vinyl plank flooring
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$26,572
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.49%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$531,440
$531.4K
Cap Rate 7%
$379,600
$379.6K
Cap Rate 9%
$295,244
$295.2K
Market Conditions
NOI Build-Up for 2,942 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$40.6K $13.80/SF
− Vacancy
−$2.6K −$0.90/SF
EGI
$38.0K $12.90/SF
− OpEx
−$11.4K −$3.87/SF
NOI
$26.6K $9.03/SF
Area
Lubbock, TX
Vacancy
6.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$531,440
Cap Rate 7%
$379,600
Cap Rate 9%
$295,244
Alternative Uses
Best Use
Multifamily LT 5
$379.6K
$332.2K – $442.9K
NOI $26,572 @ 7.0% cap · market cap 7.49%
Second Best
Apartment 5plus
$340.8K
$298.2K – $397.7K
NOI $23,859 @ 7.0% cap · market cap 6.72%
Theoretical Best
Office A
$741.7K
$649.0K – $865.3K
NOI $51,918 @ 7.0% cap · market cap 14.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
78
Businesses Nearby
Explore this area
Business Placement
Demographics for 79416, TX
36,251
Population
16,094
Households
2.3
Avg Household Size
30
Median Age
39%
College-Educated
93%
High-School Grad
32.1 sq mi
ZIP Area
1,129
Density / Sq Mi
$65,200
Median Household Income
$34,258
Median Earnings
$1,269
Median Rent
$196,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Modern duplex with open interiors, luxury vinyl plank flooring, private garages, and fenced outdoor space.
Where is this duplex located?
The property is located at 1217 N Chicago Avenue Lubbock, TX.
What is the asking price?
The asking price for this property is $354,900.
What are key features of this property?
This property features: Duplex built in 2020 with 2,942 square feet; 0.17‑acre lot in Lubbock, TX 79416; Open‑concept interiors with luxury vinyl plank flooring
