Modern Duplex with Two-Car
For Sale
Under Contract
$345,000
1407 17th Street, Shallowater, TX 79363
Residential Income, Shallowater, TX
Property Size2,836 SF
Lot Size0.19 Acres
Price / SF$121.65
Days on Market179
Property Features for 1407 17th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bathroom 3, Bedroom 5, Bedroom 1, Bedroom 6, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 3, Bathroom 4
Parking features
On Street, Garage
Window features
Low Emissivity Windows
Patio and Porch features
Patio
Interior features
Ceiling Fan(s), Walk-In Closet(s)
Exterior features
Outdoor Kitchen
Fencing
Fenced
Appliances
Dishwasher
Lot features
Corner Lot, Landscaped
Elementary school
Shallowater
Middle school
Shallowater
High school
Shallowater
Elementary school district
Shallowater ISD
Middle school district
Shallowater ISD
High school district
Shallowater ISD
Subdivision
12
Standard status
Active Under Contract
APN
R336728
Size
2,836 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
Highland Heights (Shallowater) L 57
Tax Annual Amount
6483
Legal Description
Highland Heights (Shallowater) L 57
Utilities
Utilities
Electricity Available
Heating system
Central, Natural Gas
Cooling system
Central Air, Electric
Building Details
Year built
2022
Floors in Building
1
Number of units
2
Building materials
Batts Insulation, Blown-In Insulation, Brick
Roof type
Composition
Additional Structures
Outdoor Kitchen
Listing Agency:
Real Broker, LLC
(806) 577-5595
Listed By:
Doug Duncan · License #0563978
(806) 771-7710
Added: Mar 26
Changed: Sep 19
Last Checked: Sep 20 at 12:06AM
MLS# 202603907
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 2022, this duplex offers 2,836 square feet across two residences, with each side configured with three bedrooms, two bathrooms, and a 2-car garage. Brick construction, composition roofing, central heating and cooling, natural gas, and electric service support the property’s core improvements. Interior features include walk-in closets, ceiling fans, and dishwashers.
The 0.19-acre property includes fencing, patios, an outdoor kitchen, and on-street parking. It is located at 1407 17th Street in Shallowater, within walking distance of local schools. The property is part of the Highland Heights development and carries a modern farmhouse-style design.
The 0.19-acre property includes fencing, patios, an outdoor kitchen, and on-street parking. It is located at 1407 17th Street in Shallowater, within walking distance of local schools. The property is part of the Highland Heights development and carries a modern farmhouse-style design.
Key Highlights
- 2,836 square feet across a two‑unit duplex
- Each side includes 3 bedrooms, 2 bathrooms, and a 2‑car garage
- Built in 2022
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
$25,615
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
7.42%
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%
$512,300
$512.3K
Cap Rate 7%
$365,929
$365.9K
Cap Rate 9%
$284,611
$284.6K
Market Conditions
NOI Build-Up for 2,836 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
$39.1K $13.80/SF
− Vacancy
−$2.5K −$0.90/SF
EGI
$36.6K $12.90/SF
− OpEx
−$11.0K −$3.87/SF
NOI
$25.6K $9.03/SF
Area
Lubbock County, 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%
$512,300
Cap Rate 7%
$365,929
Cap Rate 9%
$284,611
Alternative Uses
Best Use
Multifamily LT 5
$365.9K
$320.2K – $426.9K
NOI $25,615 @ 7.0% cap · market cap 7.42%
Second Best
Apartment 5plus
$328.6K
$287.5K – $383.3K
NOI $23,000 @ 7.0% cap · market cap 6.67%
Theoretical Best
Office A
$715.0K
$625.6K – $834.1K
NOI $50,047 @ 7.0% cap · market cap 14.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
51
Businesses Nearby
Explore this area
Business Placement
Demographics for 79363, TX
6,259
Population
2,233
Households
2.8
Avg Household Size
36
Median Age
30%
College-Educated
88%
High-School Grad
108.1 sq mi
ZIP Area
58
Density / Sq Mi
$93,320
Median Household Income
$45,035
Median Earnings
$1,138
Median Rent
$201,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Each unit includes three bedrooms, two bathrooms, and a two-car garage.
Where is this duplex located?
The property is located at 1407 17th Street Shallowater, TX.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: 2,836 square feet across a two‑unit duplex; Each side includes 3 bedrooms, 2 bathrooms, and a 2‑car garage; Built in 2022
