Modern Tenant-Occupied
For Sale
$349,900
1621 133rd Street, Lubbock, TX 79423
Residential Income, Lubbock, TX
Property Size3,052 SF
Lot Size0.17 Acres
Price / SF$114.65
Days on Market213
Property Features for 1621 133rd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multi-Family
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 5, Bathroom 3, Bathroom 1, Bathroom 2, Bedroom 6, Bathroom 4, Bedroom 4
Parking features
Garage
Window features
Double Pane Windows
Interior features
Ceiling Fan(s), Granite Counters, High Ceilings, High Speed Internet, Open Floorplan, Pantry, Recessed Lighting, Walk-In Closet(s)
Exterior features
Private Entrance, Private Yard
Fencing
Fenced
Appliances
Dishwasher, Disposal, Electric Range, Exhaust Fan, Microwave
Lot features
Landscaped
Elementary school
Lubbock-Cooper Central
Middle school
Lubbock-Cooper
High school
Cooper
Elementary school district
Lubbock-Cooper ISD
Middle school district
Lubbock-Cooper ISD
High school district
Lubbock-Cooper ISD
Subdivision
11
Standard status
Active
APN
R337733
Size
3,052 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
Bell Farms L 1126
Tax Annual Amount
7768
Legal Description
Bell Farms L 1126
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Electric, Attic Fan
Water source
Public
Amenities
turf
Building Details
Year built
2021
Floors in Building
1
Number of units
2
Flooring type
Vinyl
Building materials
Brick, Stone Veneer
Roof type
Composition
Architectural style
Other
Listing Agency:
WestMark Companies
(806) 794-6000
Listed By:
Kristi Sherrard · License #0746574
(806) 441-3613
Added: Feb 6
Changed: Sep 4
Last Checked: Sep 7 at 2:06PM
MLS# 202601655
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 2021, this duplex contains 3,052 square feet across two separately entered residences. Each unit includes three bedrooms, two bathrooms, a one-car garage, an open living arrangement, granite counters, pantry storage, walk-in closets, recessed lighting, and vinyl flooring. Central heating and electric cooling serve both sides, while dishwashers, disposals, electric ranges, microwaves, and exhaust fans provide established kitchen functionality. Brick and stone veneer exterior materials, composition roofing, fenced yards, and front and rear turf complete the improvements.
The property occupies 0.17 acres in Lubbock, Texas, with public water and public sewer service. Both units are tenant-occupied, providing an existing residential income configuration. Private entrances and individual garages support separate household use, while high-speed internet, ceiling fans, and attic fans add to the documented property features.
The property occupies 0.17 acres in Lubbock, Texas, with public water and public sewer service. Both units are tenant-occupied, providing an existing residential income configuration. Private entrances and individual garages support separate household use, while high-speed internet, ceiling fans, and attic fans add to the documented property features.
Key Highlights
- Duplex built in 2021 with 3,052 square feet
- Each side includes 3 bedrooms, 2 bathrooms, and a one‑car garage
- Both units are tenant‑occupied
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
$27,566
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
7.88%
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%
$551,320
$551.3K
Cap Rate 7%
$393,800
$393.8K
Cap Rate 9%
$306,289
$306.3K
Market Conditions
NOI Build-Up for 3,052 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
$42.1K $13.80/SF
− Vacancy
−$2.7K −$0.90/SF
EGI
$39.4K $12.90/SF
− OpEx
−$11.8K −$3.87/SF
NOI
$27.6K $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%
$551,320
Cap Rate 7%
$393,800
Cap Rate 9%
$306,289
Alternative Uses
Best Use
Multifamily LT 5
$393.8K
$344.6K – $459.4K
NOI $27,566 @ 7.0% cap · market cap 7.88%
Second Best
Apartment 5plus
$353.6K
$309.4K – $412.5K
NOI $24,752 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$769.4K
$673.2K – $897.7K
NOI $53,859 @ 7.0% cap · market cap 15.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
87
Businesses Nearby
Explore this area
Business Placement
Demographics for 79423, TX
42,311
Population
18,463
Households
2.3
Avg Household Size
35
Median Age
38%
College-Educated
94%
High-School Grad
64.2 sq mi
ZIP Area
659
Density / Sq Mi
$82,906
Median Household Income
$45,520
Median Earnings
$1,284
Median Rent
$222,500
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 - Two updated units offer three-bedroom layouts, private garages, and fenced outdoor areas in Lubbock.
Where is this duplex located?
The property is located at 1621 133rd Street Lubbock, TX.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Duplex built in 2021 with 3,052 square feet; Each side includes 3 bedrooms, 2 bathrooms, and a one‑car garage; Both units are tenant‑occupied
