Duplex with Private
For Sale
$224,500
1915 S Loop 289, Lubbock, TX 79423
MULTI_FAMILY - Lubbock, TX
Property Size2,242 SF
Lot Size0.13 Acres
Price / SF$100.13
Days on Market23
Property Features for 1915 S Loop 289
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bathroom 3, Bedroom 3, Bathroom 4, Bathroom 2, Bedroom 2
Parking features
Garage
Window features
Blinds
Patio and Porch features
Porch
Appliances
Dishwasher, Disposal, Electric Range
Elementary school
Roberts
Middle school
Atkins
High school
Monterey
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
6
Standard status
Active
APN
R86453
Size
2,242 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
Beverly Hts L 404-A & 404-B
Tax Annual Amount
2217
Legal Description
Beverly Hts L 404-A & 404-B
Utilities
Heating system
Central
Cooling system
Ceiling Fan(s), Central Air
Amenities
private backyard
Building Details
Year built
1997
Floors in Building
1
Number of units
2
Building materials
Brick
Roof type
Composition
Listing Agency:
Big State Real Estate, Inc.
(806) 790-7536
Listed By:
Wayne Walton · License #0435531
(806) 793-8111
Added: Aug 7
Changed: Aug 13
Last Checked: Aug 29 at 8:06PM
MLS# 202611304
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.
This 2,242-square-foot duplex in Lubbock contains two residential sides, each arranged with 3 bedrooms, 2 full bathrooms, and a one-car garage. Both units also include a private backyard. The property was built in 1997 with brick construction and a composition roof replaced in 2022. Heating and cooling are provided by central systems, supplemented by ceiling fans, and the units are fully electric. Interior appliances include a dishwasher, disposal, and electric range.
The property occupies 0.13 acres in Lubbock County. Its residential configuration provides two separate living spaces within one building, with individual garage access and outdoor areas for each side. A covered porch is also included among the exterior features.
The property occupies 0.13 acres in Lubbock County. Its residential configuration provides two separate living spaces within one building, with individual garage access and outdoor areas for each side. A covered porch is also included among the exterior features.
Key Highlights
- Duplex totals 2,242 square feet on a 0.13‑acre lot
- Each side offers 3 bedrooms and 2 full bathrooms
- One‑car garage and private backyard serving each unit
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
$20,250
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
9.02%
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%
$405,000
$405.0K
Cap Rate 7%
$289,286
$289.3K
Cap Rate 9%
$225,000
$225.0K
Market Conditions
NOI Build-Up for 2,242 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
$30.9K $13.80/SF
− Vacancy
−$2.0K −$0.90/SF
EGI
$28.9K $12.90/SF
− OpEx
−$8.7K −$3.87/SF
NOI
$20.2K $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%
$405,000
Cap Rate 7%
$289,286
Cap Rate 9%
$225,000
Alternative Uses
Best Use
Multifamily LT 5
$289.3K
$253.1K – $337.5K
NOI $20,250 @ 7.0% cap · market cap 9.02%
Second Best
Apartment 5plus
$259.8K
$227.3K – $303.1K
NOI $18,183 @ 7.0% cap · market cap 8.10%
Theoretical Best
Office A
$565.2K
$494.6K – $659.4K
NOI $39,565 @ 7.0% cap · market cap 17.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
244
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Each residence includes three bedrooms, two full bathrooms, and an individual garage with backyard space.
Where is this duplex located?
The property is located at 1915 S Loop 289 Lubbock, TX.
What is the asking price?
The asking price for this property is $224,500.
What are key features of this property?
This property features: Duplex totals 2,242 square feet on a 0.13‑acre lot; Each side offers 3 bedrooms and 2 full bathrooms; One‑car garage and private backyard serving each unit
