Newly Built Duplex with Private
For Sale
$365,000
2005 Corpus Avenue, Wolfforth, TX 79382
Residential Income, Wolfforth, TX
Property Size2,720 SF
Lot Size0.17 Acres
Price / SF$134.19
Days on Market357
Property Features for 2005 Corpus Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 6, Bathroom 3, Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 4, Bedroom 5, Bathroom 2, Bedroom 2
Parking features
Driveway
Interior features
Ceiling Fan(s), Granite Counters
Exterior features
Private Yard
Appliances
Dishwasher, Electric Range, Microwave
Elementary school
Upland Heights
Middle school
Frenship
High school
Frenship
Elementary school district
Frenship ISD
Middle school district
Frenship ISD
High school district
Frenship ISD
Subdivision
7
Standard status
Active
APN
R346327
Size
2,720 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
Harvest L 141
Tax Annual Amount
8030
Legal Description
Harvest L 141
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air, Ceiling Fan(s)
Amenities
garage
private yards
Building Details
Year built
2023
Number of units
2
Flooring type
Vinyl
Building materials
Brick
Listing Agency:
AMRR Realty
(806) 642-6488
Listed By:
Jennifer Busbea · License #0614398
(806) 577-7228
Added: Sep 19, 2025
Changed: Sep 9
Last Checked: Sep 10 at 12:06PM
MLS# 202560792
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 2023, this duplex contains 2,720 square feet across two residential units on a 0.17-acre lot. Each unit offers three bedrooms, two bathrooms, a garage, an open floor plan, and a private yard. Brick construction, vinyl flooring, granite counters, ceiling fans, and central electric heating and cooling contribute to the property's contemporary design.
The kitchens are equipped with dishwashers, electric ranges, and microwaves. Driveway parking is provided, while each unit's private yard adds dedicated outdoor space. The property is located in Wolfforth and is served by Frenship ISD.
The kitchens are equipped with dishwashers, electric ranges, and microwaves. Driveway parking is provided, while each unit's private yard adds dedicated outdoor space. The property is located in Wolfforth and is served by Frenship ISD.
Key Highlights
- 2,720 square feet across two duplex units
- Built in 2023 on a 0.17‑acre lot
- Each unit has 3 bedrooms and 2 bathrooms
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
$24,567
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
6.73%
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%
$491,340
$491.3K
Cap Rate 7%
$350,957
$351.0K
Cap Rate 9%
$272,967
$273.0K
Market Conditions
NOI Build-Up for 2,720 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
$37.5K $13.80/SF
− Vacancy
−$2.4K −$0.90/SF
EGI
$35.1K $12.90/SF
− OpEx
−$10.5K −$3.87/SF
NOI
$24.6K $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%
$491,340
Cap Rate 7%
$350,957
Cap Rate 9%
$272,967
Alternative Uses
Best Use
Multifamily LT 5
$351.0K
$307.1K – $409.5K
NOI $24,567 @ 7.0% cap · market cap 6.73%
Second Best
Apartment 5plus
$315.1K
$275.7K – $367.7K
NOI $22,059 @ 7.0% cap · market cap 6.04%
Theoretical Best
Office A
$685.7K
$600.0K – $800.0K
NOI $48,000 @ 7.0% cap · market cap 13.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
20
Businesses Nearby
Explore this area
Business Placement
Demographics for 79382, TX
8,449
Population
3,649
Households
2.3
Avg Household Size
36
Median Age
28%
College-Educated
92%
High-School Grad
51.1 sq mi
ZIP Area
165
Density / Sq Mi
$80,625
Median Household Income
$47,419
Median Earnings
$1,349
Median Rent
$245,100
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 - Modern duplex with open layouts, garages, private outdoor space, and finishes including granite counters and vinyl flooring.
Where is this duplex located?
The property is located at 2005 Corpus Avenue Wolfforth, TX.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: 2,720 square feet across two duplex units; Built in 2023 on a 0.17‑acre lot; Each unit has 3 bedrooms and 2 bathrooms
