Duplex with Covered
For Sale
$353,000
2015 102nd Street, Lubbock, TX 79423
Residential Income, Lubbock, TX
Property Size2,899 SF
Lot Size0.22 Acres
Price / SF$121.77
Days on Market103
Property Features for 2015 102nd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multi-Family
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 1, Bedroom 3, Bathroom 4, Bedroom 5, Bedroom 4, Bedroom 6, Bathroom 3, Bathroom 1, Bathroom 2
Parking features
Garage
Fencing
Fenced
Elementary school
Lubbock-Cooper North
Middle school
Lubbock-Cooper Bush
High school
Cooper
Elementary school district
Lubbock-Cooper ISD
Middle school district
Lubbock-Cooper ISD
High school district
Lubbock-Cooper ISD
Subdivision
6
Standard status
Active
APN
R329112
Size
2,899 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Description
Stonebridge Community L 144
Tax Annual Amount
6339
Legal Description
Stonebridge Community L 144
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
dedicated laundry room
covered patio
fenced backyard
dual vanities
walk-in closet
private bath
Building Details
Year built
2019
Floors in Building
1
Number of units
2
Building materials
Brick, Wood Siding
Listing Agency:
Keller Williams Realty
(806) 771-7710
Listed By:
Maelyn Lykins · License #0831064
(210) 291-8030
Added: May 25
Changed: Sep 4
Last Checked: Sep 4 at 8:06AM
MLS# 202607499
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 fully leased duplex contains 2,899 square feet and was built in 2019. The property combines brick and wood siding with central heating and central air. Interior features include luxury vinyl plank flooring, an open living arrangement, substantial storage, and a dedicated laundry room. The primary suite includes dual vanities, a walk-in closet, and a private bathroom. A covered patio, fenced backyard, and 2-car garage complete the property.
Key Highlights
- 2,899 square feet on a 0.22‑acre lot
- Fully leased and income‑producing
- Built in 2019 with brick and wood siding
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
$26,184
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%
$523,680
$523.7K
Cap Rate 7%
$374,057
$374.1K
Cap Rate 9%
$290,933
$290.9K
Market Conditions
NOI Build-Up for 2,899 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
$40.0K $13.80/SF
− Vacancy
−$2.6K −$0.90/SF
EGI
$37.4K $12.90/SF
− OpEx
−$11.2K −$3.87/SF
NOI
$26.2K $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%
$523,680
Cap Rate 7%
$374,057
Cap Rate 9%
$290,933
Alternative Uses
Best Use
Multifamily LT 5
$374.1K
$327.3K – $436.4K
NOI $26,184 @ 7.0% cap · market cap 7.42%
Second Best
Apartment 5plus
$335.9K
$293.9K – $391.9K
NOI $23,511 @ 7.0% cap · market cap 6.66%
Theoretical Best
Office A
$730.8K
$639.5K – $852.7K
NOI $51,159 @ 7.0% cap · market cap 14.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
137
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 - Fully leased duplex with durable finishes, private outdoor space, and garage parking in Lubbock.
Where is this duplex located?
The property is located at 2015 102nd Street Lubbock, TX.
What is the asking price?
The asking price for this property is $353,000.
What are key features of this property?
This property features: 2,899 square feet on a 0.22‑acre lot; Fully leased and income‑producing; Built in 2019 with brick and wood siding
