206 Avenue S, Lubbock, TX 79415
MULTI_FAMILY - Lubbock, TX
- Added:
- Feb 1, 2026
- Days on Market:
- 141
- Last Refresh:
- Jun 22 at 5:06 pm
Property Features for 206 Avenue S
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 3
- Bathrooms
- 2
- Rooms
- Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 2
- Parking features
- Driveway
- Interior features
- Formica Counters
- Standard status
- Active
- APN
- R47055
- Size
- 1,132 SF
- Lot size
- 0.14 Acres
Taxes and HOA fees
- Tax Description
- Beck Sub Blk 28 E122.8'Of L 3 & S10'of E122.8'Of 2
- Tax Annual Amount
- 994
Utilities
- Heating system
- Wall Furnace
- Cooling system
- Wall/Window Unit(s), Window Unit(s)
Building Details
- Year built
- 1949
- Number of units
- 2
- Building materials
- Asbestos
- Roof type
- Composition
Listing agent Jana Lowdermilk License #0715831 (806) 928-5767
Listing office Jerry J. Kitten Broker 1155 W Lubbock, Slaton, TX (806) 773-2262
Listing date Feb 1, 2026
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.
HighLights
- Two rent‑producing homes near Texas Tech University: front 2/1 and back 1/1
- Front house has a Section 8 tenant paying $913/month (2/1)
- Back house rents for $600/month (1/1)
- Year built 1949 with composition roof
- Interior features include Formica counters
- Heating and cooling include wall furnace and wall/window unit A/C; driveway parking
Overview
The property is located in Lubbock, Texas, and is described as being near Texas Tech University. The offering includes both units together as part of the same ownership structure, simplifying operations for an owner or buyer who wants two income-producing residences on one parcel.
For buyers seeking a straightforward, two-home rental setup, this property provides two distinct unit configurations within one small footprint. The existing occupancy and stated monthly payments may appeal to investors looking for an owned rental opportunity with current tenants already in place.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $15.6k | $13.80 |
| − Vacancy | −$1.0k | −$0.90 |
| EGI | $14.6k | $12.90 |
| − OpEx | −$4.4k | −$3.87 |
| NOI | $10.2k | $9.03 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Lubbock
- County
- Lubbock
- State
- Texas
- Longitude
- -101.857748
- Latitude
- 33.595707
