Updated Duplex with Covered
For Sale
$198,000
2101 35th Street, Lubbock, TX 79412
MULTI_FAMILY - Lubbock, TX
Property Size2,050 SF
Lot Size0.20 Acres
Price / SF$96.59
Days on Market649
Property Features for 2101 35th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 3, Bedroom 2, Bedroom 6, Bathroom 2, Bedroom 5
Parking features
On Street, Carport
Interior features
Ceiling Fan(s)
Elementary school
Brown
Middle school
Slaton
High school
Lubbock
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
2
Standard status
Active
APN
R37308
Size
2,050 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Description
TELFORD BLK 1 L 1
Legal Description
TELFORD BLK 1 L 1
Utilities
Heating system
Central, Natural Gas
Cooling system
Electric, Central Air
Building Details
Year built
1956
Number of units
2
Building materials
Brick
Roof type
Composition
Listing Agency:
Veritas Real Estate Company
(806) 853-7355
Listed By:
Joseph Randall · License #0727954
(806) 300-2140
Added: Nov 18, 2024
Changed: Aug 3
Last Checked: Aug 29 at 7:06AM
MLS# 202415929
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 duplex offers two mirror-style homes, each with three bedrooms and one bathroom. One side is currently vacant, giving flexibility to live in one unit while the other generates rental income. The property includes ceiling fans, brick construction, a composition roof, and central heating with natural gas plus central air with electric cooling.
Exterior and parking amenities include a covered carport for each side, along with on-street parking. Built in 1956, the duplex sits on a 0.2-acre lot and totals 2,050 square feet.
With two separate units and covered parking, this layout can support a range of residential income strategies while keeping day-to-day operations consolidated under one ownership.
Exterior and parking amenities include a covered carport for each side, along with on-street parking. Built in 1956, the duplex sits on a 0.2-acre lot and totals 2,050 square feet.
With two separate units and covered parking, this layout can support a range of residential income strategies while keeping day-to-day operations consolidated under one ownership.
Key Highlights
- Two 3‑bedroom, 1‑bath units
- One side is currently vacant
- Covered carport for each side
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
$16,625
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
8.40%
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%
$332,500
$332.5K
Cap Rate 7%
$237,500
$237.5K
Cap Rate 9%
$184,722
$184.7K
Market Conditions
NOI Build-Up for 2,050 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
$32.2K $15.72/SF
− Vacancy
−$2.0K −$0.97/SF
EGI
$30.2K $14.75/SF
− OpEx
−$13.6K −$6.64/SF
NOI
$16.6K $8.11/SF
Area
Lubbock, TX
Vacancy
6.20%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$332,500
Cap Rate 7%
$237,500
Cap Rate 9%
$184,722
Alternative Uses
Best Use
Multifamily LT 5
$264.5K
$231.5K – $308.6K
NOI $18,516 @ 7.0% cap · market cap 9.35%
Second Best
Apartment 5plus
$237.5K
$207.8K – $277.1K
NOI $16,625 @ 7.0% cap · market cap 8.40%
Theoretical Best
Office A
$516.8K
$452.2K – $603.0K
NOI $36,177 @ 7.0% cap · market cap 18.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
540
Businesses Nearby
Explore this area
Business Placement
Demographics for 79412, TX
14,834
Population
6,480
Households
2.3
Avg Household Size
34
Median Age
15%
College-Educated
77%
High-School Grad
3.2 sq mi
ZIP Area
4,636
Density / Sq Mi
$47,306
Median Household Income
$29,233
Median Earnings
$964
Median Rent
$117,200
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 - Duplex with two 3-bedroom, 1-bath units, each with a covered carport and central HVAC.
Where is this duplex located?
The property is located at 2101 35th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $198,000.
What are key features of this property?
This property features: Two 3‑bedroom, 1‑bath units; One side is currently vacant; Covered carport for each side
