Duplex with Unit A and Unit
For Sale
$180,000
215 36th Street, Lubbock, TX 79404
MULTI_FAMILY - Other - Lubbock, TX
Property Size1,500 SF
Lot Size0.15 Acres
Price / SF$120
Days on Market225
Property Features for 215 36th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1, Bedroom 2, Bedroom 1, Bedroom 3
Security features
Security System
Window features
Blinds, Double Pane Windows
Interior features
Ceiling Fan(s)
Elementary school
Harwell
Middle school
Dunbar College Preparatory Academy
High school
Estacado
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
2
Standard status
Active
APN
R53781
Size
1,500 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
Putty Ross BLK 1 L 2C1
Tax Annual Amount
1975
Legal Description
Putty Ross BLK 1 L 2C1
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric, Ceiling Fan(s)
Water source
Public
Building Details
Year built
2018
Flooring type
Laminate
Building materials
Board & Batten Siding
Roof type
Composition
Architectural style
Other
Listing Agency:
Legendary Dreams Realty, Inc.
(806) 239-6441
Listed By:
Kyle Watts · License #0505515
(806) 239-6441
Added: Jan 20
Changed: Aug 5
Last Checked: Sep 2 at 2:06AM
MLS# 202600998
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 on 36th Street includes two units, designated Unit A and Unit B. The property is built with board & batten siding and was completed in 2018. Interior finishes include laminate flooring, and the home features ceiling fan(s) along with central heating and central air. The heating source is electric, and cooling is electric with central air.
The units are served by public water and public sewer. Utilities include cable availability. The listing notes that Unit A and Unit B are currently rented, with tenants in place.
The property size is 1,500 square feet on a 0.15-acre lot. A composition roof and electric systems support year-round comfort, making this a straightforward option for buyers looking for a two-unit residential income property.
The units are served by public water and public sewer. Utilities include cable availability. The listing notes that Unit A and Unit B are currently rented, with tenants in place.
The property size is 1,500 square feet on a 0.15-acre lot. A composition roof and electric systems support year-round comfort, making this a straightforward option for buyers looking for a two-unit residential income property.
Key Highlights
- Two rental units, Unit A and Unit B
- Built in 2018 with board & batten siding
- 1,500 SF duplex on a 0.15‑acre lot
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
$13,548
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
7.53%
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%
$270,960
$271.0K
Cap Rate 7%
$193,543
$193.5K
Cap Rate 9%
$150,533
$150.5K
Market Conditions
NOI Build-Up for 1,500 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
$20.7K $13.80/SF
− Vacancy
−$1.3K −$0.90/SF
EGI
$19.4K $12.90/SF
− OpEx
−$5.8K −$3.87/SF
NOI
$13.5K $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%
$270,960
Cap Rate 7%
$193,543
Cap Rate 9%
$150,533
Alternative Uses
Best Use
Multifamily LT 5
$193.5K
$169.4K – $225.8K
NOI $13,548 @ 7.0% cap · market cap 7.53%
Second Best
Apartment 5plus
$173.8K
$152.1K – $202.8K
NOI $12,165 @ 7.0% cap · market cap 6.76%
Theoretical Best
Office A
$378.2K
$330.9K – $441.2K
NOI $26,471 @ 7.0% cap · market cap 14.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
431
Businesses Nearby
Explore this area
Business Placement
Demographics for 79404, TX
9,956
Population
4,289
Households
2.3
Avg Household Size
38
Median Age
13%
College-Educated
73%
High-School Grad
28.5 sq mi
ZIP Area
349
Density / Sq Mi
$48,642
Median Household Income
$30,654
Median Earnings
$958
Median Rent
$86,300
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 built in 2018 with two rental units, central electric HVAC, and public water and sewer service.
Where is this duplex located?
The property is located at 215 36th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $180,000.
What are key features of this property?
This property features: Two rental units, Unit A and Unit B; Built in 2018 with board & batten siding; 1,500 SF duplex on a 0.15‑acre lot
