Updated Duplex with Vacant
New
For Sale
$120,000
2918 Duke Street, Lubbock, TX 79415
Residential Income, Lubbock, TX
Property Size1,120 SF
Lot Size0.16 Acres
Price / SF$107.14
Days on Market1
Property Features for 2918 Duke Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 4, Bathroom 2
Parking features
Off Street, Driveway
Elementary school
Wolffarth
Middle school
Cavazos
High school
Lubbock
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Directions
Google Maps will take you there.
Subdivision
4
Standard status
Active
APN
R26726
Size
1,120 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
Tech Gardens Blk 2 S/2 Of L 6
Tax Annual Amount
1120
Legal Description
Tech Gardens Blk 2 S/2 Of L 6
Utilities
Heating system
Floor Furnace
Cooling system
Window Unit(s), Wall/Window Unit(s)
Building Details
Year built
1929
Building materials
Brick Veneer, Stucco
Listing Agency:
Sutherland, REALTORS
(806) 798-0947
Listed By:
Madison Sutherland · License #0853397
(806) 445-7795
Added: Sep 22
Last Checked: Sep 22 at 10:06PM
MLS# 202613081
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 contains 1,120 square feet on a 0.16-acre lot and was built in 1929. The property includes two separate living units, with one currently occupied and the other vacant for a new tenant or owner-occupant. Recent work includes replacement windows and a new fence.
Construction includes brick veneer and stucco. Heating is provided by a floor furnace, while cooling is handled by window or wall/window units. The property also offers off-street parking and a driveway. Located in Lubbock, Texas, the layout provides separate-unit functionality for residential use.
Construction includes brick veneer and stucco. Heating is provided by a floor furnace, while cooling is handled by window or wall/window units. The property also offers off-street parking and a driveway. Located in Lubbock, Texas, the layout provides separate-unit functionality for residential use.
Key Highlights
- Two‑unit duplex with 1,120 square feet
- One unit occupied; second unit is vacant
- Recent window and fence improvements
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
$10,116
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
8.43%
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%
$202,320
$202.3K
Cap Rate 7%
$144,514
$144.5K
Cap Rate 9%
$112,400
$112.4K
Market Conditions
NOI Build-Up for 1,120 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
$15.5K $13.80/SF
− Vacancy
−$1.0K −$0.90/SF
EGI
$14.5K $12.90/SF
− OpEx
−$4.3K −$3.87/SF
NOI
$10.1K $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%
$202,320
Cap Rate 7%
$144,514
Cap Rate 9%
$112,400
Alternative Uses
Best Use
Multifamily LT 5
$144.5K
$126.5K – $168.6K
NOI $10,116 @ 7.0% cap · market cap 8.43%
Second Best
Apartment 5plus
$129.8K
$113.5K – $151.4K
NOI $9,083 @ 7.0% cap · market cap 7.57%
Theoretical Best
Office A
$282.4K
$247.1K – $329.4K
NOI $19,765 @ 7.0% cap · market cap 16.47%
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
246
Businesses Nearby
Explore this area
Business Placement
Demographics for 79415, TX
17,499
Population
7,225
Households
2.4
Avg Household Size
30
Median Age
26%
College-Educated
77%
High-School Grad
67.8 sq mi
ZIP Area
258
Density / Sq Mi
$37,101
Median Household Income
$25,506
Median Earnings
$956
Median Rent
$94,000
Median Home Value
Check the figures for this property
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 - Two-unit residential property with one occupied side, one available unit, and recent window and fence improvements.
Where is this duplex located?
The property is located at 2918 Duke Street Lubbock, TX.
What is the asking price?
The asking price for this property is $120,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,120 square feet; One unit occupied; second unit is vacant; Recent window and fence improvements
