New Duplex in Waters
3111 - 3113 74th Street Lubbock, TX 79423
For Sale
$429,000
MULTI_FAMILY - Lubbock, TX
Property Size1,627 SF
Lot Size0.06 Acres
Price / SF$263.68
Days on Market79
Property Features for 3111 - 3113 74th Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Duplex
- Bedrooms
- 3
- Bathrooms
- 2
- Rooms
- Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 2
- Parking features
- Garage
- Standard status
- Active
- APN
- R134335
- Size
- 1,627 SF
- Lot size
- 0.06 Acres
Taxes and HOA fees
- Tax Description
- J F I L 17
- Tax Annual Amount
- 3847
Utilities
- Heating system
- Natural Gas
- Cooling system
- Central Air, Electric
Building Details
- Year built
- 2023
- Building materials
- Brick
Listing Agency:
eXp Realty LLC
(888) 519-7431
Listed By:
Michael Norsworthy · License #0799136
(214) 709-3095
Added: May 7
Changed: Jul 18
Last Checked: Jul 24 at 8:06PM
MLS# 202606142
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 newly constructed duplex is located in the desirable Waters neighborhood of Lubbock, Texas. Situated at 3111-3113 74th Street, the property features two units, each with 3 bedrooms and 2 bathrooms. Each unit offers approximately 1,600 square feet of living space. Both units are currently leased at $1,550 per month. The duplexes feature modern finishes and open-concept layouts. Each unit includes washer and dryer hookups, private yards, and attached garages. The property is located near schools, parks, and shopping areas, with convenient access to major roads. The lot size is 0.06 acres, and the property size is 1,627 square feet. This property presents a turnkey rental or owner-occupant opportunity.
Key Highlights
- New build duplex on 74th Street (3111–3113) in Lubbock’s Waters neighborhood, built in 2023
- Two 3‑bedroom, 2‑bath units, each about 1,600 SF
- Both units are currently leased at $1,550/month
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 | $22.5k | $13.80 |
| − Vacancy | −$1.5k | −$0.90 |
| EGI | $21.0k | $12.90 |
| − OpEx | −$6.3k | −$3.87 |
| NOI | $14.7k | $9.03 |
1,627 SF · lease $13.80/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$209.9K
$183.7K – $244.9K
NOI $14,695 @ 7.0% cap · market cap 3.43%
Second Best
Apartment 5plus
$188.5K
$164.9K – $219.9K
NOI $13,195 @ 7.0% cap · market cap 3.08%
Theoretical Best
Office A
$410.2K
$358.9K – $478.5K
NOI $28,712 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - New construction duplex in Lubbock's desirable Waters neighborhood.
Where is this duplex located?
The property is located at 3111 - 3113 74th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: New build duplex on 74th Street (3111–3113) in Lubbock’s Waters neighborhood, built in 2023; Two 3‑bedroom, 2‑bath units, each about 1,600 SF; Both units are currently leased at $1,550/month
