Three-Bedroom Duplex with
For Sale
$335,000
3114 111th Street, Lubbock, TX 79423
Residential Income, Lubbock, TX
Property Size2,663 SF
Lot Size0.35 Acres
Price / SF$125.80
Days on Market201
Property Features for 3114 111th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 5, Bedroom 2, Bedroom 4, Bedroom 6, Bedroom 3, Bathroom 4, Bathroom 2, Bathroom 1, Bedroom 1
Parking features
Garage
Window features
Blinds
Patio and Porch features
Porch
Interior features
Breakfast Bar, Ceiling Fan(s), Pantry, Recessed Lighting, Walk-In Closet(s)
Fencing
Fenced
Fireplace
1
Appliances
Dishwasher, Electric Oven, Microwave
Elementary school
Lubbock-Cooper North
Middle school
Lubbock-Cooper Bush
High school
Cooper
Elementary school district
Lubbock-Cooper ISD
Middle school district
Lubbock-Cooper ISD
High school district
Lubbock-Cooper ISD
Directions
GPS is accurate.
Subdivision
7
Standard status
Active
APN
R173638
Size
2,663 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Description
Cooper Stone L 88
Tax Annual Amount
6095
Legal Description
Cooper Stone L 88
Utilities
Heating system
Natural Gas, Central
Cooling system
Central Air, Electric
Building Details
Year built
2005
Number of units
2
Flooring type
Carpet, Vinyl, Tile
Building materials
Brick
Roof type
Composition
Listing Agency:
Steadfast Realty, LLC
(806) 451-4767
Listed By:
Jim Archer · License #0693553
(806) 786-4407
Added: Feb 19
Changed: Sep 6
Last Checked: Sep 8 at 4:06AM
MLS# 202602266
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 2005 brick duplex contains two three-bedroom, two-bathroom units within a 2,663-square-foot property. Each residence includes a full two-car garage, porch, fenced outdoor area, breakfast bar, pantry, recessed lighting, and walk-in closets. Interior finishes combine luxury vinyl plank flooring in the main areas with carpet and tile, while central heating and cooling support year-round comfort. Additional features include fireplaces, dishwashers, electric ovens, and microwaves.
The property occupies 0.35 acres in South Lubbock and is served by Lubbock Cooper ISD. Both units are fully leased and professionally managed, offering an established duplex configuration under one ownership structure.
The property occupies 0.35 acres in South Lubbock and is served by Lubbock Cooper ISD. Both units are fully leased and professionally managed, offering an established duplex configuration under one ownership structure.
Key Highlights
- Two 3‑bedroom, 2‑bathroom units
- 2,663 square feet on 0.35 acres
- Each unit includes a full 2‑car garage
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
$24,052
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
7.18%
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%
$481,040
$481.0K
Cap Rate 7%
$343,600
$343.6K
Cap Rate 9%
$267,244
$267.2K
Market Conditions
NOI Build-Up for 2,663 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
$36.7K $13.80/SF
− Vacancy
−$2.4K −$0.90/SF
EGI
$34.4K $12.90/SF
− OpEx
−$10.3K −$3.87/SF
NOI
$24.1K $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%
$481,040
Cap Rate 7%
$343,600
Cap Rate 9%
$267,244
Alternative Uses
Best Use
Multifamily LT 5
$343.6K
$300.7K – $400.9K
NOI $24,052 @ 7.0% cap · market cap 7.18%
Second Best
Apartment 5plus
$308.5K
$270.0K – $360.0K
NOI $21,597 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$671.3K
$587.4K – $783.2K
NOI $46,994 @ 7.0% cap · market cap 14.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
154
Businesses Nearby
Explore this area
Business Placement
Demographics for 79423, TX
42,311
Population
18,463
Households
2.3
Avg Household Size
35
Median Age
38%
College-Educated
94%
High-School Grad
64.2 sq mi
ZIP Area
659
Density / Sq Mi
$82,906
Median Household Income
$45,520
Median Earnings
$1,284
Median Rent
$222,500
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 - Fully leased duplex with two matching residential units, private garages, and durable luxury vinyl plank flooring in the main living areas.
Where is this duplex located?
The property is located at 3114 111th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bathroom units; 2,663 square feet on 0.35 acres; Each unit includes a full 2‑car garage
