New Duplex in Waters
3119 - 3121 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 Market93
Property Features for 3119 - 3121 74th Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Duplex
- Bedrooms
- 3
- Bathrooms
- 2
- Rooms
- Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 2, Bedroom 3
- Parking features
- Garage
- Standard status
- Active
- APN
- R134442
- Size
- 1,627 SF
- Lot size
- 0.06 Acres
Taxes and HOA fees
- Tax Description
- J F I L 20
- Tax Annual Amount
- 997
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: Apr 23
Changed: Jul 18
Last Checked: Jul 24 at 8:06PM
MLS# 202605439
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 Waters neighborhood of Lubbock. The property, situated at 3115-3117 74th Street, features two units, each with 3 beds and 2 baths. Each unit is approximately 1,600 square feet. Both units are currently leased at $1,550 per month. The property includes modern finishes, open-concept layouts, washer and dryer hookups, private yards, and attached garages. The property is located near schools, parks, and shopping, with easy access to major roads. The lot size is 0.06 acres. The property size is 1,627 square feet. This property is suitable for use as a rental or for owner-occupancy.
Key Highlights
- Newly built duplex (2023) at 3115–3117 74th Street in Lubbock’s Waters neighborhood
- Two 3‑bed, 2‑bath units, each about 1,600 sq ft
- 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 3119 - 3121 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: Newly built duplex (2023) at 3115–3117 74th Street in Lubbock’s Waters neighborhood; Two 3‑bed, 2‑bath units, each about 1,600 sq ft; Both units are currently leased at $1,550/month
