Duplex with Remodeled Rear
For Sale
$279,000
3302 29th Street, Lubbock, TX 79410
Residential Income, Lubbock, TX
Property Size1,969 SF
Lot Size0.18 Acres
Price / SF$141.70
Days on Market56
Property Features for 3302 29th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 2
Parking features
Driveway, Off Street
Patio and Porch features
Porch
Interior features
Bookcases, Ceiling Fan(s)
Exterior features
Private Yard
Fencing
Privacy
Appliances
Dishwasher, Electric Cooktop, Electric Oven
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
3
Standard status
Active
APN
R79678
Size
1,969 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
Westridge Blk 11 L 20
Tax Annual Amount
3220
Legal Description
Westridge Blk 11 L 20
Utilities
Heating system
Central
Cooling system
Ceiling Fan(s), Central Air
Building Details
Year built
1949
Number of units
2
Flooring type
Vinyl, Plank, Hardwood
Building materials
Vinyl Siding
Roof type
Composition
Additional Structures
Residence
Listing Agency:
Real Broker, LLC
(806) 577-5595
Listed By:
Doug Duncan · License #0563978
(806) 771-7710
Added: Jul 27
Changed: Sep 17
Last Checked: Sep 19 at 11:06PM
MLS# 202610400
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 property contains two separate residences totaling 1,969 square feet. The front residence provides 2 bedrooms and 1 bathroom across 1,449 square feet, with original hardwood flooring and built-in bookcases. A remodeled rear unit adds 520 square feet with 1 bedroom and 1 bathroom, along with updated finishes and plank or vinyl flooring.
Both residences are leased through May 2027. The 0.18-acre property includes a private yard, privacy fencing, a porch, driveway parking, and additional off-street parking. Central heating and central air serve the property, with ceiling fans also listed among the interior and cooling features. Additional improvements include vinyl siding, a composition roof, a dishwasher, an electric cooktop, and an electric oven.
Both residences are leased through May 2027. The 0.18-acre property includes a private yard, privacy fencing, a porch, driveway parking, and additional off-street parking. Central heating and central air serve the property, with ceiling fans also listed among the interior and cooling features. Additional improvements include vinyl siding, a composition roof, a dishwasher, an electric cooktop, and an electric oven.
Key Highlights
- Two residences totaling 1,969 square feet
- Front residence offers 2 bedrooms, 1 bathroom, and 1,449 square feet
- Remodeled rear unit includes 1 bedroom, 1 bathroom, and 520 square feet
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
$17,784
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
6.37%
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%
$355,680
$355.7K
Cap Rate 7%
$254,057
$254.1K
Cap Rate 9%
$197,600
$197.6K
Market Conditions
NOI Build-Up for 1,969 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
$27.2K $13.80/SF
− Vacancy
−$1.8K −$0.90/SF
EGI
$25.4K $12.90/SF
− OpEx
−$7.6K −$3.87/SF
NOI
$17.8K $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%
$355,680
Cap Rate 7%
$254,057
Cap Rate 9%
$197,600
Alternative Uses
Best Use
Multifamily LT 5
$254.1K
$222.3K – $296.4K
NOI $17,784 @ 7.0% cap · market cap 6.37%
Second Best
Apartment 5plus
$228.1K
$199.6K – $266.1K
NOI $15,968 @ 7.0% cap · market cap 5.72%
Theoretical Best
Office A
$496.4K
$434.3K – $579.1K
NOI $34,747 @ 7.0% cap · market cap 12.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,122
Businesses Nearby
Explore this area
Business Placement
Demographics for 79410, TX
8,615
Population
4,736
Households
1.8
Avg Household Size
29
Median Age
47%
College-Educated
91%
High-School Grad
2.4 sq mi
ZIP Area
3,590
Density / Sq Mi
$48,350
Median Household Income
$29,637
Median Earnings
$1,315
Median Rent
$211,300
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 leased residences occupy a private fenced lot with driveway and off-street parking.
Where is this duplex located?
The property is located at 3302 29th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: Two residences totaling 1,969 square feet; Front residence offers 2 bedrooms, 1 bathroom, and 1,449 square feet; Remodeled rear unit includes 1 bedroom, 1 bathroom, and 520 square feet
