Two-Unit Duplex with Open
For Sale
$160,000
332 37th Street, Lubbock, TX 79404
Residential Income, Lubbock, TX
Property Size1,500 SF
Lot Size0.16 Acres
Price / SF$106.67
Days on Market91
Property Features for 332 37th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multi-Family
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 2, Bedroom 6, Bedroom 4, Bedroom 5
Parking features
Off Street
Window features
Blinds
Interior features
Ceiling Fan(s), Eat-in Kitchen, Formica Counters, Natural Woodwork, Open Floorplan
Appliances
Electric Range, Washer/Dryer
Lot features
City Lot
Elementary school
Harwell
Middle school
Dunbar College Preparatory Academy
High school
Estacado
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
2
Standard status
Active
APN
R54332
Size
1,500 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
Putty Ross Blk 1 L 20E
Tax Annual Amount
1731
Legal Description
Putty Ross Blk 1 L 20E
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
2017
Floors in Building
1
Number of units
2
Flooring type
Plank, Vinyl
Building materials
Board & Batten Siding
Roof type
Composition
Architectural style
Other
Listing Agency:
WestMark Companies
(806) 794-6000
Listed By:
Kristi Sherrard · License #0746574
(806) 441-3613
Added: Jun 9
Changed: Sep 3
Last Checked: Sep 7 at 2:06PM
MLS# 202607924
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 2017 duplex contains two residences, each arranged with 3 bedrooms, 1 bathroom, and an open living and dining area. The kitchens feature cabin-style wood cabinetry, Formica counters, electric ranges, and eat-in space. Natural woodwork, ceiling fans, vinyl plank flooring, central electric heating, and central air conditioning are included across the property.
Located at 332 37th Street in Lubbock, the property occupies a 0.16-acre lot and provides 1,500 square feet of building area. Off-street parking serves the residences, while public water and public sewer support the site. A washer/dryer is also included, adding functional utility for residential occupancy.
Located at 332 37th Street in Lubbock, the property occupies a 0.16-acre lot and provides 1,500 square feet of building area. Off-street parking serves the residences, while public water and public sewer support the site. A washer/dryer is also included, adding functional utility for residential occupancy.
Key Highlights
- Two residences, each with 3 bedrooms and 1 bathroom
- 1,500 square feet on a 0.16‑acre lot
- One side leased; the other side move‑in ready for tenants
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
$13,548
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
8.47%
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%
$270,960
$271.0K
Cap Rate 7%
$193,543
$193.5K
Cap Rate 9%
$150,533
$150.5K
Market Conditions
NOI Build-Up for 1,500 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
$20.7K $13.80/SF
− Vacancy
−$1.3K −$0.90/SF
EGI
$19.4K $12.90/SF
− OpEx
−$5.8K −$3.87/SF
NOI
$13.5K $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%
$270,960
Cap Rate 7%
$193,543
Cap Rate 9%
$150,533
Alternative Uses
Best Use
Multifamily LT 5
$193.5K
$169.4K – $225.8K
NOI $13,548 @ 7.0% cap · market cap 8.47%
Second Best
Apartment 5plus
$173.8K
$152.1K – $202.8K
NOI $12,165 @ 7.0% cap · market cap 7.60%
Theoretical Best
Office A
$378.2K
$330.9K – $441.2K
NOI $26,471 @ 7.0% cap · market cap 16.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
431
Businesses Nearby
Explore this area
Business Placement
Demographics for 79404, TX
9,956
Population
4,289
Households
2.3
Avg Household Size
38
Median Age
13%
College-Educated
73%
High-School Grad
28.5 sq mi
ZIP Area
349
Density / Sq Mi
$48,642
Median Household Income
$30,654
Median Earnings
$958
Median Rent
$86,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - One residence is leased, while the second is move-in ready for a new tenant.
Where is this duplex located?
The property is located at 332 37th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $160,000.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms and 1 bathroom; 1,500 square feet on a 0.16‑acre lot; One side leased; the other side move‑in ready for tenants
