Updated Two-Unit
For Sale
$235,000
3816 44th Street, Lubbock, TX 79413
Residential Income, Lubbock, TX
Property Size2,232 SF
Lot Size0.36 Acres
Price / SF$105.29
Days on Market20
Property Features for 3816 44th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 5, Bathroom 1, Bedroom 3, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 4
Parking features
Covered, Garage, Driveway
Patio and Porch features
Patio, Porch
Interior features
Breakfast Bar, Ceiling Fan(s), Eat-in Kitchen, Laminate Counters, Open Floorplan, Smart Camera(s)/Recording, Storage
Exterior features
Private Entrance, Private Yard
Fencing
Fenced
Fireplace
1
Appliances
Dishwasher, Electric Oven, Microwave, Washer/Dryer Stacked
Elementary school
Maedgen
Middle school
Hutchinson
High school
Lubbock
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
3
Standard status
Active
APN
R103703
Size
2,232 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Description
Sunny Hill Blk 22 L 9
Tax Annual Amount
2748
Legal Description
Sunny Hill Blk 22 L 9
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Fireplace(s), Central, Natural Gas
Cooling system
Central Air, Ceiling Fan(s), Electric
Water source
Public
Amenities
fenced backyard
Building Details
Year built
1958
Number of units
2
Flooring type
Vinyl, Tile
Building materials
Brick
Roof type
Composition
Additional Structures
Storage
Listing Agency:
Keller Williams Realty
(806) 771-7710
Listed By:
Whitney Pendergrass · License #0750583
(806) 549-0015
Added: Sep 1
Changed: Sep 13
Last Checked: Sep 20 at 5:06AM
MLS# 202612198
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 2,232-square-foot duplex on a 0.36-acre lot contains two tenant-occupied residences. The front unit offers 3 bedrooms and 2 bathrooms, while the rear unit includes 2 bedrooms and 1 bathroom. Each residence has a separate entrance, a fenced backyard, and a private one-car garage. The property also includes covered parking, patios, porches, brick construction, central heating and air conditioning, and public water and sewer service.
Recent improvements include a new composition roof, backyard plumbing work, and updates to the rear residence, including fresh paint, appliances, and a new bathtub. Interior features include open floorplans, eat-in kitchens, laminate counters, storage, ceiling fans, and vinyl and tile flooring. Built in 1958, the duplex is located at 3816 44th Street in Lubbock, Texas.
Recent improvements include a new composition roof, backyard plumbing work, and updates to the rear residence, including fresh paint, appliances, and a new bathtub. Interior features include open floorplans, eat-in kitchens, laminate counters, storage, ceiling fans, and vinyl and tile flooring. Built in 1958, the duplex is located at 3816 44th Street in Lubbock, Texas.
Key Highlights
- 2,232 SF duplex on a 0.36‑acre lot
- Front unit has 3 bedrooms and 2 bathrooms
- Rear unit has 2 bedrooms and 1 bathroom
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
$20,160
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
8.58%
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%
$403,200
$403.2K
Cap Rate 7%
$288,000
$288.0K
Cap Rate 9%
$224,000
$224.0K
Market Conditions
NOI Build-Up for 2,232 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
$30.8K $13.80/SF
− Vacancy
−$2.0K −$0.90/SF
EGI
$28.8K $12.90/SF
− OpEx
−$8.6K −$3.87/SF
NOI
$20.2K $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%
$403,200
Cap Rate 7%
$288,000
Cap Rate 9%
$224,000
Alternative Uses
Best Use
Multifamily LT 5
$288.0K
$252.0K – $336.0K
NOI $20,160 @ 7.0% cap · market cap 8.58%
Second Best
Apartment 5plus
$258.6K
$226.3K – $301.7K
NOI $18,101 @ 7.0% cap · market cap 7.70%
Theoretical Best
Office A
$562.7K
$492.4K – $656.5K
NOI $39,389 @ 7.0% cap · market cap 16.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
584
Businesses Nearby
Explore this area
Business Placement
Demographics for 79413, TX
20,962
Population
9,590
Households
2.2
Avg Household Size
35
Median Age
35%
College-Educated
91%
High-School Grad
4.7 sq mi
ZIP Area
4,460
Density / Sq Mi
$67,062
Median Household Income
$38,004
Median Earnings
$1,325
Median Rent
$195,900
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 - Tenant-occupied duplex with separate fenced yards, private garages, and refreshed finishes in both residences.
Where is this duplex located?
The property is located at 3816 44th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: 2,232 SF duplex on a 0.36‑acre lot; Front unit has 3 bedrooms and 2 bathrooms; Rear unit has 2 bedrooms and 1 bathroom
