Duplex with Attached
For Sale
$250,000
406 N Zenith Avenue, Lubbock, TX 79403
Residential Income, Lubbock, TX
Property Size2,176 SF
Lot Size0.19 Acres
Price / SF$114.89
Days on Market37
Property Features for 406 N Zenith Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bathroom 4, Bedroom 4, Bedroom 6, Bedroom 3, Bathroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 5
Parking features
Driveway, Garage
Security features
Security
Patio and Porch features
Porch
Interior features
Granite Counters, Open Floorplan
Exterior features
Private Yard
Appliances
Dishwasher
Lot features
Back Yard
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
1
Special listing conditions
Short Sale
Standard status
Active
APN
R137569
Size
2,176 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
Wilshire Park L 406
Tax Annual Amount
4424
Legal Description
Wilshire Park L 406
Utilities
Utilities
Cable Available
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2023
Number of units
2
Flooring type
Vinyl
Building materials
Masonite
Roof type
Composition
Listing Agency:
Our Texas Real Estate Group
(512) 375-2380
Listed By:
Stephanie Grantham · License #0588956
(806) 549-1298
Added: Jul 27
Changed: Aug 20
Last Checked: Sep 1 at 8:06PM
MLS# 202610357
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 contains two residential units totaling 2,176 square feet. Each unit offers 3 bedrooms, 2 bathrooms, an open-concept arrangement, granite countertops, stainless steel appliances, cabinetry, vinyl plank flooring, a primary suite with a walk-in closet, and an upstairs laundry room. Each residence also includes an attached 2-car garage. Central heating and central air serve the interiors, while a private yard and porch provide exterior space.
The property occupies 0.19 acres at 406 N Zenith Avenue in Lubbock, Texas 79403. Public water serves the site, and cable is available. The 2023 year built and Masonite construction are also documented for the property.
The property occupies 0.19 acres at 406 N Zenith Avenue in Lubbock, Texas 79403. Public water serves the site, and cable is available. The 2023 year built and Masonite construction are also documented for the property.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 2 bathrooms per unit
- 2,176 square feet on a 0.19‑acre lot
- Attached 2‑car garage included with each unit
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
$19,654
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
7.86%
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%
$393,080
$393.1K
Cap Rate 7%
$280,771
$280.8K
Cap Rate 9%
$218,378
$218.4K
Market Conditions
NOI Build-Up for 2,176 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
$30.0K $13.80/SF
− Vacancy
−$2.0K −$0.90/SF
EGI
$28.1K $12.90/SF
− OpEx
−$8.4K −$3.87/SF
NOI
$19.7K $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%
$393,080
Cap Rate 7%
$280,771
Cap Rate 9%
$218,378
Alternative Uses
Best Use
Multifamily LT 5
$280.8K
$245.7K – $327.6K
NOI $19,654 @ 7.0% cap · market cap 7.86%
Second Best
Apartment 5plus
$252.1K
$220.6K – $294.1K
NOI $17,647 @ 7.0% cap · market cap 7.06%
Theoretical Best
Office A
$548.6K
$480.0K – $640.0K
NOI $38,400 @ 7.0% cap · market cap 15.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
159
Businesses Nearby
Explore this area
Business Placement
Demographics for 79403, TX
15,604
Population
6,530
Households
2.4
Avg Household Size
38
Median Age
11%
College-Educated
76%
High-School Grad
131.3 sq mi
ZIP Area
119
Density / Sq Mi
$45,343
Median Household Income
$27,431
Median Earnings
$946
Median Rent
$83,100
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 - Two residential units provide three-bedroom layouts, private outdoor space, and central heating and cooling.
Where is this duplex located?
The property is located at 406 N Zenith Avenue Lubbock, TX.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 2 bathrooms per unit; 2,176 square feet on a 0.19‑acre lot; Attached 2‑car garage included with each unit
