Two-Home Income Property
For Sale
$105,000
504 81st Street, Lubbock, TX 79404
MULTI_FAMILY - Other - Lubbock, TX
Property Size878 SF
Lot Size0.21 Acres
Price / SF$119.59
Days on Market141
Property Features for 504 81st Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bedroom 2, Bathroom 1
Parking features
Off Street
Exterior features
Private Yard
Elementary school
Hodges
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
6
Standard status
Active
APN
R110570
Size
878 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Description
Martin Ameen Blk 16 L 19
Tax Annual Amount
843
Legal Description
Martin Ameen Blk 16 L 19
Utilities
Heating system
Natural Gas
Cooling system
Ceiling Fan(s)
Building Details
Year built
1954
Flooring type
Hardwood
Building materials
Asbestos
Roof type
Composition
Architectural style
Other
Listing Agency:
eXp Realty LLC
(888) 519-7431
Listed By:
Kimberly Connelly · License #0479898
(214) 718-7301
Added: Mar 18
Changed: Aug 3
Last Checked: Aug 5 at 10:06PM
MLS# 202603574
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 offering is a package deal that includes two income-producing residential properties sold together for one price. The first is a 2-bedroom, 1-bath home located at 504 81st Street, currently rented. The second included property is described as a 3-bedroom, 1-bath home at 2718 E 10th Street, also currently occupied on a 1-year lease with a long-term tenant. Both homes are presented as income-producing units within the same sale package.
The package includes properties in south Lubbock, in Lubbock County, Texas. The listed terms note that interior access requires advance coordination, with 72 hours advance notice required to walk the homes and instructions that current tenants must not be disturbed.
For investors looking to acquire multiple occupied residential units in a single transaction, this package provides a way to combine two separately leased homes under one ownership. Showings are restricted until the buyer is under contract, and prospective parties should coordinate directly with the listing agent for any property access requirements.
The package includes properties in south Lubbock, in Lubbock County, Texas. The listed terms note that interior access requires advance coordination, with 72 hours advance notice required to walk the homes and instructions that current tenants must not be disturbed.
For investors looking to acquire multiple occupied residential units in a single transaction, this package provides a way to combine two separately leased homes under one ownership. Showings are restricted until the buyer is under contract, and prospective parties should coordinate directly with the listing agent for any property access requirements.
Key Highlights
- Package deal includes two income‑producing rental homes: 504 81st (2 bed/1 bath) and 2718 E 10th St (3 bed/1 bath)
- 504 81st currently rented at $695/month with new tenants
- 2718 E 10th St currently on a 1‑year lease with a long‑term tenant at $775/month
Financial Insights For Apartment 5plus
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 | $13.8k | $15.72 |
| − Vacancy | −$856 | −$0.97 |
| EGI | $12.9k | $14.75 |
| − OpEx | −$5.8k | −$6.64 |
| NOI | $7.1k | $8.11 |
878 SF · lease $15.72/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$101.7K
$89.0K – $118.7K
NOI $7,121 @ 7.0% cap · market cap 6.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$221.3K
$193.7K – $258.2K
NOI $15,494 @ 7.0% cap · market cap 14.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
241
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
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Frequently Asked Questions
What type of property is this?
Multifamily property - Buy two rented homes together, offering a straightforward package for residential income investors.
Where is this multifamily property located?
The property is located at 504 81st Street Lubbock, TX.
What is the asking price?
The asking price for this property is $105,000.
What are key features of this property?
This property features: Package deal includes two income‑producing rental homes: 504 81st (2 bed/1 bath) and 2718 E 10th St (3 bed/1 bath); 504 81st currently rented at $695/month with new tenants; 2718 E 10th St currently on a 1‑year lease with a long‑term tenant at $775/month
