Three-Bedroom Duplex with Private
For Sale
$260,000
Pending
5408 Harvard Street, Lubbock, TX 79416
Residential Income, Lubbock, TX
Property Size2,732 SF
Lot Size0.19 Acres
Days on Market104
Property Features for 5408 Harvard Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multi-Family
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 4, Bedroom 6, Bedroom 5, Bedroom 4, Bathroom 3, Bathroom 6, Bathroom 5, Bathroom 2, Bedroom 3
Parking features
Garage
Interior features
Ceiling Fan(s)
Fencing
Fenced
Appliances
Electric Range, Microwave, Refrigerator
Elementary school
Centennial
Middle school
Mackenzie
High school
Coronado
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
8
Standard status
Pending
APN
R303643
Size
2,732 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
Lynnwood L 147
Tax Annual Amount
4047
Legal Description
Lynnwood L 147
Utilities
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Amenities
washer and dryer connections
fenced backyards
off-street parking
Building Details
Year built
2004
Floors in Building
1
Flooring type
Vinyl, Tile
Building materials
Brick
Roof type
Composition
Architectural style
Other
Listing Agency:
Keller Williams Realty
(806) 771-7710
Listed By:
Cindy Harrison · License #0757397
(806) 729-1924
Added: May 28
Changed: Sep 4
Last Checked: Sep 8 at 4:06PM
MLS# 202607458
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.
Built in 2004, this 2,732-square-foot brick duplex contains two residences, each arranged with three bedrooms and three full bathrooms. Every bedroom has a dedicated full bathroom, while both units include washer and dryer connections, small fenced backyards, and garage parking accessed from a shared driveway. Interior finishes include tile and vinyl flooring, with central electric heating and cooling. Kitchens are equipped with an electric range, microwave, and refrigerator.
The property sits at 5408 Harvard Street in north Lubbock, within ZIP code 79416. Access to Loop 289, Texas Tech University, and the Medical District is identified in the property information. Both units are currently leased, providing an in-place rental component for an owner seeking a residential income property.
The property sits at 5408 Harvard Street in north Lubbock, within ZIP code 79416. Access to Loop 289, Texas Tech University, and the Medical District is identified in the property information. Both units are currently leased, providing an in-place rental component for an owner seeking a residential income property.
Key Highlights
- Duplex totals 2,732 square feet on a 0.19‑acre lot
- Two units, each with 3 bedrooms and 3 full bathrooms
- Every bedroom includes its own full 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
$22,156
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
8.52%
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%
$443,120
$443.1K
Cap Rate 7%
$316,514
$316.5K
Cap Rate 9%
$246,178
$246.2K
Market Conditions
NOI Build-Up for 2,732 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
$42.9K $15.72/SF
− Vacancy
−$2.7K −$0.97/SF
EGI
$40.3K $14.75/SF
− OpEx
−$18.1K −$6.64/SF
NOI
$22.2K $8.11/SF
Area
Lubbock, TX
Vacancy
6.20%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$443,120
Cap Rate 7%
$316,514
Cap Rate 9%
$246,178
Alternative Uses
Best Use
Multifamily LT 5
$352.5K
$308.5K – $411.3K
NOI $24,676 @ 7.0% cap · market cap 9.49%
Second Best
Apartment 5plus
$316.5K
$277.0K – $369.3K
NOI $22,156 @ 7.0% cap · market cap 8.52%
Theoretical Best
Office A
$688.7K
$602.7K – $803.5K
NOI $48,212 @ 7.0% cap · market cap 18.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
108
Businesses Nearby
Explore this area
Business Placement
Demographics for 79416, TX
36,251
Population
16,094
Households
2.3
Avg Household Size
30
Median Age
39%
College-Educated
93%
High-School Grad
32.1 sq mi
ZIP Area
1,129
Density / Sq Mi
$65,200
Median Household Income
$34,258
Median Earnings
$1,269
Median Rent
$196,900
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 leased units offer private bathrooms, laundry connections, fenced yards, and shared off-street parking.
Where is this duplex located?
The property is located at 5408 Harvard Street Lubbock, TX.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: Duplex totals 2,732 square feet on a 0.19‑acre lot; Two units, each with 3 bedrooms and 3 full bathrooms; Every bedroom includes its own full bathroom
