Brick Duplex with Two-Car
For Sale
$370,000
5502 Itasca Street, Lubbock, TX 79416
MULTI_FAMILY - Lubbock, TX
Property Size2,842 SF
Lot Size0.17 Acres
Price / SF$130.19
Days on Market85
Property Features for 5502 Itasca Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 6, Bathroom 5, Bathroom 4, Bathroom 1, Bedroom 4, Bathroom 2, Bathroom 3, Bedroom 2, Bedroom 6, Bedroom 3, Bedroom 5, Bedroom 1
Parking features
Garage
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
8
Standard status
Active
APN
R337364
Size
2,842 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
Lincoln 16 L 167
Tax Annual Amount
6054
Legal Description
Lincoln 16 L 167
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
2021
Number of units
2
Building materials
Brick
Roof type
Composition
Listing Agency:
ALL Real Estate, LLC
(806) 543-6095
Listed By:
Amy Cox · License #0667992
(806) 543-6095
Added: Jun 1
Changed: Aug 5
Last Checked: Aug 24 at 2:06PM
MLS# 202607355
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 2021 brick duplex is designed as a two-unit setup, with each unit offering three bedrooms and three bathrooms along with a two-car garage. Central heating and central air are provided for year-round comfort, and the roof is described as composition.
The property sits on a 0.17-acre lot and is listed with a total size of 2,842 square feet. The configuration supports multiple living and leasing options, including occupying one unit while renting the other or leasing both units.
Built in 2021 and constructed with brick, the duplex presents a straightforward residential income layout with consistent unit amenities and attached garage parking for each side.
The property sits on a 0.17-acre lot and is listed with a total size of 2,842 square feet. The configuration supports multiple living and leasing options, including occupying one unit while renting the other or leasing both units.
Built in 2021 and constructed with brick, the duplex presents a straightforward residential income layout with consistent unit amenities and attached garage parking for each side.
Key Highlights
- 2021 brick duplex on a 0.17‑acre lot
- Two units, each with three bedrooms and three bathrooms
- Each unit includes a two‑car garage
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
$25,669
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
6.94%
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%
$513,380
$513.4K
Cap Rate 7%
$366,700
$366.7K
Cap Rate 9%
$285,211
$285.2K
Market Conditions
NOI Build-Up for 2,842 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
$39.2K $13.80/SF
− Vacancy
−$2.5K −$0.90/SF
EGI
$36.7K $12.90/SF
− OpEx
−$11.0K −$3.87/SF
NOI
$25.7K $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%
$513,380
Cap Rate 7%
$366,700
Cap Rate 9%
$285,211
Alternative Uses
Best Use
Multifamily LT 5
$366.7K
$320.9K – $427.8K
NOI $25,669 @ 7.0% cap · market cap 6.94%
Second Best
Apartment 5plus
$329.3K
$288.1K – $384.1K
NOI $23,048 @ 7.0% cap · market cap 6.23%
Theoretical Best
Office A
$716.5K
$626.9K – $835.9K
NOI $50,153 @ 7.0% cap · market cap 13.55%
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
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 - Brick duplex built in 2021 with central HVAC and a composition roof, offering two mirror 3-bedroom, 3-bath units.
Where is this duplex located?
The property is located at 5502 Itasca Street Lubbock, TX.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: 2021 brick duplex on a 0.17‑acre lot; Two units, each with three bedrooms and three bathrooms; Each unit includes a two‑car garage
