Updated Duplex with Private
For Sale
$180,000
6505 21st Street, Lubbock, TX 79407
Residential Income, Lubbock, TX
Property Size1,044 SF
Lot Size0.14 Acres
Price / SF$172.41
Days on Market9
Property Features for 6505 21st Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multi-Family
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bathroom 3, Bedroom 1, Bathroom 4, Bathroom 2, Bathroom 1, Bedroom 2
Parking features
Off Street
Window features
Blinds
Interior features
Ceiling Fan(s), Walk-In Closet(s)
Exterior features
Private Yard
Fencing
Fenced
Appliances
Electric Range, Refrigerator
Lot features
Back Yard
Elementary school
Willow Bend
Middle school
Heritage
High school
Frenship
Elementary school district
Frenship ISD
Middle school district
Frenship ISD
High school district
Frenship ISD
Subdivision
7
Standard status
Active
APN
R55255
Size
1,044 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
Ridgewood II L 82
Tax Annual Amount
2934
Legal Description
Ridgewood II L 82
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Amenities
central air and heat
Building Details
Year built
1980
Floors in Building
1
Number of units
2
Flooring type
Vinyl
Building materials
Brick, Wood Siding
Roof type
Composition
Architectural style
Other
Listing Agency:
Exit Realty of Lubbock
(806) 771-3900
Listed By:
Cindy Wilkinson · License #0628522
(806) 407-7585
Added: Sep 4
Changed: Sep 12
Last Checked: Sep 12 at 7:06PM
MLS# 202612493
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 1,044-square-foot duplex sits on a 0.14-acre lot and was built in 1980. Interior updates include refreshed flooring and paint, while central air and natural-gas heat support year-round use. The property includes a private fenced yard, walk-in closet, ceiling fans, vinyl flooring, an electric range, and a refrigerator. Brick and wood siding, a composition roof, and off-street parking complete the physical improvements.
Located in Lubbock within the Friendship School District, the property is near schools, shopping, and local amenities. Public water and public sewer serve the site, with water available listed among the utilities.
Located in Lubbock within the Friendship School District, the property is near schools, shopping, and local amenities. Public water and public sewer serve the site, with water available listed among the utilities.
Key Highlights
- Duplex with 1,044 square feet of property size
- 0.14‑acre lot with private fenced yard
- Built in 1980 with a recent roof
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
$9,430
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
5.24%
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%
$188,600
$188.6K
Cap Rate 7%
$134,714
$134.7K
Cap Rate 9%
$104,778
$104.8K
Market Conditions
NOI Build-Up for 1,044 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
$14.4K $13.80/SF
− Vacancy
−$936 −$0.90/SF
EGI
$13.5K $12.90/SF
− OpEx
−$4.0K −$3.87/SF
NOI
$9.4K $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%
$188,600
Cap Rate 7%
$134,714
Cap Rate 9%
$104,778
Alternative Uses
Best Use
Multifamily LT 5
$134.7K
$117.9K – $157.2K
NOI $9,430 @ 7.0% cap · market cap 5.24%
Second Best
Apartment 5plus
$121.0K
$105.8K – $141.1K
NOI $8,467 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$263.2K
$230.3K – $307.1K
NOI $18,424 @ 7.0% cap · market cap 10.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
170
Businesses Nearby
Explore this area
Business Placement
Demographics for 79407, TX
23,208
Population
11,817
Households
2
Avg Household Size
32
Median Age
41%
College-Educated
92%
High-School Grad
75.9 sq mi
ZIP Area
306
Density / Sq Mi
$64,778
Median Household Income
$38,212
Median Earnings
$1,131
Median Rent
$200,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom duplex with central air, fenced outdoor space, and off-street parking.
Where is this duplex located?
The property is located at 6505 21st Street Lubbock, TX.
What is the asking price?
The asking price for this property is $180,000.
What are key features of this property?
This property features: Duplex with 1,044 square feet of property size; 0.14‑acre lot with private fenced yard; Built in 1980 with a recent roof
