Split-Level Duplex with Expansion
For Sale
$115,000
714 29th Street, Lubbock, TX 79404
MULTI_FAMILY - Split Level - Lubbock, TX
Property Size1,056 SF
Lot Size0.29 Acres
Price / SF$108.90
Days on Market8
Property Features for 714 29th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 2
Appliances
Gas Range, Microwave, Refrigerator
Elementary school
Ervin
High school
Estacado
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
2
Standard status
Active
APN
R87575
Size
1,056 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Description
Morning Side Blk 8 L 12 & E25' Of 11
Tax Annual Amount
1328
Legal Description
Morning Side Blk 8 L 12 & E25' Of 11
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1962
Floors in Building
2
Number of units
2
Flooring type
Plank, Laminate
Building materials
Stucco
Roof type
Composition
Architectural style
Split Level
Listing Agency:
Aycock Realty Group, LLC
(806) 778-5956
Listed By:
Lisa Ashmore · License #0729693
(806) 777-3347
Added: Aug 5
Changed: Aug 6
Last Checked: Aug 12 at 2:06PM
MLS# 202610975
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 split-level duplex contains two 1-bedroom, 1-bath residences within 1,056 square feet. Both units are tenant-occupied under leases extending through Spring 2027. Recent interior improvements include fresh paint and updated plank and laminate flooring, while each residence includes a gas range, microwave, and refrigerator. Wall and window units provide heating and cooling, and the structure features stucco construction, a composition roof, public water, and public sewer.
The property occupies 0.29 acres in Lubbock and is positioned near local businesses, shopping, restaurants, gas stations, and employment centers. Freeway access is also noted in the property information. Zoning is described as allowing up to four residential units, subject to verification with local planning authorities, creating a documented path to evaluate the addition of two units.
The property occupies 0.29 acres in Lubbock and is positioned near local businesses, shopping, restaurants, gas stations, and employment centers. Freeway access is also noted in the property information. Zoning is described as allowing up to four residential units, subject to verification with local planning authorities, creating a documented path to evaluate the addition of two units.
Key Highlights
- Two 1‑bedroom, 1‑bath units totaling 1,056 square feet
- Tenant leases are in place through Spring 2027
- 0.29‑acre lot with zoning identified for up to four residential units, subject to verification
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
$9,538
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
8.29%
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%
$190,760
$190.8K
Cap Rate 7%
$136,257
$136.3K
Cap Rate 9%
$105,978
$106.0K
Market Conditions
NOI Build-Up for 1,056 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
$14.6K $13.80/SF
− Vacancy
−$947 −$0.90/SF
EGI
$13.6K $12.90/SF
− OpEx
−$4.1K −$3.87/SF
NOI
$9.5K $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%
$190,760
Cap Rate 7%
$136,257
Cap Rate 9%
$105,978
Alternative Uses
Best Use
Multifamily LT 5
$136.3K
$119.2K – $159.0K
NOI $9,538 @ 7.0% cap · market cap 8.29%
Second Best
Apartment 5plus
$122.3K
$107.1K – $142.7K
NOI $8,564 @ 7.0% cap · market cap 7.45%
Theoretical Best
Office A
$266.2K
$232.9K – $310.6K
NOI $18,635 @ 7.0% cap · market cap 16.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
459
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?
Duplex - Two leased one-bedroom units include appliances and recent interior updates.
Where is this duplex located?
The property is located at 714 29th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $115,000.
What are key features of this property?
This property features: Two 1‑bedroom, 1‑bath units totaling 1,056 square feet; Tenant leases are in place through Spring 2027; 0.29‑acre lot with zoning identified for up to four residential units, subject to verification
