Turnkey Duplex with Private 2-Car
For Sale
$279,000
7815 Memphis Avenue, Lubbock, TX 79423
MULTI_FAMILY - Other - Lubbock, TX
Property Size2,534 SF
Lot Size0.20 Acres
Price / SF$110.10
Days on Market26
Property Features for 7815 Memphis Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multi-Family
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 3, Bedroom 4, Bathroom 3, Bathroom 2, Bedroom 1, Bathroom 4, Bathroom 1
Parking features
Garage
Patio and Porch features
Porch
Interior features
Walk-In Closet(s)
Exterior features
Private Yard
Fencing
Fenced
Fireplace
1
Appliances
Dishwasher, Refrigerator, Washer/Dryer
Lot features
Back Yard, City Lot
Elementary school
Miller
Middle school
Evans
High school
Monterey
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
7
Standard status
Active
APN
R50803
Size
2,534 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Description
Melonie Park South N45.74'Of L 255 & S29.26'Of 254
Tax Annual Amount
4342
Legal Description
Melonie Park South N45.74'Of L 255 & S29.26'Of 254
Utilities
Sewer type
Public Sewer
Heating system
Fireplace(s), Central
Cooling system
Electric, Central Air
Water source
Public
Amenities
fireplaces
central HVAC
in-unit laundry hookups
Building Details
Year built
1974
Floors in Building
1
Number of units
2
Building materials
Brick
Roof type
Composition
Architectural style
Other
Listing Agency:
Keller Williams Realty
(806) 771-7710
Listed By:
Dianna Romans · License #0595636
(806) 789-0899
Added: Jul 18
Changed: Aug 2
Last Checked: Aug 12 at 9:06PM
MLS# 202609919
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 brick duplex offers two tenant-occupied units, each laid out as a 2-bed, 2-bath home with a private 2-car garage. Built in 1974, the property includes walk-in closet(s), a porch, and a private yard with fencing. Residents also benefit from fireplaces, central HVAC, and in-unit laundry hookups. Appliances include a dishwasher, refrigerator, and washer/dryer. Both units are supported by public water and public sewer, with a composition roof.
Located at 7815 Memphis Avenue in Lubbock (79423), the duplex sits directly across from Clifford H. Andrews Park. The area is positioned for convenient access to South Loop 289 and LISD schools including Honey, Evans, and Monterey.
Unit B received updates in January 2025, including new carpet, paint, ceiling fans, and fencing. With two occupied units and low-maintenance improvements, the property is designed for steady long-term use.
Located at 7815 Memphis Avenue in Lubbock (79423), the duplex sits directly across from Clifford H. Andrews Park. The area is positioned for convenient access to South Loop 289 and LISD schools including Honey, Evans, and Monterey.
Unit B received updates in January 2025, including new carpet, paint, ceiling fans, and fencing. With two occupied units and low-maintenance improvements, the property is designed for steady long-term use.
Key Highlights
- Tenant‑occupied duplex with both sides occupied
- Each unit features a 2‑bed, 2‑bath layout and private 2‑car garage
- Unit B updated Jan 2025: carpet, paint, ceiling fans, and fencing
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
$22,887
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
8.20%
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%
$457,740
$457.7K
Cap Rate 7%
$326,957
$327.0K
Cap Rate 9%
$254,300
$254.3K
Market Conditions
NOI Build-Up for 2,534 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
$35.0K $13.80/SF
− Vacancy
−$2.3K −$0.90/SF
EGI
$32.7K $12.90/SF
− OpEx
−$9.8K −$3.87/SF
NOI
$22.9K $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%
$457,740
Cap Rate 7%
$326,957
Cap Rate 9%
$254,300
Alternative Uses
Best Use
Multifamily LT 5
$327.0K
$286.1K – $381.5K
NOI $22,887 @ 7.0% cap · market cap 8.20%
Second Best
Apartment 5plus
$293.6K
$256.9K – $342.5K
NOI $20,551 @ 7.0% cap · market cap 7.37%
Theoretical Best
Office A
$638.8K
$559.0K – $745.3K
NOI $44,718 @ 7.0% cap · market cap 16.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
339
Businesses Nearby
Explore this area
Business Placement
Demographics for 79423, TX
42,311
Population
18,463
Households
2.3
Avg Household Size
35
Median Age
38%
College-Educated
94%
High-School Grad
64.2 sq mi
ZIP Area
659
Density / Sq Mi
$82,906
Median Household Income
$45,520
Median Earnings
$1,284
Median Rent
$222,500
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 with tenant-occupied units, private 2-car garages, and a January 2025 update to Unit B.
Where is this duplex located?
The property is located at 7815 Memphis Avenue Lubbock, TX.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: Tenant‑occupied duplex with both sides occupied; Each unit features a 2‑bed, 2‑bath layout and private 2‑car garage; Unit B updated Jan 2025: carpet, paint, ceiling fans, and fencing
