Brick Duplex
For Sale
$330,000
9803 Avenue V, Lubbock, TX 79423
Residential Income, Lubbock, TX
Property Size2,958 SF
Lot Size0.19 Acres
Price / SF$111.56
Days on Market19
Property Features for 9803 Avenue V
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 1, Bathroom 4, Bathroom 3, Bedroom 2, Bathroom 1, Bedroom 6, Bedroom 4, Bathroom 2, Bedroom 3
Parking features
Driveway
Subdivision
6
Standard status
Active
APN
R318524
Size
2,958 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
Fox Ridge L 186A
Tax Annual Amount
6469
Legal Description
Fox Ridge L 186A
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
2014
Number of units
2
Building materials
Brick
Roof type
Composition
Listing Agency:
Wise Cardinal Realty
(806) 782-5303
Listed By:
Clay Grossman · License #0812815
(806) 828-0736
Added: Sep 4
Changed: Sep 16
Last Checked: Sep 22 at 12:06AM
MLS# 202612722
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 2014, this brick duplex contains 2,958 square feet across two identical residential units. Each side includes two garage spaces, while central heating, central air, a composition roof, and driveway parking serve the property. Both units are currently vacant.
The property occupies 0.19 acres in Lubbock and is located within Lubbock Cooper ISD. Its prior rental history and matching unit layout provide a straightforward residential income configuration for an owner or investor evaluating a two-unit property.
The property occupies 0.19 acres in Lubbock and is located within Lubbock Cooper ISD. Its prior rental history and matching unit layout provide a straightforward residential income configuration for an owner or investor evaluating a two-unit property.
Key Highlights
- Two identical residential units
- 2,958 square feet on 0.19 acres
- Two garage spaces per unit
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
$26,717
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
8.10%
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%
$534,340
$534.3K
Cap Rate 7%
$381,671
$381.7K
Cap Rate 9%
$296,856
$296.9K
Market Conditions
NOI Build-Up for 2,958 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
$40.8K $13.80/SF
− Vacancy
−$2.7K −$0.90/SF
EGI
$38.2K $12.90/SF
− OpEx
−$11.5K −$3.87/SF
NOI
$26.7K $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%
$534,340
Cap Rate 7%
$381,671
Cap Rate 9%
$296,856
Alternative Uses
Best Use
Multifamily LT 5
$381.7K
$334.0K – $445.3K
NOI $26,717 @ 7.0% cap · market cap 8.10%
Second Best
Apartment 5plus
$342.7K
$299.9K – $399.8K
NOI $23,989 @ 7.0% cap · market cap 7.27%
Theoretical Best
Office A
$745.7K
$652.5K – $870.0K
NOI $52,200 @ 7.0% cap · market cap 15.82%
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
112
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
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 matching units offer central heating and cooling with garage parking.
Where is this duplex located?
The property is located at 9803 Avenue V Lubbock, TX.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Two identical residential units; 2,958 square feet on 0.19 acres; Two garage spaces per unit
