Newly Updated
2403 87th Street Lubbock, TX 79423
For Sale
$249,985
Pending
Newly updated duplex with three-bedroom, two-bath units, each with a one-car garage and covered patio.
Property Size2,316 SF
Days on Market532
Property Features for 2403 87th Street
General Information
- Standard status
- Pending
- Size
- 2,316 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 2005
Listing Agency:
Century 21 Kearney & Associate
(806) 789-7273
Listed By:
Keeli Wilson · License #0593958
(806) 789-7273
Source:
Exitrealty
Added: Feb 7, 2025
Changed: Jul 20
Last Checked: Jul 24 at 5:27AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Century 21 Kearney & Associate
Investment Insights
Based on property information with market context.
This newly updated duplex offers two separate units, each with three bedrooms and two bathrooms. Each side includes a one-car garage, along with a covered patio and a nice-size backyard. Recent updates include fresh paint, new flooring, and some lighting.
The property is located in South Lubbock, close to restaurants and shopping.
For-sale opportunity well-suited to buyers seeking a residential income property with updated interior finishes and attached parking for both units.
The property is located in South Lubbock, close to restaurants and shopping.
For-sale opportunity well-suited to buyers seeking a residential income property with updated interior finishes and attached parking for both units.
Key Highlights
- Newly updated duplex built in 2005
- Each side offers a 3‑bedroom, 2‑bath layout
- Each unit includes a one‑car garage
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $32.0k | $13.80 |
| − Vacancy | −$2.1k | −$0.90 |
| EGI | $29.9k | $12.90 |
| − OpEx | −$9.0k | −$3.87 |
| NOI | $20.9k | $9.03 |
2,316 SF · lease $13.80/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$298.8K
$261.5K – $348.6K
NOI $20,918 @ 7.0% cap · market cap 8.37%
Second Best
Apartment 5plus
$268.3K
$234.8K – $313.1K
NOI $18,783 @ 7.0% cap · market cap 7.51%
Theoretical Best
Office A
$583.9K
$510.9K – $681.2K
NOI $40,871 @ 7.0% cap · market cap 16.35%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Newly updated duplex with three-bedroom, two-bath units, each with a one-car garage and covered patio.
Where is this duplex located?
The property is located at 2403 87th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $249,985.
What are key features of this property?
This property features: Newly updated duplex built in 2005; Each side offers a 3‑bedroom, 2‑bath layout; Each unit includes a one‑car garage
