Duplex with Two 1-Car
For Sale
$375,000
1915 Langford Ave, Lubbock, TX 79407
Each side of this leased duplex offers open-concept 3-bedroom, 2-bath living with a private 1-car garage.
Property Size3,008 SF
Price / SF$124.67
Days on Market24
Property Features for 1915 Langford Ave
General Information
Standard status
Active
Size
3,008 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
2
Amenities
private backyard
zero-scape landscaping
Building Details
Year Built
2021
Tenancy
Multi
Listing Agency:
Keller Williams Realty
(806) 789-0899
Listed By:
Dianna Romans · License #0595636
Source:
Raftercrossrealty
Added: Jul 20
Changed: Aug 11
Last Checked: Aug 12 at 9:39AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This duplex features two separate residences, each offering open-concept living with 3 bedrooms, 2 bathrooms, and a 1-car garage. The property’s zero-scape landscaping helps reduce tenant maintenance related to mowing, including in the private backyard areas. Both sides are described as pristine and ready for new ownership.
Unit B is currently leased on a flexible month-to-month basis, while Unit A has a year-long lease in place. The combined setup is designed for current income with defined lease terms.
Located at 1915 Langford Ave in Lubbock, TX, the property is minutes away from Oakridge Elementary, Terra Vista Middle School, and Frenship High School.
Unit B is currently leased on a flexible month-to-month basis, while Unit A has a year-long lease in place. The combined setup is designed for current income with defined lease terms.
Located at 1915 Langford Ave in Lubbock, TX, the property is minutes away from Oakridge Elementary, Terra Vista Middle School, and Frenship High School.
Key Highlights
- Duplex built in 2021 with two units, each offering open‑concept 3‑bedroom, 2‑bath layout and a private 1‑car garage
- Unit A is rented for $1,295/month on a year‑long lease
- Unit B is rented for $1,300/month on a flexible month‑to‑month basis
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
$27,169
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
7.25%
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%
$543,380
$543.4K
Cap Rate 7%
$388,129
$388.1K
Cap Rate 9%
$301,878
$301.9K
Market Conditions
NOI Build-Up for 3,008 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
$41.5K $13.80/SF
− Vacancy
−$2.7K −$0.90/SF
EGI
$38.8K $12.90/SF
− OpEx
−$11.6K −$3.87/SF
NOI
$27.2K $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%
$543,380
Cap Rate 7%
$388,129
Cap Rate 9%
$301,878
Alternative Uses
Best Use
Multifamily LT 5
$388.1K
$339.6K – $452.8K
NOI $27,169 @ 7.0% cap · market cap 7.25%
Second Best
Apartment 5plus
$348.5K
$304.9K – $406.6K
NOI $24,395 @ 7.0% cap · market cap 6.51%
Theoretical Best
Office A
$758.3K
$663.5K – $884.7K
NOI $53,083 @ 7.0% cap · market cap 14.16%
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
Location Intelligence
Trade Area within ½ mile
23
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
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 - Each side of this leased duplex offers open-concept 3-bedroom, 2-bath living with a private 1-car garage.
Where is this duplex located?
The property is located at 1915 Langford Ave Lubbock, TX.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Duplex built in 2021 with two units, each offering open‑concept 3‑bedroom, 2‑bath layout and a private 1‑car garage; Unit A is rented for $1,295/month on a year‑long lease; Unit B is rented for $1,300/month on a flexible month‑to‑month basis
