Modern Duplex
For Sale
$349,900
1621 133rd St, Lubbock, TX 79423
Turnkey duplex features two three-bedroom, two-bath units, each with a one-car garage, with tenants in place.
Property Size3,052 SF
Price / SF$114.65
Days on Market50
Property Features for 1621 133rd St
General Information
Standard status
Active
Size
3,052 SF
Property subtype
Multi-Family
Building Details
Year Built
2021
Listing Agency:
WestMark Companies
Listed By:
Kristi Sherrard · License #0746574
(806) 441-3613
Source:
Raftercrossrealty
Added: Jul 20
Changed: Aug 13
Last Checked: Sep 7 at 11:35AM
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 WestMark Companies
Investment Insights
Based on property information with market context.
This turnkey duplex offers two modern sides, each laid out with three bedrooms and two bathrooms, plus a one-car garage. Interior finishes include granite countertops, fresh neutral paint, and luxury vinyl plank flooring. Exterior amenities include turf in both the front and backyard areas.
Both sides are currently occupied by tenants, supporting an investor-friendly setup for buyers seeking a leased property. The duplex is located in Lubbock-Cooper.
Overall, the property provides a duplex configuration with consistent unit layouts and in-place tenancy, along with exterior turf intended to reduce maintenance needs.
Both sides are currently occupied by tenants, supporting an investor-friendly setup for buyers seeking a leased property. The duplex is located in Lubbock-Cooper.
Overall, the property provides a duplex configuration with consistent unit layouts and in-place tenancy, along with exterior turf intended to reduce maintenance needs.
Key Highlights
- 2021‑built modern duplex in Lubbock‑Cooper with two 3‑bedroom, 2‑bath units
- Each side includes a one‑car garage
- Both units are currently tenant‑occupied
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
$27,566
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
7.88%
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%
$551,320
$551.3K
Cap Rate 7%
$393,800
$393.8K
Cap Rate 9%
$306,289
$306.3K
Market Conditions
NOI Build-Up for 3,052 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
$42.1K $13.80/SF
− Vacancy
−$2.7K −$0.90/SF
EGI
$39.4K $12.90/SF
− OpEx
−$11.8K −$3.87/SF
NOI
$27.6K $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%
$551,320
Cap Rate 7%
$393,800
Cap Rate 9%
$306,289
Alternative Uses
Best Use
Multifamily LT 5
$393.8K
$344.6K – $459.4K
NOI $27,566 @ 7.0% cap · market cap 7.88%
Second Best
Apartment 5plus
$353.6K
$309.4K – $412.5K
NOI $24,752 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$769.4K
$673.2K – $897.7K
NOI $53,859 @ 7.0% cap · market cap 15.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
98
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 - Turnkey duplex features two three-bedroom, two-bath units, each with a one-car garage, with tenants in place.
Where is this duplex located?
The property is located at 1621 133rd St Lubbock, TX.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: 2021‑built modern duplex in Lubbock‑Cooper with two 3‑bedroom, 2‑bath units; Each side includes a one‑car garage; Both units are currently tenant‑occupied
