Duplex Portfolio with Expansion
For Sale
$875,000
1304 Avenue F, Shallowater, TX 79363
Residential Income, Shallowater, TX
Property Size7,758 SF
Lot Size1.70 Acres
Price / SF$112.79
Days on Market49
Property Features for 1304 Avenue F
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
9
Full bathrooms
9
Rooms
Bathroom 9, Bedroom 4, Bedroom 2, Bedroom 6, Bedroom 9, Bathroom 6, Bathroom 4, Bathroom 3, Bedroom 7, Bathroom 7, Bedroom 8, Bathroom 8, Bedroom 3, Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 2, Bathroom 5
Parking features
Garage, Driveway
Window features
Double Pane Windows
Patio and Porch features
Patio
Fencing
Fenced
Fireplace
1
Appliances
Dishwasher, Electric Cooktop
Lot features
Back Yard, Corner Lot, Front Yard
Middle school
Shallowater
High school
Shallowater
Elementary school district
Shallowater ISD
Middle school district
Shallowater ISD
High school district
Shallowater ISD
Subdivision
Shallowater
Standard status
Active
APN
R157706
Size
7,758 SF
Lot size
1.70 Acres
Taxes and HOA fees
Tax Description
North Park L 11 Thru 15
Tax Annual Amount
9277
Legal Description
North Park L 11 Thru 15
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
2002
Floors in Building
1
Number of units
3
Flooring type
Vinyl, Carpet, Tile - Ceramic
Building materials
Blown-In Insulation, Brick Veneer
Roof type
Composition
Architectural style
Other
Listing Agency:
Flatland Realty LLC
(806) 239-7154
Listed By:
David Sewell · License #0409392
(888) 455-6040
Added: Aug 5
Changed: Sep 17
Last Checked: Sep 22 at 1:06PM
MLS# 202611047
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 multifamily property includes two duplexes and one triplex, totaling 7,758 square feet across the improvements. All three buildings are reported as 100% leased. The property also includes two additional lots designated for expansion, offering a larger 1.7-acre site configuration. Built in 2002, the residences feature brick veneer construction, composition roofing, central heating and cooling, ceramic tile, vinyl, and carpet flooring, along with patios and fencing. Property amenities include garages and driveways, public water, public sewer, cable availability, dishwashers, electric cooktops, and fireplaces. The property is located at 1304 Avenue F in Shallowater, Texas, within Lubbock County.
Key Highlights
- Two duplexes and one triplex included
- 100% leased multifamily property
- 7,758 square feet of property improvements
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
$70,071
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
8.01%
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%
$1,401,420
$1.4M
Cap Rate 7%
$1,001,014
$1.0M
Cap Rate 9%
$778,567
$778.6K
Market Conditions
NOI Build-Up for 7,758 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
$107.1K $13.80/SF
− Vacancy
−$7.0K −$0.90/SF
EGI
$100.1K $12.90/SF
− OpEx
−$30.0K −$3.87/SF
NOI
$70.1K $9.03/SF
Area
Lubbock County, 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%
$1,401,420
Cap Rate 7%
$1,001,014
Cap Rate 9%
$778,567
Alternative Uses
Best Use
Multifamily LT 5
$1.00M
$875.9K – $1.17M
NOI $70,071 @ 7.0% cap · market cap 8.01%
Second Best
Apartment 5plus
$898.8K
$786.5K – $1.05M
NOI $62,917 @ 7.0% cap · market cap 7.19%
Theoretical Best
Office A
$1.96M
$1.71M – $2.28M
NOI $136,907 @ 7.0% cap · market cap 15.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
7
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
99
Businesses Nearby
Explore this area
Business Placement
Demographics for 79363, TX
6,259
Population
2,233
Households
2.8
Avg Household Size
36
Median Age
30%
College-Educated
88%
High-School Grad
108.1 sq mi
ZIP Area
58
Density / Sq Mi
$93,320
Median Household Income
$45,035
Median Earnings
$1,138
Median Rent
$201,200
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two duplexes and a triplex are fully leased, with two additional lots included for expansion.
Where is this duplex located?
The property is located at 1304 Avenue F Shallowater, TX.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Two duplexes and one triplex included; 100% leased multifamily property; 7,758 square feet of property improvements
