Two-Unit Duplex
For Sale
$179,000
4423 31st St, Lubbock, TX 79410
Duplex with two 2-bedroom, 1-bath units, each with a dedicated carport and included appliances.
Property Size2,003 SF
Price / SF$89.37
Days on Market37
Property Features for 4423 31st St
General Information
Standard status
Active
Size
2,003 SF
Property subtype
Multi-Family
Additional Details
Business Included
No
Multifamily Units
2
Building Details
Year Built
1960
Tenancy
Multi
Listing Agency:
Keller Williams Realty
(806) 438-7987
Listed By:
Cole Whisenhunt · License #0641534
Source:
Raftercrossrealty
Added: Jul 27
Changed: Aug 21
Last Checked: Aug 30 at 8:25PM
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 investment property offers 2,003 square feet across two separate sides, A and B. Each side features two bedrooms and one bathroom. Both units include a dedicated carport and essential appliances.
The property is located near the Medical District and Maxey Park, with proximity to Texas Tech University. The public remarks indicate a walkable area with high walkability scores.
As currently leased, Side A is leased through 06/30/2026 and Side B is leased through 07/31/2026. Monthly rent is $885 for Side A and $885 for Side B, for a total of $1,770 per month based on the provided figures.
The property is located near the Medical District and Maxey Park, with proximity to Texas Tech University. The public remarks indicate a walkable area with high walkability scores.
As currently leased, Side A is leased through 06/30/2026 and Side B is leased through 07/31/2026. Monthly rent is $885 for Side A and $885 for Side B, for a total of $1,770 per month based on the provided figures.
Key Highlights
- 2,003 sq. ft. duplex built in 1960 with two units (Sides A & B)
- Each side offers 2 bedrooms and 1 bathroom
- Monthly rent is $885 per side (total $1,770/mo)
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
$16,244
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
9.07%
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%
$324,880
$324.9K
Cap Rate 7%
$232,057
$232.1K
Cap Rate 9%
$180,489
$180.5K
Market Conditions
NOI Build-Up for 2,003 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
$31.5K $15.72/SF
− Vacancy
−$2.0K −$0.97/SF
EGI
$29.5K $14.75/SF
− OpEx
−$13.3K −$6.64/SF
NOI
$16.2K $8.11/SF
Area
Lubbock, TX
Vacancy
6.20%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$324,880
Cap Rate 7%
$232,057
Cap Rate 9%
$180,489
Alternative Uses
Best Use
Multifamily LT 5
$258.4K
$226.1K – $301.5K
NOI $18,091 @ 7.0% cap · market cap 10.11%
Second Best
Apartment 5plus
$232.1K
$203.1K – $270.7K
NOI $16,244 @ 7.0% cap · market cap 9.07%
Theoretical Best
Office A
$505.0K
$441.8K – $589.1K
NOI $35,347 @ 7.0% cap · market cap 19.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
952
Businesses Nearby
Explore this area
Business Placement
Demographics for 79410, TX
8,615
Population
4,736
Households
1.8
Avg Household Size
29
Median Age
47%
College-Educated
91%
High-School Grad
2.4 sq mi
ZIP Area
3,590
Density / Sq Mi
$48,350
Median Household Income
$29,637
Median Earnings
$1,315
Median Rent
$211,300
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 - Duplex with two 2-bedroom, 1-bath units, each with a dedicated carport and included appliances.
Where is this duplex located?
The property is located at 4423 31st St Lubbock, TX.
What is the asking price?
The asking price for this property is $179,000.
What are key features of this property?
This property features: 2,003 sq. ft. duplex built in 1960 with two units (Sides A & B); Each side offers 2 bedrooms and 1 bathroom; Monthly rent is $885 per side (total $1,770/mo)
