Updated Duplex with Renovated
For Sale
$145,000
2117 35th St, Lubbock, TX 79412
Both duplex units have been recently renovated, with Unit A operating on a month-to-month lease.
Property Size1,310 SF
Price / SF$110.69
Days on Market49
Property Features for 2117 35th St
General Information
Standard status
Active
Size
1,310 SF
Property subtype
Multi-Family
Building Details
Year Built
1956
Listing Agency:
Progressive Properties
Listed By:
Josh Barrett · License #0776750
(806) 401-6153
Source:
Raftercrossrealty
Added: Jul 28
Changed: Sep 5
Last Checked: Sep 13 at 4:03PM
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 Progressive Properties
Investment Insights
Based on property information with market context.
2117 35th St presents a renovated duplex with two updated units designed for current living or rental use. Both Unit A and Unit B have been recently renovated, giving the property a refreshed look and feel. Unit A is currently occupied on a month-to-month lease, supporting immediate rental activity. Unit B is expected to be vacant prior to closing, providing flexibility for a new owner to move in or lease it after purchase.
The duplex is 1,310 SF and was built in 1956. With two separate units under one roof and renovated interiors, the property can fit an owner-occupant strategy or an investor approach seeking diversified rental potential from a single asset.
The duplex is 1,310 SF and was built in 1956. With two separate units under one roof and renovated interiors, the property can fit an owner-occupant strategy or an investor approach seeking diversified rental potential from a single asset.
Key Highlights
- Recently renovated duplex with two updated units
- Unit A occupied on a month‑to‑month lease
- Unit B will be vacant prior to closing
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
$11,832
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
8.16%
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%
$236,640
$236.6K
Cap Rate 7%
$169,029
$169.0K
Cap Rate 9%
$131,467
$131.5K
Market Conditions
NOI Build-Up for 1,310 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
$18.1K $13.80/SF
− Vacancy
−$1.2K −$0.90/SF
EGI
$16.9K $12.90/SF
− OpEx
−$5.1K −$3.87/SF
NOI
$11.8K $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%
$236,640
Cap Rate 7%
$169,029
Cap Rate 9%
$131,467
Alternative Uses
Best Use
Multifamily LT 5
$169.0K
$147.9K – $197.2K
NOI $11,832 @ 7.0% cap · market cap 8.16%
Second Best
Apartment 5plus
$151.8K
$132.8K – $177.1K
NOI $10,624 @ 7.0% cap · market cap 7.33%
Theoretical Best
Office A
$330.3K
$289.0K – $385.3K
NOI $23,118 @ 7.0% cap · market cap 15.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
587
Businesses Nearby
Explore this area
Business Placement
Demographics for 79412, TX
14,834
Population
6,480
Households
2.3
Avg Household Size
34
Median Age
15%
College-Educated
77%
High-School Grad
3.2 sq mi
ZIP Area
4,636
Density / Sq Mi
$47,306
Median Household Income
$29,233
Median Earnings
$964
Median Rent
$117,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Both duplex units have been recently renovated, with Unit A operating on a month-to-month lease.
Where is this duplex located?
The property is located at 2117 35th St Lubbock, TX.
What is the asking price?
The asking price for this property is $145,000.
What are key features of this property?
This property features: Recently renovated duplex with two updated units; Unit A occupied on a month‑to‑month lease; Unit B will be vacant prior to closing
