New Construction
For Sale
$285,000
404 N Zenith Ave #A&B, Lubbock, TX 79403
Two residential units combine open layouts with attached garages, modern finishes, private primary suites, and convenient upstairs laundry.
Property Size2,176 SF
Price / SF$130.97
Days on Market46
Property Features for 404 N Zenith Ave #A&B
General Information
Standard status
Active
Size
2,176 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
open-concept floor plan
granite countertops
stainless steel appliances
rich cabinetry
vinyl plank flooring
walk-in closets
upstairs laundry rooms
Building Details
Year Built
2023
Listing Agency:
Keller Williams Realty
(806) 451-4767
Listed By:
Steadfast Realty
(806) 451-4767
Source:
Steadfast-realty
Added: Jul 16
Changed: Aug 29
Last Checked: Aug 29 at 10:44AM
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.
Built in 2023, this duplex contains 2,176 square feet across two residential units. Each residence includes three bedrooms, two bathrooms, an open-concept layout, and an attached two-car garage. Interior finishes include granite countertops, stainless steel appliances, rich cabinetry, and vinyl plank flooring.
Both units feature spacious primary suites with walk-in closets, while upstairs laundry rooms add functional convenience to the floor plans. The property is located at 404 N Zenith Ave #A&B in Lubbock, Texas.
Both units feature spacious primary suites with walk-in closets, while upstairs laundry rooms add functional convenience to the floor plans. The property is located at 404 N Zenith Ave #A&B in Lubbock, Texas.
Key Highlights
- 2023‑built duplex with 2,176 square feet
- Each unit offers 3 bedrooms and 2 bathrooms
- Attached 2‑car garage for each residence
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
$19,654
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
6.90%
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%
$393,080
$393.1K
Cap Rate 7%
$280,771
$280.8K
Cap Rate 9%
$218,378
$218.4K
Market Conditions
NOI Build-Up for 2,176 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
$30.0K $13.80/SF
− Vacancy
−$2.0K −$0.90/SF
EGI
$28.1K $12.90/SF
− OpEx
−$8.4K −$3.87/SF
NOI
$19.7K $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%
$393,080
Cap Rate 7%
$280,771
Cap Rate 9%
$218,378
Alternative Uses
Best Use
Multifamily LT 5
$280.8K
$245.7K – $327.6K
NOI $19,654 @ 7.0% cap · market cap 6.90%
Second Best
Apartment 5plus
$252.1K
$220.6K – $294.1K
NOI $17,647 @ 7.0% cap · market cap 6.19%
Theoretical Best
Office A
$548.6K
$480.0K – $640.0K
NOI $38,400 @ 7.0% cap · market cap 13.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
159
Businesses Nearby
Explore this area
Business Placement
Demographics for 79403, TX
15,604
Population
6,530
Households
2.4
Avg Household Size
38
Median Age
11%
College-Educated
76%
High-School Grad
131.3 sq mi
ZIP Area
119
Density / Sq Mi
$45,343
Median Household Income
$27,431
Median Earnings
$946
Median Rent
$83,100
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 - Two residential units combine open layouts with attached garages, modern finishes, private primary suites, and convenient upstairs laundry.
Where is this duplex located?
The property is located at 404 N Zenith Ave #A&B Lubbock, TX.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: 2023‑built duplex with 2,176 square feet; Each unit offers 3 bedrooms and 2 bathrooms; Attached 2‑car garage for each residence
