Updated Duplex with Covered
For Sale
$198,000
2101 35th Street, Lubbock, TX 79412
Two three-bedroom units provide covered parking and flexible occupancy options near Tech, shopping, schools, and dining.
Property Size2,050 SF
Price / SF$96.59
Days on Market652
Property Features for 2101 35th Street
General Information
Standard status
Active
Size
2,050 SF
Total Parking Spaces
2
Property subtype
Multi Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1956
Buildings
1
Listing Agency:
Veritas Real Estate Company
(806) 300-2140
Listed By:
Joseph Randall · License #0727954
(806) 300-2140
Source:
Exitrealty
Added: Nov 18, 2024
Changed: Aug 31
Last Checked: Aug 31 at 4:54PM
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 Veritas Real Estate Company
Investment Insights
Based on property information with market context.
This updated duplex contains two residential units, each configured with 3 bedrooms and 1 bathroom. Both sides include a covered carport, while one unit is currently vacant and the other is occupied. The property offers flexibility for an owner occupant or continued rental use without relying on a single-unit layout.
Built in 1956, the duplex measures 2,050 square feet and is located near Tech, shopping, schools, and food establishments. Its two-unit configuration and existing covered parking provide a straightforward setup for residential income ownership.
Built in 1956, the duplex measures 2,050 square feet and is located near Tech, shopping, schools, and food establishments. Its two-unit configuration and existing covered parking provide a straightforward setup for residential income ownership.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 1 bathroom on each side
- 2,050 square feet of property size
- Covered carport provided for each unit
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
$16,625
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
8.40%
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%
$332,500
$332.5K
Cap Rate 7%
$237,500
$237.5K
Cap Rate 9%
$184,722
$184.7K
Market Conditions
NOI Build-Up for 2,050 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
$32.2K $15.72/SF
− Vacancy
−$2.0K −$0.97/SF
EGI
$30.2K $14.75/SF
− OpEx
−$13.6K −$6.64/SF
NOI
$16.6K $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%
$332,500
Cap Rate 7%
$237,500
Cap Rate 9%
$184,722
Alternative Uses
Best Use
Multifamily LT 5
$264.5K
$231.5K – $308.6K
NOI $18,516 @ 7.0% cap · market cap 9.35%
Second Best
Apartment 5plus
$237.5K
$207.8K – $277.1K
NOI $16,625 @ 7.0% cap · market cap 8.40%
Theoretical Best
Office A
$516.8K
$452.2K – $603.0K
NOI $36,177 @ 7.0% cap · market cap 18.27%
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
540
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
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 three-bedroom units provide covered parking and flexible occupancy options near Tech, shopping, schools, and dining.
Where is this duplex located?
The property is located at 2101 35th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $198,000.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 1 bathroom on each side; 2,050 square feet of property size; Covered carport provided for each unit
