Two-Unit Duplex with New
For Sale
$330,000
Pending
6708 Oakridge Avenue, Lubbock, TX 79424
Both residences feature three-bedroom layouts with two-car garages and convenient access to shopping on Milwaukee.
Property Size2,748 SF
Days on Market512
Property Features for 6708 Oakridge Avenue
General Information
Standard status
Pending
Size
2,748 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Building Details
Year Built
2013
Buildings
1
Listing Agency:
Coldwell Banker Trusted Adviso
(806) 793-0677
Listed By:
Cheryl Isaacs · License #0187561
(806) 535-7077
Source:
Exitrealty
Added: Apr 9, 2025
Changed: Aug 31
Last Checked: Sep 1 at 6:13PM
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 Coldwell Banker Trusted Adviso
Investment Insights
Based on property information with market context.
Built in 2013, this 2,748-square-foot duplex includes two identical residences. Each side is configured with three bedrooms, two bathrooms, and a two-car garage. Side A has received new carpet in all bedrooms and fresh interior paint, while its kitchen includes a new dishwasher and oven; the refrigerator remains with the property.
The property is located at 6708 Oakridge Avenue in Lubbock, with shopping along Milwaukee readily accessible. Oakridge Elementary is also identified in the surrounding context. The offering includes both sides of the duplex.
The property is located at 6708 Oakridge Avenue in Lubbock, with shopping along Milwaukee readily accessible. Oakridge Elementary is also identified in the surrounding context. The offering includes both sides of the duplex.
Key Highlights
- Two identical duplex residences included in the sale
- 2,748 square feet built in 2013
- Each side offers 3 bedrooms, 2 bathrooms, and a 2‑car garage
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
$24,820
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
7.52%
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%
$496,400
$496.4K
Cap Rate 7%
$354,571
$354.6K
Cap Rate 9%
$275,778
$275.8K
Market Conditions
NOI Build-Up for 2,748 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
$37.9K $13.80/SF
− Vacancy
−$2.5K −$0.90/SF
EGI
$35.5K $12.90/SF
− OpEx
−$10.6K −$3.87/SF
NOI
$24.8K $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%
$496,400
Cap Rate 7%
$354,571
Cap Rate 9%
$275,778
Alternative Uses
Best Use
Multifamily LT 5
$354.6K
$310.3K – $413.7K
NOI $24,820 @ 7.0% cap · market cap 7.52%
Second Best
Apartment 5plus
$318.4K
$278.6K – $371.4K
NOI $22,286 @ 7.0% cap · market cap 6.75%
Theoretical Best
Office A
$692.8K
$606.2K – $808.3K
NOI $48,495 @ 7.0% cap · market cap 14.70%
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
349
Businesses Nearby
Explore this area
Business Placement
Demographics for 79424, TX
53,479
Population
22,800
Households
2.3
Avg Household Size
38
Median Age
47%
College-Educated
95%
High-School Grad
41.6 sq mi
ZIP Area
1,286
Density / Sq Mi
$94,703
Median Household Income
$52,417
Median Earnings
$1,151
Median Rent
$279,600
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 - Both residences feature three-bedroom layouts with two-car garages and convenient access to shopping on Milwaukee.
Where is this duplex located?
The property is located at 6708 Oakridge Avenue Lubbock, TX.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Two identical duplex residences included in the sale; 2,748 square feet built in 2013; Each side offers 3 bedrooms, 2 bathrooms, and a 2‑car garage
