Duplex With Updated
For Sale
$379,900
6701 Pontiac Avenue, Lubbock, TX 79424
Two residential units offer open layouts, attached garages, and finishes suited to comfortable occupancy or leasing.
Property Size2,716 SF
Price / SF$139.87
Days on Market477
Property Features for 6701 Pontiac Avenue
General Information
Standard status
Active
Size
2,716 SF
Total Parking Spaces
4
Property subtype
Multi Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$7,891
Building Details
Year Built
2017
Listing Agency:
Coldwell Banker Trusted Adviso
(806) 787-4471
Listed By:
Gary Owen · License #0537747
(806) 787-4471
Source:
Exitrealty
Added: May 13, 2025
Changed: Aug 30
Last Checked: Aug 31 at 5:34PM
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.
This 2,716-square-foot duplex, built in 2017, contains two residential units with matching layouts. Each side includes 3 bedrooms, 2 bathrooms, and a 2-car garage. Interior features include open-concept living areas, vinyl plank flooring through the main living spaces, neutral color schemes, and kitchens upgraded with granite countertops and stainless steel appliances.
The property is located in Lubbock, Texas, within the Frenship School District and a short walk from Oakridge Elementary. Its two-unit configuration supports an owner-occupant arrangement with one side leased separately or leasing both residences, as described for the property.
The property is located in Lubbock, Texas, within the Frenship School District and a short walk from Oakridge Elementary. Its two-unit configuration supports an owner-occupant arrangement with one side leased separately or leasing both residences, as described for the property.
Key Highlights
- Two‑unit duplex totaling 2,716 square feet
- Each unit has 3 bedrooms, 2 bathrooms, and a 2‑car garage
- Built in 2017
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
$24,531
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
6.46%
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%
$490,620
$490.6K
Cap Rate 7%
$350,443
$350.4K
Cap Rate 9%
$272,567
$272.6K
Market Conditions
NOI Build-Up for 2,716 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
$37.5K $13.80/SF
− Vacancy
−$2.4K −$0.90/SF
EGI
$35.0K $12.90/SF
− OpEx
−$10.5K −$3.87/SF
NOI
$24.5K $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%
$490,620
Cap Rate 7%
$350,443
Cap Rate 9%
$272,567
Alternative Uses
Best Use
Multifamily LT 5
$350.4K
$306.6K – $408.9K
NOI $24,531 @ 7.0% cap · market cap 6.46%
Second Best
Apartment 5plus
$314.7K
$275.3K – $367.1K
NOI $22,027 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$684.7K
$599.1K – $798.8K
NOI $47,930 @ 7.0% cap · market cap 12.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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 - Two residential units offer open layouts, attached garages, and finishes suited to comfortable occupancy or leasing.
Where is this duplex located?
The property is located at 6701 Pontiac Avenue Lubbock, TX.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,716 square feet; Each unit has 3 bedrooms, 2 bathrooms, and a 2‑car garage; Built in 2017
