Two-Unit Duplex with
New
For Sale
$215,000
2340 78th St, Lubbock, TX 79423
Both residences are leased and feature matching two-bedroom, two-bath layouts with attached single-car garages.
Property Size2,251 SF
Price / SF$95.51
Days on Market7
Property Features for 2340 78th St
General Information
Standard status
Active
Size
2,251 SF
Property subtype
Multi-Family
Building Details
Year Built
2001
Listing Agency:
Williams & Company Real Estate
Listed By:
Steadfast Realty
(806) 451-4767
Source:
Steadfast-realty
Added: Sep 16
Changed: Sep 20
Last Checked: Sep 21 at 6:00AM
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 Williams & Company Real Estate
Investment Insights
Based on property information with market context.
Located at 2340 78th Street in South Lubbock, this duplex contains two matching residences within one property. Each unit offers two bedrooms, two bathrooms, and an attached single-car garage, creating a consistent configuration across both sides.
The property sits on a cul-de-sac, and both units are occupied and leased. Its duplicated floor plans and attached garage setup provide a straightforward residential income property format for an owner seeking two comparable units in one asset.
The property sits on a cul-de-sac, and both units are occupied and leased. Its duplicated floor plans and attached garage setup provide a straightforward residential income property format for an owner seeking two comparable units in one asset.
Key Highlights
- Two‑unit duplex with matching floor plans
- Each unit has 2 bedrooms and 2 bathrooms
- Attached single‑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
$18,255
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
8.49%
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%
$365,100
$365.1K
Cap Rate 7%
$260,786
$260.8K
Cap Rate 9%
$202,833
$202.8K
Market Conditions
NOI Build-Up for 2,251 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
$35.4K $15.72/SF
− Vacancy
−$2.2K −$0.97/SF
EGI
$33.2K $14.75/SF
− OpEx
−$14.9K −$6.64/SF
NOI
$18.3K $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%
$365,100
Cap Rate 7%
$260,786
Cap Rate 9%
$202,833
Alternative Uses
Best Use
Multifamily LT 5
$290.4K
$254.1K – $338.9K
NOI $20,331 @ 7.0% cap · market cap 9.46%
Second Best
Apartment 5plus
$260.8K
$228.2K – $304.3K
NOI $18,255 @ 7.0% cap · market cap 8.49%
Theoretical Best
Office A
$567.5K
$496.6K – $662.1K
NOI $39,724 @ 7.0% cap · market cap 18.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
671
Businesses Nearby
Explore this area
Business Placement
Demographics for 79423, TX
42,311
Population
18,463
Households
2.3
Avg Household Size
35
Median Age
38%
College-Educated
94%
High-School Grad
64.2 sq mi
ZIP Area
659
Density / Sq Mi
$82,906
Median Household Income
$45,520
Median Earnings
$1,284
Median Rent
$222,500
Median Home Value
Check the figures for this property
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 residences are leased and feature matching two-bedroom, two-bath layouts with attached single-car garages.
Where is this duplex located?
The property is located at 2340 78th St Lubbock, TX.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Two‑unit duplex with matching floor plans; Each unit has 2 bedrooms and 2 bathrooms; Attached single‑car garage for each residence
