Two-Unit Duplex with
For Sale
$335,000
1404 17th Street, Shallowater, TX 79363
Residential Income, Shallowater, TX
Property Size3,102 SF
Lot Size0.19 Acres
Price / SF$107.99
Days on Market198
Property Features for 1404 17th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 6, Bathroom 1, Bedroom 5, Bathroom 4, Bedroom 1, Bathroom 2, Bedroom 3, Bedroom 2, Bathroom 3
Parking features
Garage, Open
Interior features
Ceiling Fan(s), Kitchen Island, Walk-In Closet(s)
Exterior features
Private Yard
Fencing
Privacy
Appliances
Gas Cooktop, Gas Oven, Microwave
Elementary school
Shallowater Intermediate
Middle school
Shallowater
High school
Shallowater
Elementary school district
Shallowater ISD
Middle school district
Shallowater ISD
High school district
Shallowater ISD
Subdivision
12
Standard status
Active
APN
R336730
Size
3,102 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
Highland Heights (Shallowater) L 59
Tax Annual Amount
7021
Legal Description
Highland Heights (Shallowater) L 59
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Ceiling Fan(s), Central Air, Electric
Water source
Public
Building Details
Year built
2021
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Plank
Building materials
Brick
Roof type
Composition
Listing Agency:
KD Elite Realty, LLC
Listed By:
Kendall Dollins · License #0735467
(432) 201-0195
Added: Mar 5
Changed: Sep 16
Last Checked: Sep 19 at 8:06PM
MLS# 202602944
Copyright © 2026 Lubbock Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2021, this 3,102-square-foot duplex contains two residences, each with 3 bedrooms, 2 bathrooms, and a 2-car garage. The 0.19-acre property features brick construction, vinyl plank flooring throughout, granite countertops in the kitchens and bathrooms, kitchen islands, walk-in closets, ceiling fans, and private yards. Gas cooktops, gas ovens, and microwaves serve both units, with central heating and cooling supported by natural gas and electric systems.
Located at 1404 17th Street in Shallowater, Texas, the property is connected to public water and public sewer. Unit A is leased through January 2027, while Unit B is leased through June 2026. Privacy fencing, open parking, composition roofing, and central air add to the property's functional residential design.
Located at 1404 17th Street in Shallowater, Texas, the property is connected to public water and public sewer. Unit A is leased through January 2027, while Unit B is leased through June 2026. Privacy fencing, open parking, composition roofing, and central air add to the property's functional residential design.
Key Highlights
- Two‑unit duplex totaling 3,102 square feet on 0.19 acres
- Each unit includes 3 bedrooms, 2 bathrooms, and a 2‑car garage
- Unit A leased through January 2027; Unit B leased through June 2026
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
$28,018
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
8.36%
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%
$560,360
$560.4K
Cap Rate 7%
$400,257
$400.3K
Cap Rate 9%
$311,311
$311.3K
Market Conditions
NOI Build-Up for 3,102 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
$42.8K $13.80/SF
− Vacancy
−$2.8K −$0.90/SF
EGI
$40.0K $12.90/SF
− OpEx
−$12.0K −$3.87/SF
NOI
$28.0K $9.03/SF
Area
Lubbock County, 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%
$560,360
Cap Rate 7%
$400,257
Cap Rate 9%
$311,311
Alternative Uses
Best Use
Multifamily LT 5
$400.3K
$350.2K – $467.0K
NOI $28,018 @ 7.0% cap · market cap 8.36%
Second Best
Apartment 5plus
$359.4K
$314.5K – $419.3K
NOI $25,157 @ 7.0% cap · market cap 7.51%
Theoretical Best
Office A
$782.0K
$684.3K – $912.4K
NOI $54,742 @ 7.0% cap · market cap 16.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
51
Businesses Nearby
Explore this area
Business Placement
Demographics for 79363, TX
6,259
Population
2,233
Households
2.8
Avg Household Size
36
Median Age
30%
College-Educated
88%
High-School Grad
108.1 sq mi
ZIP Area
58
Density / Sq Mi
$93,320
Median Household Income
$45,035
Median Earnings
$1,138
Median Rent
$201,200
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 offer granite-finished kitchens, vinyl plank flooring, and private garage parking.
Where is this duplex located?
The property is located at 1404 17th Street Shallowater, TX.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 3,102 square feet on 0.19 acres; Each unit includes 3 bedrooms, 2 bathrooms, and a 2‑car garage; Unit A leased through January 2027; Unit B leased through June 2026
