Modern Duplex with
For Sale
$365,000
1602 102nd Street, Lubbock, TX 79423
Both leased units offer modern layouts, three bedrooms, two bathrooms, and full-size garages.
Property Size3,046 SF
Days on Market110
Property Features for 1602 102nd Street
General Information
Standard status
Active
Size
3,046 SF
Total Parking Spaces
4
Property subtype
Multi Family
Zoning
Multi-Family
Occupancy
100%
Lease Term
12 Months
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,655
Building Details
Building Size
3,046 SF
Year Built
2019
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
Brick & Loft Realty
(806) 577-2508
Listed By:
Travis Turner · License #0660475
(806) 577-2508
Source:
Lubbockhomemarket
Added: Apr 20
Changed: Aug 5
Last Checked: Aug 6 at 2:02PM
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 Brick & Loft Realty
Investment Insights
Based on property information with market context.
Built in 2019, this duplex contains two leased residential units with modern layouts and substantial living space. Each unit includes three bedrooms, two bathrooms, and two full-size garages, providing a consistent configuration across the property.
The property is located at 1602 102nd Street in Lubbock, Texas, within the Cooper School District. Multi-Family zoning supports the duplex configuration, while the existing leases provide established occupancy for both units.
The property is located at 1602 102nd Street in Lubbock, Texas, within the Cooper School District. Multi-Family zoning supports the duplex configuration, while the existing leases provide established occupancy for both units.
Key Highlights
- Built in 2019
- Two leased residential units
- Each unit has 3 bedrooms and 2 bathrooms
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
$27,512
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
7.54%
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%
$550,240
$550.2K
Cap Rate 7%
$393,029
$393.0K
Cap Rate 9%
$305,689
$305.7K
Market Conditions
NOI Build-Up for 3,046 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
$42.0K $13.80/SF
− Vacancy
−$2.7K −$0.90/SF
EGI
$39.3K $12.90/SF
− OpEx
−$11.8K −$3.87/SF
NOI
$27.5K $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%
$550,240
Cap Rate 7%
$393,029
Cap Rate 9%
$305,689
Alternative Uses
Best Use
Multifamily LT 5
$393.0K
$343.9K – $458.5K
NOI $27,512 @ 7.0% cap · market cap 7.54%
Second Best
Apartment 5plus
$352.9K
$308.8K – $411.7K
NOI $24,703 @ 7.0% cap · market cap 6.77%
Theoretical Best
Office A
$767.9K
$671.9K – $895.9K
NOI $53,753 @ 7.0% cap · market cap 14.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
281
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
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 leased units offer modern layouts, three bedrooms, two bathrooms, and full-size garages.
Where is this duplex located?
The property is located at 1602 102nd Street Lubbock, TX.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Built in 2019; Two leased residential units; Each unit has 3 bedrooms and 2 bathrooms
