Duplex with Full-Size
For Sale
$365,000
1602 102nd Street, Lubbock, TX 79423
Residential Income, Lubbock, TX
Property Size3,046 SF
Lot Size0.19 Acres
Price / SF$119.83
Days on Market13
Property Features for 1602 102nd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multi-Family
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 6, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 3, Bedroom 1, Bathroom 3, Bathroom 4, Bedroom 4
Parking features
Driveway, Garage
Patio and Porch features
Porch
Interior features
Breakfast Bar, Ceiling Fan(s), Double Vanity, Granite Counters, Walk-In Closet(s)
Exterior features
Private Yard
Fireplace
1
Appliances
Disposal
Lot features
Back Yard, Front Yard
Elementary school
Lubbock-Cooper North
Middle school
Lubbock-Cooper Bush
High school
Cooper
Elementary school district
Lubbock-Cooper ISD
Middle school district
Lubbock-Cooper ISD
High school district
Lubbock-Cooper ISD
Subdivision
6
Standard status
Active
APN
R332221
Size
3,046 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
STONEBRIDGE COMMUNITY L 171
Tax Annual Amount
7655
Legal Description
STONEBRIDGE COMMUNITY L 171
Utilities
Heating system
Natural Gas, Central
Cooling system
Electric, Ceiling Fan(s)
Building Details
Year built
2019
Floors in Building
1
Number of units
2
Flooring type
Vinyl
Building materials
Brick, Stone
Roof type
Composition
Architectural style
Other
Listing Agency:
Brick & Loft Realty
(806) 999-0722
Listed By:
Travis Turner · License #0660475
(806) 577-2508
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 29 at 12:06PM
MLS# 202611467
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 2019, this duplex contains 3,046 square feet across two residences, with each side offering three bedrooms, two bathrooms, and a 2-car full-size garage. The interiors feature a modern layout, breakfast bars, granite countertops, double vanities, walk-in closets, ceiling fans, and vinyl flooring. Brick and stone construction, composition roofing, central natural-gas heating, electric cooling, porches, and private yards add to the property’s physical profile.
One residence is leased under a new lease, while the second is available for occupancy or leasing. The property occupies 0.19 acres in Lubbock’s 79423 ZIP code and is located within the Cooper School District. Each unit also includes a disposal, driveway access, and a fireplace.
One residence is leased under a new lease, while the second is available for occupancy or leasing. The property occupies 0.19 acres in Lubbock’s 79423 ZIP code and is located within the Cooper School District. Each unit also includes a disposal, driveway access, and a fireplace.
Key Highlights
- Two‑residence duplex totaling 3,046 square feet
- Built in 2019 on a 0.19‑acre lot
- Each unit has 3 bedrooms, 2 bathrooms, and a 2‑car full‑size 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
$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
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
105
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 - Two well-configured residences offer three bedrooms, two bathrooms, and private garage parking on each side.
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: Two‑residence duplex totaling 3,046 square feet; Built in 2019 on a 0.19‑acre lot; Each unit has 3 bedrooms, 2 bathrooms, and a 2‑car full‑size garage
