Updated Duplex with
For Sale
$185,000
1812 15th St, Lubbock, TX 79401
Two-bedroom units feature central heating and air conditioning with off-street parking.
Property Size1,888 SF
Price / SF$97.99
Days on Market83
Property Features for 1812 15th St
General Information
Standard status
Active
Size
1,888 SF
Property subtype
Multi-Family
Financials
Gross Income
$17,400
Average Monthly Rent
$725
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1948
Buildings
1
Listing Agency:
The 32:18 Management Group
Listed By:
Chris Carter · License #0817825
(806) 500-5599
Source:
Raftercrossrealty
Added: Aug 12
Changed: Oct 26
Last Checked: Oct 7 at 1:48PM
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 The 32:18 Management Group
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Investment Insights
Based on property information with market context.
This updated duplex contains two separate units, each with two bedrooms and one bathroom. Combined, the property offers 1,888 square feet, four bedrooms, and two bathrooms. Central heating and air conditioning serve the units, while off-street parking supports residents. Built in 1948, the property is located near Texas Tech in Lubbock, Texas.
Tenants are responsible for their own utilities, providing a clearly defined utility arrangement for the property. The duplex is situated at 1812 15th St and is being offered as part of a larger real estate portfolio rather than as an individual sale.
Tenants are responsible for their own utilities, providing a clearly defined utility arrangement for the property. The duplex is situated at 1812 15th St and is being offered as part of a larger real estate portfolio rather than as an individual sale.
Key Highlights
- Two‑unit duplex with 1,888 square feet
- Each unit includes 2 bedrooms and 1 bathroom
- Combined layout totals 4 bedrooms and 2 bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,312
Cap Rate
8.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$306,240
$306.2K
Cap Rate 7%
$218,743
$218.7K
Cap Rate 9%
$170,133
$170.1K
Market Conditions
NOI Build-Up for 1,888 SF
Gross rent
$29.7K $15.72/SF
− Vacancy
−$1.8K −$0.97/SF
EGI
$27.8K $14.75/SF
− OpEx
−$12.5K −$6.64/SF
NOI
$15.3K $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 Rate 5%
$306,240
Cap Rate 7%
$218,743
Cap Rate 9%
$170,133
Alternative Uses
Best Use
Multifamily LT 5
$243.6K
$213.2K – $284.2K
NOI $17,053 @ 7.0% cap · market cap 9.22%
Second Best
Apartment 5plus
$218.7K
$191.4K – $255.2K
NOI $15,312 @ 7.0% cap · market cap 8.28%
Theoretical Best
Office A
$476.0K
$416.5K – $555.3K
NOI $33,318 @ 7.0% cap · market cap 18.01%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,438
Businesses Nearby
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Business Placement
Demographics for 79401, TX
8,775
Population
4,813
Households
1.8
Avg Household Size
26
Median Age
26%
College-Educated
85%
High-School Grad
2.5 sq mi
ZIP Area
3,510
Density / Sq Mi
$27,255
Median Household Income
$20,570
Median Earnings
$1,048
Median Rent
$101,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units feature central heating and air conditioning with off-street parking.
Where is this duplex located?
The property is located at 1812 15th St Lubbock, TX.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,888 square feet; Each unit includes 2 bedrooms and 1 bathroom; Combined layout totals 4 bedrooms and 2 bathrooms
