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 Market18
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
(806) 500-5599
Listed By:
Chris Carter · License #0817825
Source:
Raftercrossrealty
Added: Aug 12
Changed: Aug 26
Last Checked: Aug 29 at 12:11PM
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
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 = 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
$15,312
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
8.28%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,438
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
