Two-Unit Duplex with Central
For Sale
$185,000
1812 15th Street, Lubbock, TX 79401
MULTI_FAMILY - Lubbock, TX
Property Size1,888 SF
Lot Size0.19 Acres
Price / SF$97.99
Days on Market48
Property Features for 1812 15th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 2, Bathroom 1, Bedroom 4, Bedroom 1, Bathroom 2
Parking features
Off Street
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
1
Standard status
Active
APN
R137496
Size
1,888 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
Overton Blk 14 W/2 Of L 6 & 7
Tax Annual Amount
2708
Legal Description
Overton Blk 14 W/2 Of L 6 & 7
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1948
Building materials
Stucco
Roof type
Composition
Listing Agency:
The 32:18 Management Group
(806) 319-1021
Listed By:
Chris Carter · License #0817825
(806) 500-5599
Added: Jul 16
Changed: Aug 14
Last Checked: Sep 1 at 9:06AM
MLS# 202609796
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.
This duplex contains two residences, each with two bedrooms and one bathroom, for a combined total of four bedrooms and two bathrooms. The building provides approximately 1,888 square feet on a 0.19-acre lot, with central heating and central air conditioning. Stucco construction, a composition roof, and off-street parking are also included. Built in 1948, the property is described as updated and currently generates rental income, while tenants pay their own utilities.
The property is located near Texas Tech in Lubbock. Its two-unit configuration, separate residences, and existing rental income make it a straightforward residential income property.
The property is located near Texas Tech in Lubbock. Its two-unit configuration, separate residences, and existing rental income make it a straightforward residential income property.
Key Highlights
- Two‑unit duplex with two bedrooms and one bathroom per side
- Approximately 1,888 square feet on a 0.19‑acre lot
- Four bedrooms and two bathrooms total
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
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Frequently Asked Questions
What type of property is this?
Duplex - Income-producing duplex with separate utility responsibility and off-street parking near Texas Tech.
Where is this duplex located?
The property is located at 1812 15th Street 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 two bedrooms and one bathroom per side; Approximately 1,888 square feet on a 0.19‑acre lot; Four bedrooms and two bathrooms total
