Three-Bedroom
For Sale
$349,000
1908 15th Street, Lubbock, TX 79401
MULTI_FAMILY - Lubbock, TX
Property Size3,461 SF
Lot Size0.22 Acres
Price / SF$100.84
Days on Market48
Property Features for 1908 15th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 5, Bedroom 3, Bathroom 3, Bedroom 2, Bathroom 4, Bathroom 6, Bedroom 4, Bedroom 1, Bedroom 6, Bathroom 1, Bathroom 2, Bathroom 5
Parking features
Driveway
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
1
Standard status
Active
APN
R27566
Size
3,461 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Description
Overton Blk 23 L 20 & W/2 Of 21
Tax Annual Amount
5199
Legal Description
Overton Blk 23 L 20 & W/2 Of 21
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
2011
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 5:06PM
MLS# 202609798
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 2011, this duplex contains 3,461 square feet on a 0.22-acre lot. Each side provides three bedrooms, three bathrooms, and a two-car garage, creating matching residential layouts with substantial room counts. Central heating and central air conditioning serve the property, while composition roofing and driveway parking are also included.
The property is located at 1908 15th Street in Lubbock, Texas, within ZIP Code 79401. It currently produces rental income and is being offered as part of a larger real estate portfolio rather than as an individual sale.
The property is located at 1908 15th Street in Lubbock, Texas, within ZIP Code 79401. It currently produces rental income and is being offered as part of a larger real estate portfolio rather than as an individual sale.
Key Highlights
- 3,461 square feet on a 0.22‑acre lot
- Each unit includes 3 bedrooms and 3 bathrooms
- Two‑car garage provided on each side
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
$31,260
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
8.96%
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%
$625,200
$625.2K
Cap Rate 7%
$446,571
$446.6K
Cap Rate 9%
$347,333
$347.3K
Market Conditions
NOI Build-Up for 3,461 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
$47.8K $13.80/SF
− Vacancy
−$3.1K −$0.90/SF
EGI
$44.7K $12.90/SF
− OpEx
−$13.4K −$3.87/SF
NOI
$31.3K $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%
$625,200
Cap Rate 7%
$446,571
Cap Rate 9%
$347,333
Alternative Uses
Best Use
Multifamily LT 5
$446.6K
$390.8K – $521.0K
NOI $31,260 @ 7.0% cap · market cap 8.96%
Second Best
Apartment 5plus
$401.0K
$350.9K – $467.8K
NOI $28,069 @ 7.0% cap · market cap 8.04%
Theoretical Best
Office A
$872.5K
$763.5K – $1.02M
NOI $61,077 @ 7.0% cap · market cap 17.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Two spacious units offer central heating, central air conditioning, and tenant-oriented layouts.
Where is this duplex located?
The property is located at 1908 15th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 3,461 square feet on a 0.22‑acre lot; Each unit includes 3 bedrooms and 3 bathrooms; Two‑car garage provided on each side
