Duplex with Private
For Sale
$224,500
1915 S Loop 289, Lubbock, TX 79423
Two residential units offer three bedrooms, two full bathrooms, and a one-car garage on each side.
Property Size2,242 SF
Price / SF$100.13
Days on Market23
Property Features for 1915 S Loop 289
General Information
Standard status
Active
Size
2,242 SF
Total Parking Spaces
2
Property subtype
Residential Income
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$2,217
Building Details
Buildings
1
Listing Agency:
Big State Real Estate, Inc.
(806) 793-8111
Listed By:
Wayne Walton · License #0435531
(806) 793-8111
Source:
Exprealty
Added: Aug 7
Changed: Aug 20
Last Checked: Aug 28 at 3:35PM
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 Big State Real Estate, Inc.
Investment Insights
Based on property information with market context.
This duplex includes two residential units, each with three bedrooms, two full bathrooms, and a one-car garage. Both sides also have private backyards, providing separate outdoor areas for the occupants. The property is served by all-electric units and includes a roof installed in 2022.
The duplex is identified with the addresses 1913 S Loop 289 and 1915 S Loop 289 in Lubbock, Texas.
The duplex is identified with the addresses 1913 S Loop 289 and 1915 S Loop 289 in Lubbock, Texas.
Key Highlights
- Two‑unit duplex identified as 1913 S Loop 289 and 1915 S Loop 289
- Each side has 3 bedrooms and 2 full bathrooms
- One‑car garage provided for each unit
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
$20,250
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
9.02%
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%
$405,000
$405.0K
Cap Rate 7%
$289,286
$289.3K
Cap Rate 9%
$225,000
$225.0K
Market Conditions
NOI Build-Up for 2,242 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
$30.9K $13.80/SF
− Vacancy
−$2.0K −$0.90/SF
EGI
$28.9K $12.90/SF
− OpEx
−$8.7K −$3.87/SF
NOI
$20.2K $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%
$405,000
Cap Rate 7%
$289,286
Cap Rate 9%
$225,000
Alternative Uses
Best Use
Multifamily LT 5
$289.3K
$253.1K – $337.5K
NOI $20,250 @ 7.0% cap · market cap 9.02%
Second Best
Apartment 5plus
$259.8K
$227.3K – $303.1K
NOI $18,183 @ 7.0% cap · market cap 8.10%
Theoretical Best
Office A
$565.2K
$494.6K – $659.4K
NOI $39,565 @ 7.0% cap · market cap 17.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
244
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 residential units offer three bedrooms, two full bathrooms, and a one-car garage on each side.
Where is this duplex located?
The property is located at 1915 S Loop 289 Lubbock, TX.
What is the asking price?
The asking price for this property is $224,500.
What are key features of this property?
This property features: Two‑unit duplex identified as 1913 S Loop 289 and 1915 S Loop 289; Each side has 3 bedrooms and 2 full bathrooms; One‑car garage provided for each unit
