Duplex with Private
New
For Sale
$365,000
2005 Corpus Ave, Wolfforth, TX 79382
Modern two-unit property in Frenship ISD with garages, open layouts, and individual outdoor spaces.
Property Size2,720 SF
Price / SF$134.19
Days on Market2
Property Features for 2005 Corpus Ave
General Information
Standard status
Active
Size
2,720 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
garage
private yards
Building Details
Year Built
2023
Listing Agency:
AMRR Realty
(806) 577-7228
Listed By:
Jennifer Busbea · License #0614398
Source:
Raftercrossrealty
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 12 at 5:04AM
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 AMRR Realty
Investment Insights
Based on property information with market context.
Built in 2023, this duplex contains 2,720 square feet arranged across two residential units. Each unit includes three bedrooms, two bathrooms, a garage, an open floorplan, and a private yard, creating a consistent configuration throughout the property.
The property is located at 2005 Corpus Ave in Wolfforth, Texas, within Frenship ISD and Lubbock County. Its two-unit layout and recently constructed improvements provide a straightforward multifamily configuration for residential income use.
The property is located at 2005 Corpus Ave in Wolfforth, Texas, within Frenship ISD and Lubbock County. Its two-unit layout and recently constructed improvements provide a straightforward multifamily configuration for residential income use.
Key Highlights
- Built in 2023
- 2,720 square feet with two duplex units
- Each unit offers 3 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
$24,567
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
6.73%
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%
$491,340
$491.3K
Cap Rate 7%
$350,957
$351.0K
Cap Rate 9%
$272,967
$273.0K
Market Conditions
NOI Build-Up for 2,720 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
$37.5K $13.80/SF
− Vacancy
−$2.4K −$0.90/SF
EGI
$35.1K $12.90/SF
− OpEx
−$10.5K −$3.87/SF
NOI
$24.6K $9.03/SF
Area
Lubbock County, 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%
$491,340
Cap Rate 7%
$350,957
Cap Rate 9%
$272,967
Alternative Uses
Best Use
Multifamily LT 5
$351.0K
$307.1K – $409.5K
NOI $24,567 @ 7.0% cap · market cap 6.73%
Second Best
Apartment 5plus
$315.1K
$275.7K – $367.7K
NOI $22,059 @ 7.0% cap · market cap 6.04%
Theoretical Best
Office A
$685.7K
$600.0K – $800.0K
NOI $48,000 @ 7.0% cap · market cap 13.15%
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
61
Businesses Nearby
Explore this area
Business Placement
Demographics for 79382, TX
8,449
Population
3,649
Households
2.3
Avg Household Size
36
Median Age
28%
College-Educated
92%
High-School Grad
51.1 sq mi
ZIP Area
165
Density / Sq Mi
$80,625
Median Household Income
$47,419
Median Earnings
$1,349
Median Rent
$245,100
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 - Modern two-unit property in Frenship ISD with garages, open layouts, and individual outdoor spaces.
Where is this duplex located?
The property is located at 2005 Corpus Ave Wolfforth, TX.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Built in 2023; 2,720 square feet with two duplex units; Each unit offers 3 bedrooms and 2 bathrooms
