Two-Unit Residential Income
For Sale
$124,980
206 Ave S, Lubbock, TX 79415
Duplex with two rental homes, including a 2/1 front unit and a 1/1 back unit.
Property Size1,132 SF
Price / SF$110.41
Days on Market78
Property Features for 206 Ave S
General Information
Standard status
Active
Size
1,132 SF
Property subtype
Multi-Family
Additional Details
Gross Income
$18,156
Building Details
Year Built
1949
Buildings
2
Tenancy
Multi
Listing Agency:
Jerry J. Kitten Broker
Listed By:
Jana Lowdermilk · License #0715831
(806) 928-5767
Source:
Raftercrossrealty
Added: Jul 28
Changed: Oct 1
Last Checked: Oct 7 at 1:06PM
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 Jerry J. Kitten Broker
Investment Insights
Based on property information with market context.
This duplex offers two separate rent-producing homes on one property. The front house is a 2-bedroom, 1-bath layout and is currently occupied by a Section 8 tenant paying $913 per month. The back house is a 1-bedroom, 1-bath layout and rents for $600 per month.
The property is located near Texas Tech University, making it suited for investors looking for existing rental income within a residential income duplex format.
With two distinct units already producing rent, the property provides a straightforward two-home structure for ownership and management under one roof.
The property is located near Texas Tech University, making it suited for investors looking for existing rental income within a residential income duplex format.
With two distinct units already producing rent, the property provides a straightforward two-home structure for ownership and management under one roof.
Key Highlights
- Duplex with two rental homes built in 1949
- Front unit is a 2 bed/1 bath with a Section 8 tenant paying $913 per month
- Back unit is a 1 bed/1 bath paying $600 per month
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$10,224
Cap Rate
8.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$204,480
$204.5K
Cap Rate 7%
$146,057
$146.1K
Cap Rate 9%
$113,600
$113.6K
Market Conditions
NOI Build-Up for 1,132 SF
Gross rent
$15.6K $13.80/SF
− Vacancy
−$1.0K −$0.90/SF
EGI
$14.6K $12.90/SF
− OpEx
−$4.4K −$3.87/SF
NOI
$10.2K $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 Rate 5%
$204,480
Cap Rate 7%
$146,057
Cap Rate 9%
$113,600
Alternative Uses
Best Use
Multifamily LT 5
$146.1K
$127.8K – $170.4K
NOI $10,224 @ 7.0% cap · market cap 8.18%
Second Best
Apartment 5plus
$131.1K
$114.8K – $153.0K
NOI $9,180 @ 7.0% cap · market cap 7.35%
Theoretical Best
Office A
$285.4K
$249.7K – $333.0K
NOI $19,977 @ 7.0% cap · market cap 15.98%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
627
Businesses Nearby
Explore this area
Business Placement
Demographics for 79415, TX
17,499
Population
7,225
Households
2.4
Avg Household Size
30
Median Age
26%
College-Educated
77%
High-School Grad
67.8 sq mi
ZIP Area
258
Density / Sq Mi
$37,101
Median Household Income
$25,506
Median Earnings
$956
Median Rent
$94,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex with two rental homes, including a 2/1 front unit and a 1/1 back unit.
Where is this duplex located?
The property is located at 206 Ave S Lubbock, TX.
What is the asking price?
The asking price for this property is $124,980.
What are key features of this property?
This property features: Duplex with two rental homes built in 1949; Front unit is a 2 bed/1 bath with a Section 8 tenant paying $913 per month; Back unit is a 1 bed/1 bath paying $600 per month
