Two-Unit Residential
For Sale
$124,980
206 Avenue S, Lubbock, TX 79415
Residential Income, Lubbock, TX
Property Size1,132 SF
Lot Size0.14 Acres
Price / SF$110.41
Days on Market237
Property Features for 206 Avenue S
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Bathroom 2
Parking features
Driveway
Interior features
Formica Counters
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
1
Standard status
Active
APN
R47055
Size
1,132 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
Beck Sub Blk 28 E122.8'Of L 3 & S10'of E122.8'Of 2
Tax Annual Amount
994
Legal Description
Beck Sub Blk 28 E122.8'Of L 3 & S10'of E122.8'Of 2
Utilities
Heating system
Wall Furnace
Cooling system
Wall/Window Unit(s), Window Unit(s)
Building Details
Year built
1949
Number of units
2
Building materials
Asbestos
Roof type
Composition
Listing Agency:
Jerry J. Kitten Broker
(806) 773-2262
Listed By:
Jana Lowdermilk · License #0715831
(806) 928-5767
Added: Feb 1
Changed: Sep 17
Last Checked: Sep 26 at 8:06PM
MLS# 202601405
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 property at 206 Avenue S in Lubbock contains two separate residences within 1,132 square feet on a 0.14-acre lot. The front home has two bedrooms and one bathroom, while the rear home offers one bedroom and one bathroom. Built in 1949, the property includes Formica counters, composition roofing, wall-furnace heating, window and wall-unit cooling, and driveway parking. The construction materials include asbestos.
The property is near Texas Tech University. The front residence has a Section 8 tenant, while the rear residence is described as capable of being rented. Together, the two-home layout provides distinct living spaces within a compact residential income property.
The property is near Texas Tech University. The front residence has a Section 8 tenant, while the rear residence is described as capable of being rented. Together, the two-home layout provides distinct living spaces within a compact residential income property.
Key Highlights
- Two separate homes on a 0.14‑acre lot
- 1,132 square feet total property size
- Front residence configured with 2 bedrooms and 1 bathroom
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
$10,224
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
8.18%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
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 - Two separate homes provide a duplex configuration near Texas Tech University with driveway parking and distinct residential layouts.
Where is this duplex located?
The property is located at 206 Avenue 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: Two separate homes on a 0.14‑acre lot; 1,132 square feet total property size; Front residence configured with 2 bedrooms and 1 bathroom
