Two-Unit Residential
206 Avenue S, Lubbock, TX 79415
For Sale
$119,980
Residential Income, Lubbock, TX
Property Size1,132 SF
Lot Size0.14 Acres
Price / SF$105.99
Days on Market283
Property Features for 206 Avenue S
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking features
Interior features
Elementary school district
Middle school district
High school district
Subdivision
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Utilities
Heating system
Cooling system
Building Details
Year built
Number of units
Building materials
Roof type
Buildings
Listing Agency:
Jerry J. Kitten Broker
(806) 773-2262
Listed By:
Jana Lowdermilk · License TX #0715831
(806) 928-5767
Added: Feb 1
Changed: Oct 31
Last Checked: Nov 10 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.
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Investment Insights
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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 / Yr
$10,224
Cap Rate
8.52%
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 8.52%
Second Best
Apartment 5plus
$131.1K
$114.8K – $153.0K
NOI $9,180 @ 7.0% cap · market cap 7.65%
Theoretical Best
Office A
$285.4K
$249.7K – $333.0K
NOI $19,977 @ 7.0% cap · market cap 16.65%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
627
Businesses Nearby
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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
$94,000
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Lubbock, TX
Properties on Market for Duplexes in Lubbock
Vacancy Rate% for Multifamily in South region
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 $119,980.
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
