Duplex with Two Rent Producing
For Sale
$124,980
206 Avenue S, Lubbock, TX 79415
MULTI_FAMILY - Lubbock, TX
Property Size1,132 SF
Lot Size0.14 Acres
Price / SF$110.41
Days on Market192
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, Bathroom 1, Bedroom 2, Bedroom 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: Aug 5
Last Checked: Aug 12 at 4:06PM
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 includes two rent producing homes: a front 2/1 with a section 8 tenant and a back 1/1. Interior features include Formica counters. The property is constructed with asbestos materials and has a composition roof. Heating is provided by wall furnace(s), with window unit(s) and wall/window unit(s) for cooling, and driveway parking is available.
The property is located at 206 Avenue S in Lubbock, Texas 79415, in Lubbock County, near Texas Tech University.
With its two separate homes and established residential layouts, this property may be well suited for buyers looking for a duplex structure with existing rental presence.
The property is located at 206 Avenue S in Lubbock, Texas 79415, in Lubbock County, near Texas Tech University.
With its two separate homes and established residential layouts, this property may be well suited for buyers looking for a duplex structure with existing rental presence.
Key Highlights
- Front 2/1 with section 8 tenant plus back 1/1 rent producing home
- 0.14‑acre duplex site at 206 Avenue S, Lubbock, TX 79415
- Built in 1949 with composition roof
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
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
981
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
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 - Duplex built in 1949 featuring wall furnace heating, window unit cooling, and driveway parking.
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: Front 2/1 with section 8 tenant plus back 1/1 rent producing home; 0.14‑acre duplex site at 206 Avenue S, Lubbock, TX 79415; Built in 1949 with composition roof
