Leased Duplex With Patio & Central
For Sale
$135,000
209 36th Street, Lubbock, TX 79404
MULTI_FAMILY - Other - Lubbock, TX
Property Size1,500 SF
Lot Size0.14 Acres
Price / SF$90
Days on Market55
Property Features for 209 36th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 6, Bedroom 4
Parking features
Parking Lot
Window features
Blinds
Patio and Porch features
Porch, Patio
Interior features
Ceiling Fan(s), Formica Counters
Appliances
Electric Oven, Refrigerator
Elementary school
Harwell
Middle school
Dunbar College Preparatory Academy
High school
Estacado
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
2
Standard status
Active
APN
R53705
Size
1,500 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
PUTTY ROSS BLK 1 L 2A1
Tax Annual Amount
3384
Legal Description
PUTTY ROSS BLK 1 L 2A1
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
2018
Number of units
2
Flooring type
Vinyl
Building materials
Wood Siding
Roof type
Composition
Architectural style
Other
Listing Agency:
eXp Realty LLC
(888) 519-7431
Listed By:
Karisa Langley · License #0698012
(806) 781-7054
Added: Jun 19
Changed: Aug 3
Last Checked: Aug 12 at 3:06PM
MLS# 202608433
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 presents an immediate income setup with both units currently leased. Each unit includes three bedrooms and one bathroom, with an open floor plan kitchen/living area. Interior features include ceiling fan(s) and Formica counters. Appliances include an electric oven and refrigerator(s). Finishes include vinyl flooring, and the exterior is wood siding.
The property sits on a 0.14-acre lot and was built in 2018. Heating and cooling are provided by central systems with central air. Outside, there is a parking lot plus patio and porch areas for unit access.
Utilities and services are set up with public water and public sewer. The roof is composition, and the home is supported by a simple, easily maintainable material and systems package well suited for owner-occupants or investors seeking a straightforward duplex layout.
The property sits on a 0.14-acre lot and was built in 2018. Heating and cooling are provided by central systems with central air. Outside, there is a parking lot plus patio and porch areas for unit access.
Utilities and services are set up with public water and public sewer. The roof is composition, and the home is supported by a simple, easily maintainable material and systems package well suited for owner-occupants or investors seeking a straightforward duplex layout.
Key Highlights
- Both units currently leased
- 0.14‑acre lot
- Built in 2018
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
$12,165
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
9.01%
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%
$243,300
$243.3K
Cap Rate 7%
$173,786
$173.8K
Cap Rate 9%
$135,167
$135.2K
Market Conditions
NOI Build-Up for 1,500 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
$23.6K $15.72/SF
− Vacancy
−$1.5K −$0.97/SF
EGI
$22.1K $14.75/SF
− OpEx
−$10.0K −$6.64/SF
NOI
$12.2K $8.11/SF
Area
Lubbock, TX
Vacancy
6.20%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$243,300
Cap Rate 7%
$173,786
Cap Rate 9%
$135,167
Alternative Uses
Best Use
Multifamily LT 5
$193.5K
$169.4K – $225.8K
NOI $13,548 @ 7.0% cap · market cap 10.04%
Second Best
Apartment 5plus
$173.8K
$152.1K – $202.8K
NOI $12,165 @ 7.0% cap · market cap 9.01%
Theoretical Best
Office A
$378.2K
$330.9K – $441.2K
NOI $26,471 @ 7.0% cap · market cap 19.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
431
Businesses Nearby
Explore this area
Business Placement
Demographics for 79404, TX
9,956
Population
4,289
Households
2.3
Avg Household Size
38
Median Age
13%
College-Educated
73%
High-School Grad
28.5 sq mi
ZIP Area
349
Density / Sq Mi
$48,642
Median Household Income
$30,654
Median Earnings
$958
Median Rent
$86,300
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 2018 with two leased units, central heating and cooling, and patio and porch space
Where is this duplex located?
The property is located at 209 36th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $135,000.
What are key features of this property?
This property features: Both units currently leased; 0.14‑acre lot; Built in 2018
