Leased Duplex with
New
For Sale
$355,000
2103 Kokomo Avenue, Lubbock, TX 79407
Residential Income, Lubbock, TX
Property Size3,008 SF
Lot Size0.17 Acres
Price / SF$118.02
Days on Market7
Property Features for 2103 Kokomo Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multi-Family
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 5, Bathroom 4, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 3, Bedroom 6
Parking features
Garage
Appliances
Dishwasher, Electric Range, Microwave
Elementary school
Willow Bend
Middle school
Terra Vista
High school
Frenship
Elementary school district
Frenship ISD
Middle school district
Frenship ISD
High school district
Frenship ISD
Directions
GPS will take you there.
Subdivision
7
Standard status
Active
APN
R341248
Size
3,008 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
19th & Mackey L 111
Tax Annual Amount
7290
Legal Description
19th & Mackey L 111
Utilities
Utilities
Electricity Available
Heating system
Central
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Building Details
Year built
2022
Floors in Building
1
Number of units
2
Flooring type
Vinyl
Building materials
Brick
Roof type
Composition
Listing Agency:
Progressive Properties
(806) 794-7777
Listed By:
Josh Barrett · License #0776750
(806) 401-6153
Added: Aug 24
Last Checked: Aug 30 at 2:06PM
MLS# 202611815
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.
Built in 2022, this 3,008-square-foot duplex contains two leased units with established lease terms extending through March 2027 and February 2027. The property occupies 0.17 acres and features brick construction, vinyl flooring, central heating, central air, ceiling fans, composition roofing, and garage parking.
Each residence includes a dishwasher, electric range, and microwave. Public water and electricity are available, and the property is located in Lubbock, Texas 79407.
Each residence includes a dishwasher, electric range, and microwave. Public water and electricity are available, and the property is located in Lubbock, Texas 79407.
Key Highlights
- Two leased units with terms extending through March 2027 and February 2027
- 3,008 square feet on a 0.17‑acre lot
- Built in 2022 with brick construction
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
$27,169
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
7.65%
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%
$543,380
$543.4K
Cap Rate 7%
$388,129
$388.1K
Cap Rate 9%
$301,878
$301.9K
Market Conditions
NOI Build-Up for 3,008 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
$41.5K $13.80/SF
− Vacancy
−$2.7K −$0.90/SF
EGI
$38.8K $12.90/SF
− OpEx
−$11.6K −$3.87/SF
NOI
$27.2K $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%
$543,380
Cap Rate 7%
$388,129
Cap Rate 9%
$301,878
Alternative Uses
Best Use
Multifamily LT 5
$388.1K
$339.6K – $452.8K
NOI $27,169 @ 7.0% cap · market cap 7.65%
Second Best
Apartment 5plus
$348.5K
$304.9K – $406.6K
NOI $24,395 @ 7.0% cap · market cap 6.87%
Theoretical Best
Office A
$758.3K
$663.5K – $884.7K
NOI $53,083 @ 7.0% cap · market cap 14.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
23
Businesses Nearby
Explore this area
Business Placement
Demographics for 79407, TX
23,208
Population
11,817
Households
2
Avg Household Size
32
Median Age
41%
College-Educated
92%
High-School Grad
75.9 sq mi
ZIP Area
306
Density / Sq Mi
$64,778
Median Household Income
$38,212
Median Earnings
$1,131
Median Rent
$200,700
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 - Two leased residences offer brick construction, central HVAC, and garage parking.
Where is this duplex located?
The property is located at 2103 Kokomo Avenue Lubbock, TX.
What is the asking price?
The asking price for this property is $355,000.
What are key features of this property?
This property features: Two leased units with terms extending through March 2027 and February 2027; 3,008 square feet on a 0.17‑acre lot; Built in 2022 with brick construction
