Remodeled Duplex with
For Sale
$155,000
2115 29th Street, Lubbock, TX 79411
Residential Income, Lubbock, TX
Property Size1,632 SF
Lot Size0.13 Acres
Price / SF$94.98
Days on Market9
Property Features for 2115 29th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 1, Bathroom 1
Parking features
Driveway
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
2
Standard status
Active
APN
R122281
Size
1,632 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
McCrummen 2nd Blk 78 L 8
Tax Annual Amount
2373
Legal Description
McCrummen 2nd Blk 78 L 8
Utilities
Heating system
Wall Furnace
Cooling system
Window Unit(s), Wall/Window Unit(s)
Building Details
Year built
1958
Building materials
Fiber Cement
Listing Agency:
Wise Cardinal Realty
(806) 782-5303
Listed By:
Clay Grossman · License #0812815
(806) 828-0736
Added: Sep 14
Changed: Sep 16
Last Checked: Sep 22 at 12:06AM
MLS# 202612846
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 contains 1,632 square feet across two residential sides, with four bedrooms and two bathrooms in total. The property was extensively remodeled in 2020 and features updated kitchens and bathrooms, durable finishes, fiber cement construction, wall furnaces, and window or wall/window cooling units. A driveway provides on-site parking, while the 0.13-acre parcel supports the existing building configuration.
Built in 1958, the property is located at 2115 29th Street in Lubbock, Texas. Professional management is in place, and the two-sided layout offers a straightforward format for residential rental ownership.
Built in 1958, the property is located at 2115 29th Street in Lubbock, Texas. Professional management is in place, and the two-sided layout offers a straightforward format for residential rental ownership.
Key Highlights
- Two‑unit duplex with 1,632 square feet of total property size
- Extensively remodeled in 2020
- Four bedrooms and two bathrooms total
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
$13,235
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
8.54%
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%
$264,700
$264.7K
Cap Rate 7%
$189,071
$189.1K
Cap Rate 9%
$147,056
$147.1K
Market Conditions
NOI Build-Up for 1,632 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
$25.7K $15.72/SF
− Vacancy
−$1.6K −$0.97/SF
EGI
$24.1K $14.75/SF
− OpEx
−$10.8K −$6.64/SF
NOI
$13.2K $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%
$264,700
Cap Rate 7%
$189,071
Cap Rate 9%
$147,056
Alternative Uses
Best Use
Multifamily LT 5
$210.6K
$184.3K – $245.7K
NOI $14,740 @ 7.0% cap · market cap 9.51%
Second Best
Apartment 5plus
$189.1K
$165.4K – $220.6K
NOI $13,235 @ 7.0% cap · market cap 8.54%
Theoretical Best
Office A
$411.4K
$360.0K – $480.0K
NOI $28,800 @ 7.0% cap · market cap 18.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
588
Businesses Nearby
Explore this area
Business Placement
Demographics for 79411, TX
7,297
Population
3,474
Households
2.1
Avg Household Size
31
Median Age
22%
College-Educated
72%
High-School Grad
1.5 sq mi
ZIP Area
4,865
Density / Sq Mi
$44,866
Median Household Income
$24,493
Median Earnings
$942
Median Rent
$85,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Professionally managed two-unit property with updated interiors, practical finishes, and separate residential layouts.
Where is this duplex located?
The property is located at 2115 29th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $155,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,632 square feet of total property size; Extensively remodeled in 2020; Four bedrooms and two bathrooms total
