Updated Duplex with Two Renovated
For Sale
$145,000
Pending
2117 35th Street, Lubbock, TX 79412
MULTI_FAMILY - Lubbock, TX
Property Size1,310 SF
Lot Size0.18 Acres
Days on Market59
Property Features for 2117 35th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multi-Family
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bedroom 1, Bathroom 1
Appliances
Washer/Dryer
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
2
Standard status
Pending
APN
R37533
Size
1,310 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
Telford Blk 1 L 9
Tax Annual Amount
2111
Legal Description
Telford Blk 1 L 9
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1956
Number of units
2
Building materials
Brick
Roof type
Composition
Listing Agency:
Progressive Properties
(806) 794-7777
Listed By:
Josh Barrett · License #0776750
(806) 401-6153
Added: Jul 2
Changed: Aug 12
Last Checked: Aug 29 at 6:06PM
MLS# 202609008
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.
2117 35th Street is an updated duplex built in 1956, set on a 0.18-acre lot with 1,310 square feet of total building area. The property’s construction is brick, with a composition roof. Central heating and central air service the home, and washer/dryer are included.
The duplex offers two units that have been recently renovated. Unit A is currently occupied on a month-to-month lease, while Unit B will be vacant prior to closing, providing flexibility for an owner-occupant and rental-income planning. The layout includes two bedrooms and two bathrooms across the duplex configuration.
This is a straightforward duplex setup for buyers looking for a renovated, two-unit residential income property with one unit producing immediate occupancy and the other available ahead of closing.
The duplex offers two units that have been recently renovated. Unit A is currently occupied on a month-to-month lease, while Unit B will be vacant prior to closing, providing flexibility for an owner-occupant and rental-income planning. The layout includes two bedrooms and two bathrooms across the duplex configuration.
This is a straightforward duplex setup for buyers looking for a renovated, two-unit residential income property with one unit producing immediate occupancy and the other available ahead of closing.
Key Highlights
- 0.18‑acre lot and 1,310 SF duplex built in 1956
- Both units recently renovated
- Unit A occupied on a month‑to‑month lease
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
$11,832
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
8.16%
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%
$236,640
$236.6K
Cap Rate 7%
$169,029
$169.0K
Cap Rate 9%
$131,467
$131.5K
Market Conditions
NOI Build-Up for 1,310 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
$18.1K $13.80/SF
− Vacancy
−$1.2K −$0.90/SF
EGI
$16.9K $12.90/SF
− OpEx
−$5.1K −$3.87/SF
NOI
$11.8K $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%
$236,640
Cap Rate 7%
$169,029
Cap Rate 9%
$131,467
Alternative Uses
Best Use
Multifamily LT 5
$169.0K
$147.9K – $197.2K
NOI $11,832 @ 7.0% cap · market cap 8.16%
Second Best
Apartment 5plus
$151.8K
$132.8K – $177.1K
NOI $10,624 @ 7.0% cap · market cap 7.33%
Theoretical Best
Office A
$330.3K
$289.0K – $385.3K
NOI $23,118 @ 7.0% cap · market cap 15.94%
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
587
Businesses Nearby
Explore this area
Business Placement
Demographics for 79412, TX
14,834
Population
6,480
Households
2.3
Avg Household Size
34
Median Age
15%
College-Educated
77%
High-School Grad
3.2 sq mi
ZIP Area
4,636
Density / Sq Mi
$47,306
Median Household Income
$29,233
Median Earnings
$964
Median Rent
$117,200
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 - A brick duplex with both units recently renovated, each supported by central heating and central air.
Where is this duplex located?
The property is located at 2117 35th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $145,000.
What are key features of this property?
This property features: 0.18‑acre lot and 1,310 SF duplex built in 1956; Both units recently renovated; Unit A occupied on a month‑to‑month lease
