Two-Unit Duplex with
For Sale
$399,000
2131 Kokomo Avenue, Lubbock, TX 79407
Residential Income, Lubbock, TX
Property Size2,720 SF
Lot Size0.18 Acres
Price / SF$146.69
Days on Market219
Property Features for 2131 Kokomo Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi-Family
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 1, Bedroom 3, Bedroom 2, Bathroom 2, Bathroom 4, Bedroom 4, Bathroom 3, Bedroom 6, Bedroom 5
Parking features
Garage
Window features
Blinds
Interior features
Ceiling Fan(s), Kitchen Island, Pantry
Exterior features
Private Yard
Appliances
Dishwasher, Electric Range, Microwave, Stainless Steel Appliance(s)
Elementary school district
Frenship ISD
Middle school district
Frenship ISD
High school district
Frenship ISD
Subdivision
7
Standard status
Active
APN
R341430
Size
2,720 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
19th & Mackey L 293
Tax Annual Amount
7022
Legal Description
19th & Mackey L 293
Utilities
Heating system
Central
Cooling system
Central Air
Amenities
low-maintenance turf
Building Details
Year built
2022
Number of units
2
Flooring type
Vinyl
Roof type
Composition
Listing Agency:
Modern Day Living RE LLC
(806) 544-7518
Listed By:
Sarah Newton · License #0739064
(806) 781-3310
Added: Feb 19
Changed: Sep 16
Last Checked: Sep 26 at 11:06PM
MLS# 202602273
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 duplex contains two matching residences, each with three bedrooms and two bathrooms across approximately 1,360 square feet. The property totals 2,720 square feet on a 0.18-acre lot and includes garages, private yards with low-maintenance turf, vinyl flooring, central heating and air conditioning, and composition roofing. Kitchens feature islands, pantries, dishwashers, electric ranges, microwaves, and stainless steel appliances.
Located at 2131 Kokomo Avenue in Lubbock, the property is fully tenant-occupied, with current leases transferring at closing. Professional management is in place through Modern Day Living RE. Each residence offers a practical three-bedroom configuration suited to continued residential rental use.
Located at 2131 Kokomo Avenue in Lubbock, the property is fully tenant-occupied, with current leases transferring at closing. Professional management is in place through Modern Day Living RE. Each residence offers a practical three-bedroom configuration suited to continued residential rental use.
Key Highlights
- Two residences, each with 3 bedrooms and 2 bathrooms
- 2,720 square feet on a 0.18‑acre lot
- Built in 2022
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
$24,567
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
6.16%
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%
$491,340
$491.3K
Cap Rate 7%
$350,957
$351.0K
Cap Rate 9%
$272,967
$273.0K
Market Conditions
NOI Build-Up for 2,720 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
$37.5K $13.80/SF
− Vacancy
−$2.4K −$0.90/SF
EGI
$35.1K $12.90/SF
− OpEx
−$10.5K −$3.87/SF
NOI
$24.6K $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%
$491,340
Cap Rate 7%
$350,957
Cap Rate 9%
$272,967
Alternative Uses
Best Use
Multifamily LT 5
$351.0K
$307.1K – $409.5K
NOI $24,567 @ 7.0% cap · market cap 6.16%
Second Best
Apartment 5plus
$315.1K
$275.7K – $367.7K
NOI $22,059 @ 7.0% cap · market cap 5.53%
Theoretical Best
Office A
$685.7K
$600.0K – $800.0K
NOI $48,000 @ 7.0% cap · market cap 12.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
21
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
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
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Frequently Asked Questions
What type of property is this?
Duplex - Recently built duplex with matching three-bedroom layouts, private yards, and existing tenant occupancy.
Where is this duplex located?
The property is located at 2131 Kokomo Avenue Lubbock, TX.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms and 2 bathrooms; 2,720 square feet on a 0.18‑acre lot; Built in 2022
