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    Lubbock Multifamily Property with Rental Income Title is generated by Realmo AI

    2203 20th Street, Lubbock, TX 79411

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    For Sale
    $285,000

    MULTI_FAMILY - Spanish - Lubbock, TX

    Property size:
    2,819 SF
    Lot size:
    0.16 Acres
    Price / SF:
    $101/SF
    Added:
    May 5, 2026
    Days on Market:
    5
    Last Refresh:
    May 9 at 7:06 am

    Property Features for 2203 20th Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    7
    Bathrooms
    3
    Rooms
    Bedroom 7, Bedroom 4, Bedroom 6, Bathroom 3, Bathroom 2, Bedroom 1, Bedroom 5, Bedroom 2, Bathroom 1, Bedroom 3
    Parking features
    Driveway, Carport, Alley
    Window features
    Double Pane Windows
    Interior features
    Ceiling Fan(s), Formica Counters
    Fireplace
    1
    Appliances
    Electric Oven
    Standard status
    Active
    APN
    R115869
    Size
    2,819 SF
    Lot size
    0.16 Acres

    Taxes and HOA fees

    Tax Description
    McCrummen 2nd Blk 52 L 2
    Tax Annual Amount
    3207

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air, Central
    Cooling system
    Central Air, Electric, Separate Meters
    Water source
    Public

    Building Details

    Year built
    1936
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Hardwood
    Building materials
    Frame, Stucco
    Roof type
    Membrane
    Architectural style
    Spanish

    We can help!

    Listing Contact
    Chase Marberry
    Chase Marberry

    Listing agent Chase Marberry License #0551393

    Listing office HouseChaser 2619 34th Street, Ste 2A, Lubbock, TX

    Listing date May 5, 2026

    MLS# 202605968 Listing URL

    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.

    HighLights

    • New TPO roof installed in April.
    • Two units: a 5 bedroom/2 bathroom and a 2 bedroom/1 bathroom, both currently rented.
    • Gross rental income was $37,890.32 in 2025.
    • Separate meters for electricity and gas; tenants pay all utilities.
    • Central HVAC for both front and back units.
    • New gasline installed in 2025.

    Overview

    This multifamily property in Lubbock, TX, features a Spanish architectural style and consists of two units. The front unit, offering 5 bedrooms and 2 bathrooms, was previously rented for $2,300 and is currently leased until July 31, 2026, at $1,800. There is potential for pre-leasing at $1,900. The back unit, with 2 bedrooms and 1 bathroom, was previously rented for $1,050 and is currently rented until July 31, 2027, at $650. A new TPO roof was installed in April on both units. In 2025, maintenance and repairs, excluding the roof, totaled $2,381.23. The 2025 taxes were $3,207.77, and insurance was $1,764.00 with a $250,000 value. The 2025 gross rental income was $37,890.32. Both units have central HVAC, and there are separate meters for electricity and gas. Tenants are responsible for all utilities. A new gas line was installed in 2025, and exterior stucco repairs were completed on the front unit in 2025. The property is situated on a 0.16-acre lot and has a total size of 2,819 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.863309
    Latitude
    33.576462

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    FAQs

    What type of property is this?
    Duplex - Multifamily property in Lubbock, TX with existing rental income.
    Where is this duplex located?
    The property is located at 2203 20th Street Lubbock, TX.
    What is the asking price?
    The asking price for this property is $285,000.
    What are key features of this property?
    This property features: New TPO roof installed in April.; Two units: a 5 bedroom/2 bathroom and a 2 bedroom/1 bathroom, both currently rented.; Gross rental income was $37,890.32 in 2025.
    (806) 773-7050
    We can help!
    Listing Contact
    Chase Marberry
    Chase Marberry
    Real Estate License ID: 0551393
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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