Three-Bedroom Duplex
For Sale
$348,648
2217 15th St, Lubbock, TX 79401
Each residence includes a three-bedroom, three-bathroom layout within a two-unit residential income property.
Property Size3,497 SF
Price / SF$99.70
Days on Market21
Property Features for 2217 15th St
General Information
Standard status
Active
Size
3,497 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/3BA
Multifamily Units
2
Additional Details
Gross Income
$28,800
Building Details
Year Built
2010
Listing Agency:
Keller Williams Realty
(806) 451-4767
Listed By:
Steadfast Realty · License #0817825
(806) 451-4767
Source:
Steadfast-realty
Added: Aug 9
Changed: Aug 29
Last Checked: Aug 26 at 12:56PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty
Investment Insights
Based on property information with market context.
This duplex contains two residential units, with each side configured as a three-bedroom, three-bathroom residence. The property encompasses 3,497 square feet and is located at 2217 15th St in Lubbock, Texas.
The asset is being offered only as part of a larger real estate portfolio and is not available for separate purchase. Its two-unit configuration provides a straightforward format for residential income ownership.
The asset is being offered only as part of a larger real estate portfolio and is not available for separate purchase. Its two-unit configuration provides a straightforward format for residential income ownership.
Key Highlights
- Two‑unit duplex at 2217 15th St, Lubbock, TX
- Each side has 3 bedrooms and 3 bathrooms
- 3,497 square feet of property size
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
$31,585
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
9.06%
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%
$631,700
$631.7K
Cap Rate 7%
$451,214
$451.2K
Cap Rate 9%
$350,944
$350.9K
Market Conditions
NOI Build-Up for 3,497 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
$48.3K $13.80/SF
− Vacancy
−$3.1K −$0.90/SF
EGI
$45.1K $12.90/SF
− OpEx
−$13.5K −$3.87/SF
NOI
$31.6K $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%
$631,700
Cap Rate 7%
$451,214
Cap Rate 9%
$350,944
Alternative Uses
Best Use
Multifamily LT 5
$451.2K
$394.8K – $526.4K
NOI $31,585 @ 7.0% cap · market cap 9.06%
Second Best
Apartment 5plus
$405.1K
$354.5K – $472.7K
NOI $28,360 @ 7.0% cap · market cap 8.13%
Theoretical Best
Office A
$881.6K
$771.4K – $1.03M
NOI $61,712 @ 7.0% cap · market cap 17.70%
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
1,164
Businesses Nearby
Explore this area
Business Placement
Demographics for 79401, TX
8,775
Population
4,813
Households
1.8
Avg Household Size
26
Median Age
26%
College-Educated
85%
High-School Grad
2.5 sq mi
ZIP Area
3,510
Density / Sq Mi
$27,255
Median Household Income
$20,570
Median Earnings
$1,048
Median Rent
$101,500
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 - Each residence includes a three-bedroom, three-bathroom layout within a two-unit residential income property.
Where is this duplex located?
The property is located at 2217 15th St Lubbock, TX.
What is the asking price?
The asking price for this property is $348,648.
What are key features of this property?
This property features: Two‑unit duplex at 2217 15th St, Lubbock, TX; Each side has 3 bedrooms and 3 bathrooms; 3,497 square feet of property size
