2302 40th Street Lubbock, TX 79412
MULTI_FAMILY - Lubbock, TX
- Added:
- Jul 2, 2026
- Days on Market:
- 13
- Last Refresh:
- Jul 14 at 6:06 am
Property Features for 2302 40th Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 4
- Bathrooms
- 2
- Rooms
- Bedroom 4, Bedroom 2, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 1
- Interior features
- Ceiling Fan(s), Storage
- Fencing
- Fenced
- Appliances
- Electric Oven
- Standard status
- Active
- APN
- R30270
- Size
- 1,586 SF
- Lot size
- 0.19 Acres
Taxes and HOA fees
- Tax Description
- Wolverton Blk 1 L 18
- Tax Annual Amount
- 2340
Utilities
- Utilities
- Cable Available
- Sewer type
- Public Sewer
- Heating system
- Central
- Cooling system
- Central Air, Ceiling Fan(s)
- Water source
- Public
Building Details
- Year built
- 1975
- Number of units
- 2
- Flooring type
- Vinyl
- Building materials
- Brick
- Roof type
- Composition
- Additional Structures
- Storage
Listing agent Houston Garrett License #0740265 (806) 544-7343
Listing office Keller Williams Realty 10210 Quaker Ave, Lubbock, TX (806) 771-7710
Listing date Jul 2, 2026
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.
The duplex is located just off University Avenue in Lubbock, TX, near Texas Tech and major healthcare employers including UMC and Covenant, along with shopping, dining, and other employment centers.
With both Unit A and Unit B currently leased, the property provides immediate rental occupancy. The lot size is 0.19 acres, and the total property size is 1,586 square feet.
Key Highlights
- Fully leased duplex with both Unit A and Unit B rented for $749/month
- Each unit features a 2‑bedroom, 1‑bath layout
- Private fenced backyard and dedicated off‑street parking for each unit
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $24.9k | $15.72 |
| − Vacancy | −$1.5k | −$0.97 |
| EGI | $23.4k | $14.75 |
| − OpEx | −$10.5k | −$6.64 |
| NOI | $12.9k | $8.11 |
