Fully Leased
For Sale
$150,000
2302 40th Street, Lubbock, TX 79412
Residential Income, Lubbock, TX
Property Size1,586 SF
Lot Size0.19 Acres
Price / SF$94.58
Days on Market104
Property Features for 2302 40th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 4
Interior features
Ceiling Fan(s), Storage
Fencing
Fenced
Appliances
Electric Oven
Lot features
Back Yard, City Lot, Landscaped
Elementary school
Brown
Middle school
Slaton
High school
Monterey
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
2
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
Legal Description
Wolverton Blk 1 L 18
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Amenities
private fenced backyard
Building Details
Year built
1975
Number of units
2
Flooring type
Vinyl
Building materials
Brick
Roof type
Composition
Additional Structures
Storage
Listing Agency:
Keller Williams Realty
(806) 771-7710
Listed By:
Houston Garrett · License #0740265
(806) 544-7343
Added: Jul 2
Changed: Oct 9
Last Checked: Oct 13 at 3:06PM
MLS# 202609061
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.
This 1,586-square-foot duplex, built in 1975, contains two separate residences with matching two-bedroom, one-bath layouts. Both units are leased, and each residence includes a fenced private backyard and dedicated off-street parking. The building is constructed of brick and includes central heating, central air, vinyl flooring, ceiling fans, storage, an electric oven, a composition roof, and public water and sewer service.
The property sits on 0.19 acres at 2302 40th Street in Lubbock, Texas. Its location is described as just off University Avenue and within minutes of Texas Tech, UMC, Covenant, shopping, dining, and major employment centers. Cable service is available at the property.
The property sits on 0.19 acres at 2302 40th Street in Lubbock, Texas. Its location is described as just off University Avenue and within minutes of Texas Tech, UMC, Covenant, shopping, dining, and major employment centers. Cable service is available at the property.
Key Highlights
- Two leased units with matching 2‑bedroom, 1‑bath layouts
- 1,586 square feet on a 0.19‑acre lot
- Private fenced backyard for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,862
Cap Rate
8.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$257,240
$257.2K
Cap Rate 7%
$183,743
$183.7K
Cap Rate 9%
$142,911
$142.9K
Market Conditions
NOI Build-Up for 1,586 SF
Gross rent
$24.9K $15.72/SF
− Vacancy
−$1.5K −$0.97/SF
EGI
$23.4K $14.75/SF
− OpEx
−$10.5K −$6.64/SF
NOI
$12.9K $8.11/SF
Area
Lubbock, TX
Vacancy
6.20%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$257,240
Cap Rate 7%
$183,743
Cap Rate 9%
$142,911
Alternative Uses
Best Use
Multifamily LT 5
$204.6K
$179.1K – $238.8K
NOI $14,325 @ 7.0% cap · market cap 9.55%
Second Best
Apartment 5plus
$183.7K
$160.8K – $214.4K
NOI $12,862 @ 7.0% cap · market cap 8.57%
Theoretical Best
Office A
$399.8K
$349.9K – $466.5K
NOI $27,988 @ 7.0% cap · market cap 18.66%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
566
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units include private fenced backyards and dedicated off-street parking.
Where is this duplex located?
The property is located at 2302 40th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $150,000.
What are key features of this property?
This property features: Two leased units with matching 2‑bedroom, 1‑bath layouts; 1,586 square feet on a 0.19‑acre lot; Private fenced backyard for each unit
