Fully Leased Duplex
2302 40th Street Lubbock, TX 79412
2302 40th Street, Lubbock, TX, 79412
$150,000
For Sale
$150,000
MULTI_FAMILY - Lubbock, TX
Property Size1,586 SF
Lot Size0.19 Acres
Price / SF$94.58
Days on Market17
Property Features for 2302 40th Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Duplex
- Bedrooms
- 4
- Bathrooms
- 2
- Rooms
- Bathroom 2, Bedroom 4, Bedroom 1, Bathroom 1, Bedroom 2, Bedroom 3
- 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 Agency
Keller Williams Realty
(806) 771-7710
10210 Quaker Ave, Lubbock, TX
Listed by
Houston Garrett · License #0740265
(806) 544-7343
Added: Jul 2 Checked: Jul 18 at 12:06 pm
MLS# 202609061
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.
Investment Insights
Based on property information with market context.
This property is a duplex configured as two separate, fully leased units, each with a functional 2-bedroom, 1-bath layout. Each unit includes its own private fenced backyard and dedicated off-street parking, supporting an independent day-to-day setup for residents.
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.
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 at $749/month each
- 2‑bedroom, 1‑bath layout on each side with private fenced backyard
- 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 |
1,586 SF · lease $15.72/SF/yr · vacancy 6.20% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Duplex - Duplex offering two leased 2-bedroom, 1-bath units with 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: Fully leased duplex with both Unit A and Unit B rented at $749/month each; 2‑bedroom, 1‑bath layout on each side with private fenced backyard; Dedicated off‑street parking for each unit
