Leased Duplex Near
For Sale
$150,000
2304 40th St, Lubbock, TX 79412
Two occupied units offer private outdoor space and front parking.
Property Size1,586 SF
Price / SF$94.58
Days on Market21
Property Features for 2304 40th St
General Information
Standard status
Active
Size
1,586 SF
Property subtype
Residential Income
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$2,340
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams Realty
(806) 544-7343
Listed By:
Houston Garrett · License #0740265
(806) 544-7343
Source:
Exprealty
Added: Jul 15
Changed: Aug 3
Last Checked: Aug 3 at 2:52AM
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.
Located at 2304 40th St in Lubbock, this 1,586-square-foot duplex contains two 2-bedroom, 1-bath residences. Both units are currently leased, providing an existing occupied configuration for a residential income property. Each residence includes a private backyard, while front parking supports convenient tenant access.
The property is positioned directly across from a neighborhood park and within minutes of Texas Tech University, UMC, and Covenant. Its two-unit layout, leased status, outdoor areas, and proximity to university and medical destinations define the asset’s primary operating features.
The property is positioned directly across from a neighborhood park and within minutes of Texas Tech University, UMC, and Covenant. Its two-unit layout, leased status, outdoor areas, and proximity to university and medical destinations define the asset’s primary operating features.
Key Highlights
- Two 2‑bedroom, 1‑bath units within a 1,586‑square‑foot duplex
- Both units are currently leased
- Private backyard provided for each unit
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 authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
694
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
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 - Two occupied units offer private outdoor space and front parking.
Where is this duplex located?
The property is located at 2304 40th St 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 2‑bedroom, 1‑bath units within a 1,586‑square‑foot duplex; Both units are currently leased; Private backyard provided for each unit
