Leased Duplex Income
2304 40th Street Lubbock, TX 79412
New
2304 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 Market4
Property Features for 2304 40th Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Duplex
- Bedrooms
- 4
- Bathrooms
- 2
- Rooms
- Bedroom 4, Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 1
- Parking features
- Carport
- Fencing
- Fenced
- Standard status
- Active
- APN
- R30245
- Size
- 1,586 SF
- Lot size
- 0.19 Acres
Taxes and HOA fees
- Tax Description
- Wolverton Blk 1 L 17
- Tax Annual Amount
- 2340
Utilities
- Utilities
- Cable Available
- Sewer type
- Public Sewer
- Heating system
- Central
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 1976
- Number of units
- 2
- Flooring type
- Tile
- Building materials
- Brick
- Roof type
- Composition
Listing Agency
Keller Williams Realty
(806) 771-7710
10210 Quaker Ave, Lubbock, TX
Listed by
Houston Garrett · License #0740265
(806) 544-7343
Added: Jul 15 Checked: Jul 18 at 1:06 pm
MLS# 202609688
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 for-sale duplex includes two spacious 2-bedroom, 1-bath units, and both are currently leased. Each unit features its own private backyard, and the property offers convenient front parking for tenant access.
The property is located just minutes from Texas Tech University, UMC, and Covenant, and it sits directly across from a neighborhood park.
With two separate leased residences, the duplex provides a straightforward income setup while remaining close to major Lubbock university and medical destinations.
The property is located just minutes from Texas Tech University, UMC, and Covenant, and it sits directly across from a neighborhood park.
With two separate leased residences, the duplex provides a straightforward income setup while remaining close to major Lubbock university and medical destinations.
Key Highlights
- Duplex built in 1976 with brick construction and composition roof
- Two 2‑bedroom, 1‑bath units; both currently leased
- Central heat and central air in the duplex
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
Duplexes
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FAQs
What type of property is this?
Duplex - Duplex with two leased 2-bedroom, 1-bath units, each with a private backyard and front parking.
Where is this duplex located?
The property is located at 2304 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: Duplex built in 1976 with brick construction and composition roof; Two 2‑bedroom, 1‑bath units; both currently leased; Central heat and central air in the duplex
