Brick Duplex with Private
For Sale
$150,000
2304 40th Street, Lubbock, TX 79412
Residential Income, Lubbock, TX
Property Size1,586 SF
Lot Size0.19 Acres
Price / SF$94.58
Days on Market53
Property Features for 2304 40th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 2
Parking features
Carport
Fencing
Fenced
Lot features
Back Yard, City Lot, Front Yard, 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
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
Legal Description
Wolverton Blk 1 L 17
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
private backyard
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
Listed By:
Houston Garrett · License #0740265
(806) 544-7343
Added: Jul 15
Changed: Sep 4
Last Checked: Sep 5 at 11:06AM
MLS# 202609688
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 contains two two-bedroom, one-bath residences, with both units currently leased. Built in 1976, the brick property includes tile flooring, central heating and cooling, composition roofing, carport parking, and fenced outdoor areas with a private backyard for each residence.
The property occupies 0.19 acres directly across from a neighborhood park in Lubbock. Texas Tech University, UMC, and Covenant are nearby, placing the duplex near major university and medical destinations. Public water and public sewer serve the property, while cable service is available.
The property occupies 0.19 acres directly across from a neighborhood park in Lubbock. Texas Tech University, UMC, and Covenant are nearby, placing the duplex near major university and medical destinations. Public water and public sewer serve the property, while cable service is available.
Key Highlights
- Two leased units, each with 2 bedrooms and 1 bath
- 1,586 SF duplex on a 0.19‑acre lot
- Private backyard space for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$12,862
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.57%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
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.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Both units are leased and include private backyard space.
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: Two leased units, each with 2 bedrooms and 1 bath; 1,586 SF duplex on a 0.19‑acre lot; Private backyard space for each unit
