Duplex with Two 3-Bed
For Sale
$270,000
Pending
2330 F M 1294, Lubbock, TX 79403
Residential Income, Lubbock, TX
Property Size3,034 SF
Lot Size0.72 Acres
Days on Market233
Property Features for 2330 F M 1294
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 6, Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 4, Bedroom 5, Bathroom 2, Bathroom 3, Bathroom 4
Parking features
Garage
Patio and Porch features
Porch
Interior features
Ceiling Fan(s), Double Vanity, Granite Counters, Walk-In Closet(s)
Exterior features
Private Yard
Fencing
Privacy
Appliances
Dishwasher, Electric Cooktop, Electric Oven, Microwave
Elementary school
New Deal
Middle school
New Deal
High school
New Deal
Elementary school district
New Deal ISD
Middle school district
New Deal ISD
High school district
New Deal ISD
Subdivision
5
Standard status
Pending
Size
3,034 SF
Lot size
0.72 Acres
Taxes and HOA fees
Tax Description
0.718 acre tract, Lot 8, Dawn West Estates
Tax Annual Amount
1
Legal Description
0.718 acre tract, Lot 8, Dawn West Estates
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating), Central
Cooling system
Ceiling Fan(s), Electric, Central Air
Water source
Well
Building Details
Year built
2021
Number of units
2
Flooring type
Vinyl, Plank
Building materials
Brick, Stone
Roof type
Composition
Listing Agency:
Keller Williams Realty
(806) 771-7710
Listed By:
Gina Sutton · License #0609174
(806) 789-1211
Added: Jan 8
Changed: Aug 19
Last Checked: Aug 29 at 8:06PM
MLS# 202600320
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 duplex at 2330 F M 1294 features two well-maintained units, and both sides are currently rented. Each unit offers three bedrooms, two bathrooms, and a one-car garage, with durable vinyl or plank flooring throughout (no carpet). Interior features include ceiling fans, double vanities, granite counters, and walk-in closets in the primary suite. For outdoor space, each unit has its own fenced backyard with a covered back patio.
The property sits on a 0.72-acre lot and operates on a shared well with separate septic systems for each unit. Heating and cooling are electric, with central systems and ceiling fans, and the roof is composition. Construction is brick and stone, with privacy fencing and a porch.
Built in 2021, the duplex is designed for straightforward, independent unit living while maintaining the convenience of shared water service.
The property sits on a 0.72-acre lot and operates on a shared well with separate septic systems for each unit. Heating and cooling are electric, with central systems and ceiling fans, and the roof is composition. Construction is brick and stone, with privacy fencing and a porch.
Built in 2021, the duplex is designed for straightforward, independent unit living while maintaining the convenience of shared water service.
Key Highlights
- 0.72‑acre duplex built in 2021
- Two units, each with three bedrooms, two bathrooms, and a one‑car garage
- Both units currently rented
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
$24,606
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
9.11%
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%
$492,120
$492.1K
Cap Rate 7%
$351,514
$351.5K
Cap Rate 9%
$273,400
$273.4K
Market Conditions
NOI Build-Up for 3,034 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
$47.7K $15.72/SF
− Vacancy
−$3.0K −$0.97/SF
EGI
$44.7K $14.75/SF
− OpEx
−$20.1K −$6.64/SF
NOI
$24.6K $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%
$492,120
Cap Rate 7%
$351,514
Cap Rate 9%
$273,400
Alternative Uses
Best Use
Multifamily LT 5
$391.5K
$342.5K – $456.7K
NOI $27,403 @ 7.0% cap · market cap 10.15%
Second Best
Apartment 5plus
$351.5K
$307.6K – $410.1K
NOI $24,606 @ 7.0% cap · market cap 9.11%
Theoretical Best
Office A
$764.9K
$669.3K – $892.4K
NOI $53,542 @ 7.0% cap · market cap 19.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
12
Businesses Nearby
Explore this area
Business Placement
Demographics for 79403, TX
15,604
Population
6,530
Households
2.4
Avg Household Size
38
Median Age
11%
College-Educated
76%
High-School Grad
131.3 sq mi
ZIP Area
119
Density / Sq Mi
$45,343
Median Household Income
$27,431
Median Earnings
$946
Median Rent
$83,100
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 - Duplex with two separately plumbed units, both currently rented, each with a fenced yard and covered patio.
Where is this duplex located?
The property is located at 2330 F M 1294 Lubbock, TX.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: 0.72‑acre duplex built in 2021; Two units, each with three bedrooms, two bathrooms, and a one‑car garage; Both units currently rented
