Two-Unit Residential
For Sale
$125,000
2506 40th St, Lubbock, TX 79413
Two residential units are leased to tenants through summer 2026 under current lease agreements.
Property Size1,041 SF
Price / SF$120.08
Days on Market114
Property Features for 2506 40th St
General Information
Standard status
Active
Size
1,041 SF
Property subtype
Multi-Family
Building Details
Year Built
1950
Listing Agency:
Keller Williams Realty
Listed By:
Steadfast Realty
(806) 451-4767
Source:
Steadfast-realty
Added: Jul 13
Changed: Nov 1
Last Checked: Nov 1 at 5:26AM
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
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Investment Insights
Based on property information with market context.
Built in 1950, this residential duplex includes two separate living units. The primary residence offers two bedrooms and one bathroom, while the efficiency unit provides one bedroom and one bathroom. The property is currently occupied under lease agreements extending through summer 2026.
The two-unit configuration combines a conventional home with a smaller efficiency residence, offering a straightforward residential income property setup. Located in Lubbock, Texas, the asset is positioned at 2506 40th St.
The two-unit configuration combines a conventional home with a smaller efficiency residence, offering a straightforward residential income property setup. Located in Lubbock, Texas, the asset is positioned at 2506 40th St.
Key Highlights
- Two‑unit residential duplex
- Main residence includes 2 bedrooms and 1 bathroom
- Efficiency unit includes 1 bedroom and 1 bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,402
Cap Rate
7.52%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$188,040
$188.0K
Cap Rate 7%
$134,314
$134.3K
Cap Rate 9%
$104,467
$104.5K
Market Conditions
NOI Build-Up for 1,041 SF
Gross rent
$14.4K $13.80/SF
− Vacancy
−$934 −$0.90/SF
EGI
$13.4K $12.90/SF
− OpEx
−$4.0K −$3.87/SF
NOI
$9.4K $9.03/SF
Area
Lubbock, TX
Vacancy
6.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$188,040
Cap Rate 7%
$134,314
Cap Rate 9%
$104,467
Alternative Uses
Best Use
Multifamily LT 5
$134.3K
$117.5K – $156.7K
NOI $9,402 @ 7.0% cap · market cap 7.52%
Second Best
Apartment 5plus
$120.6K
$105.5K – $140.7K
NOI $8,442 @ 7.0% cap · market cap 6.75%
Theoretical Best
Office A
$262.4K
$229.6K – $306.2K
NOI $18,371 @ 7.0% cap · market cap 14.70%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
436
Businesses Nearby
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Business Placement
Demographics for 79413, TX
20,962
Population
9,590
Households
2.2
Avg Household Size
35
Median Age
35%
College-Educated
91%
High-School Grad
4.7 sq mi
ZIP Area
4,460
Density / Sq Mi
$67,062
Median Household Income
$38,004
Median Earnings
$1,325
Median Rent
$195,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units are leased to tenants through summer 2026 under current lease agreements.
Where is this duplex located?
The property is located at 2506 40th St Lubbock, TX.
What is the asking price?
The asking price for this property is $125,000.
What are key features of this property?
This property features: Two‑unit residential duplex; Main residence includes 2 bedrooms and 1 bathroom; Efficiency unit includes 1 bedroom and 1 bathroom
