Two-Unit Duplex
For Sale
$125,000
2506 40th Street, Lubbock, TX 79413
Residential Income, Lubbock, TX
Property Size1,041 SF
Lot Size0.18 Acres
Price / SF$120.08
Days on Market97
Property Features for 2506 40th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 1, Bedroom 3
Parking features
Driveway, On Street
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Directions
GPS will take you to the property
Subdivision
3
Standard status
Active
APN
R125837
Size
1,041 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
Badley Blk 2 L 8
Tax Annual Amount
510
Legal Description
Badley Blk 2 L 8
Utilities
Sewer type
Public Sewer
Cooling system
Ceiling Fan(s)
Water source
Public
Building Details
Year built
1950
Number of units
2
Flooring type
Vinyl
Building materials
Vinyl Siding
Roof type
Composition
Listing Agency:
Brick & Loft Realty
(806) 999-0722
Listed By:
Mike Hagler · License #0827224
(806) 329-8806
Added: Jul 11
Changed: Oct 7
Last Checked: Oct 15 at 10:06PM
MLS# 202609491
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1,041-square-foot duplex includes a two-bedroom, one-bathroom main residence and a separate efficiency unit with one bedroom and one bathroom. The property was built in 1950 and features vinyl siding, vinyl flooring, ceiling-fan cooling, and a composition roof.
Set on a 0.18-acre lot, the property has driveway and on-street parking, along with public water and public sewer service. Existing tenants are in place under current lease agreements through summer 2026, providing an established occupancy arrangement for the two-unit configuration.
Set on a 0.18-acre lot, the property has driveway and on-street parking, along with public water and public sewer service. Existing tenants are in place under current lease agreements through summer 2026, providing an established occupancy arrangement for the two-unit configuration.
Key Highlights
- Two‑unit layout with a 2‑bedroom, 1‑bathroom main home and 1‑bedroom, 1‑bathroom efficiency unit
- 1,041 square feet on a 0.18‑acre lot
- Tenants in place through summer 2026 under current lease agreements
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.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
436
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Income-producing residential property with an attached efficiency unit and current leases extending through summer 2026.
Where is this duplex located?
The property is located at 2506 40th Street 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 layout with a 2‑bedroom, 1‑bathroom main home and 1‑bedroom, 1‑bathroom efficiency unit; 1,041 square feet on a 0.18‑acre lot; Tenants in place through summer 2026 under current lease agreements
