2017
New
For Sale
$365,000
2509 111th St, Lubbock, TX 79423
The two-unit property offers a rental configuration in South Lubbock with access to area shopping, dining, schools, and major roads.
Property Size2,730 SF
Price / SF$133.70
Days on Market3
Property Features for 2509 111th St
General Information
Standard status
Active
Size
2,730 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
2017
Buildings
1
Listing Agency:
Keller Williams Realty
Listed By:
Steadfast Realty
(806) 451-4767
Source:
Steadfast-realty
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 6:54AM
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
Investment Insights
Based on property information with market context.
Built in 2017, this duplex contains two residential units and is located in South Lubbock. Its multifamily configuration supports rental use or owner occupancy with additional flexibility.
The property is in an area described as having access to schools, shopping, dining, and major roadways.
The property is in an area described as having access to schools, shopping, dining, and major roadways.
Key Highlights
- Duplex with two residential units
- Built in 2017
- South Lubbock location with access to area schools, shopping, dining, and major roadways
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
$24,658
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
6.76%
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%
$493,160
$493.2K
Cap Rate 7%
$352,257
$352.3K
Cap Rate 9%
$273,978
$274.0K
Market Conditions
NOI Build-Up for 2,730 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
$37.7K $13.80/SF
− Vacancy
−$2.4K −$0.90/SF
EGI
$35.2K $12.90/SF
− OpEx
−$10.6K −$3.87/SF
NOI
$24.7K $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 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%
$493,160
Cap Rate 7%
$352,257
Cap Rate 9%
$273,978
Alternative Uses
Best Use
Multifamily LT 5
$352.3K
$308.2K – $411.0K
NOI $24,658 @ 7.0% cap · market cap 6.76%
Second Best
Apartment 5plus
$316.3K
$276.8K – $369.0K
NOI $22,140 @ 7.0% cap · market cap 6.07%
Theoretical Best
Office A
$688.2K
$602.2K – $803.0K
NOI $48,177 @ 7.0% cap · market cap 13.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
141
Businesses Nearby
Explore this area
Business Placement
Demographics for 79423, TX
42,311
Population
18,463
Households
2.3
Avg Household Size
35
Median Age
38%
College-Educated
94%
High-School Grad
64.2 sq mi
ZIP Area
659
Density / Sq Mi
$82,906
Median Household Income
$45,520
Median Earnings
$1,284
Median Rent
$222,500
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
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Frequently Asked Questions
What type of property is this?
Duplex - The two-unit property offers a rental configuration in South Lubbock with access to area shopping, dining, schools, and major roads.
Where is this duplex located?
The property is located at 2509 111th St Lubbock, TX.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Duplex with two residential units; Built in 2017; South Lubbock location with access to area schools, shopping, dining, and major roadways
