Contemporary Duplex with
New
For Sale
$365,000
2511 111th Street, Lubbock, TX 79423
Residential Income, Lubbock, TX
Property Size2,730 SF
Lot Size0.18 Acres
Price / SF$133.70
Days on Market5
Property Features for 2511 111th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 6, Bedroom 5, Bedroom 1, Bathroom 4, Bathroom 3, Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 2
Parking features
Open, Driveway, Garage, Alley
Interior features
Beamed Ceilings, Ceiling Fan(s), Granite Counters, High Speed Internet
Appliances
Dishwasher, Dryer, Electric Oven, Electric Range, Microwave, Refrigerator, Washer/Dryer
Elementary school
Lubbock-Cooper North
Middle school
Lubbock-Cooper Bush
High school
Cooper
Elementary school district
Lubbock-Cooper ISD
Middle school district
Lubbock-Cooper ISD
High school district
Lubbock-Cooper ISD
Subdivision
7
Standard status
Active
APN
R325609
Size
2,730 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
Cooper Meadow L 19
Tax Annual Amount
6543
Legal Description
Cooper Meadow L 19
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air, Ceiling Fan(s)
Building Details
Year built
2017
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Laminate
Building materials
Brick
Roof type
Composition
Architectural style
Contemporary
Listing Agency:
Veritas Real Estate Company
(806) 853-7355
Listed By:
Andrew Baxter · License #0734273
(214) 926-1236
Added: Sep 18
Changed: Sep 22
Last Checked: Sep 22 at 11:06PM
MLS# 202613103
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.
Built in 2017, this contemporary duplex contains 2730 square feet within a brick exterior and a 0.18-acre lot. Interior features include beamed ceilings, granite counters, ceiling fans, high-speed internet, vinyl and laminate flooring, and central heating and air conditioning. The property includes two residential units, with rooms identified as six bedrooms and four bathrooms, along with kitchens equipped with electric ranges, ovens, microwaves, refrigerators, dishwashers, and washer/dryer appliances.
Parking options include an open area, driveway, garage, and alley access. The property is served by public sewer and has a composition roof. Located in South Lubbock, it provides access to area schools, shopping, dining, amenities, and major roadways.
Parking options include an open area, driveway, garage, and alley access. The property is served by public sewer and has a composition roof. Located in South Lubbock, it provides access to area schools, shopping, dining, amenities, and major roadways.
Key Highlights
- Duplex built in 2017
- 2730 square feet on a 0.18‑acre lot
- Brick construction with contemporary architectural style
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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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
142
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Brick duplex with contemporary finishes, central heating and cooling, and driveway, garage, open, and alley parking options.
Where is this duplex located?
The property is located at 2511 111th Street 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 built in 2017; 2730 square feet on a 0.18‑acre lot; Brick construction with contemporary architectural style
