Turnkey Duplex
For Sale
$349,000
2513 111th St, Lubbock, TX 79423
Well-maintained duplex with two spacious 3-bedroom, 2-bath units and 1-car garages, offered turnkey for sale.
Property Size2,592 SF
Price / SF$134.65
Days on Market9
Property Features for 2513 111th St
General Information
Standard status
Active
Size
2,592 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
2018
Tenancy
Multi
Listing Agency:
Keller Williams Realty
(210) 291-8030
Listed By:
Maelyn Lykins · License #0831064
Source:
Raftercrossrealty
Added: Jul 27
Changed: Jul 28
Last Checked: Aug 3 at 8:56AM
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.
This turnkey duplex includes two spacious residential units. Each unit features a 3-bedroom, 2-bath layout with an open-concept floorplan. Interior finishes include granite countertops and luxury vinyl plank flooring, along with low-maintenance landscaping. Each unit also includes a 1-car garage.
The property is located in South Lubbock and is within Cooper ISD. It is professionally managed as an income-producing asset.
The offering is designed for straightforward ownership, with two separate units in a well-kept, tenant-ready configuration.
The property is located in South Lubbock and is within Cooper ISD. It is professionally managed as an income-producing asset.
The offering is designed for straightforward ownership, with two separate units in a well-kept, tenant-ready configuration.
Key Highlights
- Duplex built in 2018 with two separate units, each with 3 bedrooms, 2 bathrooms, and a 1‑car garage
- Open‑concept floorplans in both units
- Granite countertops and luxury vinyl plank flooring
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $35.8k | $13.80 |
| − Vacancy | −$2.3k | −$0.90 |
| EGI | $33.4k | $12.90 |
| − OpEx | −$10.0k | −$3.87 |
| NOI | $23.4k | $9.03 |
2,592 SF · lease $13.80/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$334.4K
$292.6K – $390.2K
NOI $23,411 @ 7.0% cap · market cap 6.71%
Second Best
Apartment 5plus
$300.3K
$262.8K – $350.4K
NOI $21,021 @ 7.0% cap · market cap 6.02%
Theoretical Best
Office A
$653.5K
$571.8K – $762.4K
NOI $45,742 @ 7.0% cap · market cap 13.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
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
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 - Well-maintained duplex with two spacious 3-bedroom, 2-bath units and 1-car garages, offered turnkey for sale.
Where is this duplex located?
The property is located at 2513 111th St Lubbock, TX.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Duplex built in 2018 with two separate units, each with 3 bedrooms, 2 bathrooms, and a 1‑car garage; Open‑concept floorplans in both units; Granite countertops and luxury vinyl plank flooring
