Remodeled Duplex with Private
New
For Sale
$270,000
301 N Chicago Avenue, Lubbock, TX 79416
MULTI_FAMILY - Lubbock, TX
Property Size2,740 SF
Lot Size0.18 Acres
Price / SF$98.54
Days on Market3
Property Features for 301 N Chicago Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 1, Bathroom 2, Bathroom 6, Bedroom 5, Bathroom 4, Bathroom 5, Bedroom 4, Bathroom 1, Bedroom 2, Bedroom 3, Bathroom 3, Bedroom 6
Parking features
Driveway, Garage
Interior features
Ceiling Fan(s)
Exterior features
Private Yard
Fencing
Fenced
Appliances
Dishwasher, Microwave, Refrigerator
Elementary school
Centennial
Middle school
Mackenzie
High school
Coronado
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
8
Standard status
Active
APN
R171415
Size
2,740 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
Fountain Wood L 77
Tax Annual Amount
4411
Legal Description
Fountain Wood L 77
Utilities
Heating system
Central, Natural Gas
Cooling system
Central Air, Electric, Ceiling Fan(s)
Building Details
Year built
2003
Number of units
2
Flooring type
Vinyl, Carpet, Tile
Building materials
Brick
Roof type
Composition
Listing Agency:
Williams & Company Real Estate
(806) 860-6945
Listed By:
Josh Lashaway · License #0765660
(806) 893-0619
Added: Aug 6
Changed: Aug 7
Last Checked: Aug 8 at 5:06AM
MLS# 202611011
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 2003, this remodeled duplex contains 2,740 square feet on a 0.18-acre lot. The room schedule includes six bedrooms and six bathrooms, with brick construction, a composition roof, and a mix of vinyl, carpet, and tile flooring. Property systems include central natural-gas heating, central air conditioning, and ceiling fans.
Located at 301 N Chicago Avenue in Lubbock, the property includes a private yard, fencing, driveway access, and garage parking. The appliance package includes a dishwasher, microwave, and refrigerator. The address is within ZIP Code 79416.
Located at 301 N Chicago Avenue in Lubbock, the property includes a private yard, fencing, driveway access, and garage parking. The appliance package includes a dishwasher, microwave, and refrigerator. The address is within ZIP Code 79416.
Key Highlights
- Remodeled duplex with 2,740 square feet of property size
- 0.18‑acre lot
- Six bedrooms and six bathrooms
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
$24,748
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
9.17%
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%
$494,960
$495.0K
Cap Rate 7%
$353,543
$353.5K
Cap Rate 9%
$274,978
$275.0K
Market Conditions
NOI Build-Up for 2,740 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
$37.8K $13.80/SF
− Vacancy
−$2.5K −$0.90/SF
EGI
$35.4K $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%
$494,960
Cap Rate 7%
$353,543
Cap Rate 9%
$274,978
Alternative Uses
Best Use
Multifamily LT 5
$353.5K
$309.4K – $412.5K
NOI $24,748 @ 7.0% cap · market cap 9.17%
Second Best
Apartment 5plus
$317.4K
$277.8K – $370.4K
NOI $22,221 @ 7.0% cap · market cap 8.23%
Theoretical Best
Office A
$690.8K
$604.4K – $805.9K
NOI $48,353 @ 7.0% cap · market cap 17.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
146
Businesses Nearby
Explore this area
Business Placement
Demographics for 79416, TX
36,251
Population
16,094
Households
2.3
Avg Household Size
30
Median Age
39%
College-Educated
93%
High-School Grad
32.1 sq mi
ZIP Area
1,129
Density / Sq Mi
$65,200
Median Household Income
$34,258
Median Earnings
$1,269
Median Rent
$196,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with garage parking, fenced outdoor space, and central heating and cooling.
Where is this duplex located?
The property is located at 301 N Chicago Avenue Lubbock, TX.
What is the asking price?
The asking price for this property is $270,000.
What are key features of this property?
This property features: Remodeled duplex with 2,740 square feet of property size; 0.18‑acre lot; Six bedrooms and six bathrooms
