Duplex with Open-Concept
For Sale
$310,000
3102 110th St, Lubbock, TX 79423
Occupied two-unit property with fireplaces, updated flooring in one unit, and attached two-car garages.
Property Size2,357 SF
Price / SF$131.52
Days on Market15
Property Features for 3102 110th St
General Information
Standard status
Active
Size
2,357 SF
Property subtype
Multi-Family
Building Details
Year Built
2003
Listing Agency:
Berkshire Hathaway HomeService
(806) 252-4451
Listed By:
Malgorzata Surowiec · License #0697937
Source:
Raftercrossrealty
Added: Aug 15
Changed: Aug 23
Last Checked: Aug 29 at 11:47AM
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 Berkshire Hathaway HomeService
Investment Insights
Based on property information with market context.
Built in 2003, this 2,357-square-foot duplex includes two occupied units, each arranged with an open-concept living layout, a fireplace, and a two-car garage. Side B has new flooring, providing a documented interior update within the property’s unit configuration.
The property occupies a corner lot in a quiet cul-de-sac at 3102 110th St in Lubbock, Texas. It is positioned between Indiana Avenue and Flint Avenue, with shopping, dining, and everyday services nearby. Lubbock-Cooper North Elementary is located a few blocks away.
Both units are currently occupied, and the property has no HOA. The combination of two residential units, garage capacity, fireplaces, and an updated floor finish in Side B provides a clear overview of the existing improvements.
The property occupies a corner lot in a quiet cul-de-sac at 3102 110th St in Lubbock, Texas. It is positioned between Indiana Avenue and Flint Avenue, with shopping, dining, and everyday services nearby. Lubbock-Cooper North Elementary is located a few blocks away.
Both units are currently occupied, and the property has no HOA. The combination of two residential units, garage capacity, fireplaces, and an updated floor finish in Side B provides a clear overview of the existing improvements.
Key Highlights
- 2,357‑square‑foot duplex built in 2003
- Both units are currently occupied
- New flooring installed in Side B
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
$21,289
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
6.87%
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%
$425,780
$425.8K
Cap Rate 7%
$304,129
$304.1K
Cap Rate 9%
$236,544
$236.5K
Market Conditions
NOI Build-Up for 2,357 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
$32.5K $13.80/SF
− Vacancy
−$2.1K −$0.90/SF
EGI
$30.4K $12.90/SF
− OpEx
−$9.1K −$3.87/SF
NOI
$21.3K $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%
$425,780
Cap Rate 7%
$304,129
Cap Rate 9%
$236,544
Alternative Uses
Best Use
Multifamily LT 5
$304.1K
$266.1K – $354.8K
NOI $21,289 @ 7.0% cap · market cap 6.87%
Second Best
Apartment 5plus
$273.1K
$238.9K – $318.6K
NOI $19,115 @ 7.0% cap · market cap 6.17%
Theoretical Best
Office A
$594.2K
$519.9K – $693.2K
NOI $41,594 @ 7.0% cap · market cap 13.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
188
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Occupied two-unit property with fireplaces, updated flooring in one unit, and attached two-car garages.
Where is this duplex located?
The property is located at 3102 110th St Lubbock, TX.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: 2,357‑square‑foot duplex built in 2003; Both units are currently occupied; New flooring installed in Side B
