Newly Built Duplex with Attached
For Sale
$429,000
3107 - 3109 74th Street, Lubbock, TX 79423
MULTI_FAMILY - Lubbock, TX
Property Size1,627 SF
Lot Size0.06 Acres
Price / SF$263.68
Days on Market98
Property Features for 3107 - 3109 74th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 3, Bedroom 1
Parking features
Garage
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
7
Standard status
Active
APN
R134252
Size
1,627 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Description
J F I L 14
Tax Annual Amount
3847
Legal Description
J F I L 14
Utilities
Heating system
Natural Gas
Cooling system
Central Air, Electric
Amenities
washer/dryer hookups
private yards
attached garages
Building Details
Year built
2023
Building materials
Brick
Listing Agency:
eXp Realty LLC
(888) 519-7431
Listed By:
Michael Norsworthy · License #0799136
(214) 709-3095
Added: May 7
Changed: Aug 3
Last Checked: Aug 12 at 6:06PM
MLS# 202606143
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.
This newly built brick duplex was completed in 2023 and features two separate three-bedroom, two-bath units. Each unit includes an open-concept layout with washer/dryer hookups, private yard space, and an attached garage. The property is heated with natural gas and cooled with central air and electric systems.
The duplex is located at 3107-3109 74th Street in Lubbock’s Waters neighborhood area, offering convenient access to major roads and proximity to schools, parks, and shopping.
With both units currently leased, the building can support either a turnkey rental setup or an owner-occupant arrangement.
The duplex is located at 3107-3109 74th Street in Lubbock’s Waters neighborhood area, offering convenient access to major roads and proximity to schools, parks, and shopping.
With both units currently leased, the building can support either a turnkey rental setup or an owner-occupant arrangement.
Key Highlights
- Brick duplex built in 2023
- Two leased three‑bedroom, two‑bath units
- Washer/dryer hookups in each unit
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
$14,695
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
3.43%
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%
$293,900
$293.9K
Cap Rate 7%
$209,929
$209.9K
Cap Rate 9%
$163,278
$163.3K
Market Conditions
NOI Build-Up for 1,627 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
$22.5K $13.80/SF
− Vacancy
−$1.5K −$0.90/SF
EGI
$21.0K $12.90/SF
− OpEx
−$6.3K −$3.87/SF
NOI
$14.7K $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%
$293,900
Cap Rate 7%
$209,929
Cap Rate 9%
$163,278
Alternative Uses
Best Use
Multifamily LT 5
$209.9K
$183.7K – $244.9K
NOI $14,695 @ 7.0% cap · market cap 3.43%
Second Best
Apartment 5plus
$188.5K
$164.9K – $219.9K
NOI $13,195 @ 7.0% cap · market cap 3.08%
Theoretical Best
Office A
$410.2K
$358.9K – $478.5K
NOI $28,712 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,525
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 - New duplex featuring two leased three-bedroom, two-bath units with private yards, washer/dryer hookups, and attached garages.
Where is this duplex located?
The property is located at 3107 - 3109 74th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: Brick duplex built in 2023; Two leased three‑bedroom, two‑bath units; Washer/dryer hookups in each unit
