New-Build Duplex with
For Sale
$429,000
31073109 3107 - 3109 74th St, Lubbock, TX 79423
Two leased residences feature modern finishes, private yards, open layouts, and washer/dryer hookups.
Property Size1,627 SF
Price / SF$263.68
Days on Market55
Property Features for 31073109 3107 - 3109 74th St
General Information
Standard status
Active
Size
1,627 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Average Monthly Rent
$1,550
Amenities
modern finishes
open-concept layouts
washer/dryer hookups
private yards
attached garages
Building Details
Year Built
2023
Buildings
1
Tenancy
Multi
Listing Agency:
eXp Realty LLC
Listed By:
Michael Norsworthy · License #0799136
(214) 709-3095
Source:
Raftercrossrealty
Added: Aug 23
Changed: Oct 9
Last Checked: Oct 7 at 5:06PM
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 eXp Realty LLC
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Investment Insights
Based on property information with market context.
Completed in 2023, this duplex contains two separate 3-bedroom, 2-bathroom residences with open-concept interiors and contemporary finishes. Each unit includes washer/dryer hookups, a private yard, and an attached garage, creating a practical low-maintenance configuration for rental operations or an owner-occupant arrangement.
The property is located at 3107-3109 74th Street in Lubbock’s Waters neighborhood, near schools, parks, and shopping with access to major roads. Both residences are currently leased, providing an established occupancy position for the next owner.
The property is located at 3107-3109 74th Street in Lubbock’s Waters neighborhood, near schools, parks, and shopping with access to major roads. Both residences are currently leased, providing an established occupancy position for the next owner.
Key Highlights
- Two‑unit duplex completed in 2023
- Each residence offers 3 bedrooms and 2 bathrooms
- Both units are currently leased
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,695
Cap Rate
3.43%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
337
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
Frequently Asked Questions
What type of property is this?
Duplex - Two leased residences feature modern finishes, private yards, open layouts, and washer/dryer hookups.
Where is this duplex located?
The property is located at 31073109 3107 - 3109 74th St 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: Two‑unit duplex completed in 2023; Each residence offers 3 bedrooms and 2 bathrooms; Both units are currently leased
