Duplex with Two-Car
For Sale
$329,900
3114 111th St, Lubbock, TX 79423
Fully leased South Lubbock duplex in Lubbock Cooper ISD with two 3-bedroom, 2-bath units and two-car garages.
Property Size2,663 SF
Price / SF$123.88
Days on Market97
Property Features for 3114 111th St
General Information
Standard status
Active
Size
2,663 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Occupancy
100%
Building Details
Year Built
2005
Tenancy
Multi
Listing Agency:
Steadfast Realty, LLC
Listed By:
Jim Archer · License #0693553
(806) 786-4407
Source:
Raftercrossrealty
Added: Jul 28
Changed: Oct 25
Last Checked: Oct 7 at 3:37PM
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 Steadfast Realty, LLC
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Investment Insights
Based on property information with market context.
This duplex offers two separate, fully leased residences under one ownership. Each unit is a 3-bedroom, 2-bath home with a full 2-car garage, supporting a true two-home setup. The property was built in 2005 and is professionally managed, with low-maintenance finishes including Luxury Vinyl Plank flooring in the main areas of each unit.
Located at 3114 111th St in South Lubbock, the duplex is within Lubbock Cooper ISD. The current configuration and turnkey operational approach are suited to investors looking for established, income-producing rental housing.
The combined property size is 2,663 SF, with a matching unit layout that simplifies leasing and maintenance across both homes.
Located at 3114 111th St in South Lubbock, the duplex is within Lubbock Cooper ISD. The current configuration and turnkey operational approach are suited to investors looking for established, income-producing rental housing.
The combined property size is 2,663 SF, with a matching unit layout that simplifies leasing and maintenance across both homes.
Key Highlights
- Fully leased, professionally managed duplex
- Built in 2005
- 2,663 SF total property size
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,052
Cap Rate
7.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$481,040
$481.0K
Cap Rate 7%
$343,600
$343.6K
Cap Rate 9%
$267,244
$267.2K
Market Conditions
NOI Build-Up for 2,663 SF
Gross rent
$36.7K $13.80/SF
− Vacancy
−$2.4K −$0.90/SF
EGI
$34.4K $12.90/SF
− OpEx
−$10.3K −$3.87/SF
NOI
$24.1K $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%
$481,040
Cap Rate 7%
$343,600
Cap Rate 9%
$267,244
Alternative Uses
Best Use
Multifamily LT 5
$343.6K
$300.7K – $400.9K
NOI $24,052 @ 7.0% cap · market cap 7.29%
Second Best
Apartment 5plus
$308.5K
$270.0K – $360.0K
NOI $21,597 @ 7.0% cap · market cap 6.55%
Theoretical Best
Office A
$671.3K
$587.4K – $783.2K
NOI $46,994 @ 7.0% cap · market cap 14.24%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
154
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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Fully leased South Lubbock duplex in Lubbock Cooper ISD with two 3-bedroom, 2-bath units and two-car garages.
Where is this duplex located?
The property is located at 3114 111th St Lubbock, TX.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Fully leased, professionally managed duplex; Built in 2005; 2,663 SF total property size
