Duplex with Two-Car
New
For Sale
$335,000
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$125.80
Days on Market3
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
(806) 786-4407
Listed By:
Jim Archer · License #0693553
Source:
Raftercrossrealty
Added: Jul 28
Changed: Jul 30
Last Checked: Jul 30 at 3:05AM
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
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 For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $36.7k | $13.80 |
| − Vacancy | −$2.4k | −$0.90 |
| EGI | $34.4k | $12.90 |
| − OpEx | −$10.3k | −$3.87 |
| NOI | $24.1k | $9.03 |
2,663 SF · lease $13.80/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$343.6K
$300.7K – $400.9K
NOI $24,052 @ 7.0% cap · market cap 7.18%
Second Best
Apartment 5plus
$308.5K
$270.0K – $360.0K
NOI $21,597 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$671.3K
$587.4K – $783.2K
NOI $46,994 @ 7.0% cap · market cap 14.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
141
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 - 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 $335,000.
What are key features of this property?
This property features: Fully leased, professionally managed duplex; Built in 2005; 2,663 SF total property size
