New Build Duplex with Private
For Sale
$429,000
3119 - 3121 74th Street, Lubbock, TX 79423
New construction duplex featuring two leased 3-bedroom, 2-bath units with washer/dryer hookups, private yards, and attached garages.
Days on Market101
Property Features for 3119 - 3121 74th Street
General Information
Standard status
Active
Property subtype
Multi Family
Occupancy
100%
Additional Details
Multifamily Units
2
Amenities
washer/dryer hookups
private yards
attached garages
Building Details
Building Size
1,627 SF
Year Built
2023
Listing Agency:
eXp Realty LLC
(214) 709-3095
Listed By:
Michael Norsworthy · License #0799136
(214) 709-3095
Source:
Lubbockhomemarket
Added: Apr 23
Changed: Jul 28
Last Checked: Jul 31 at 1:41PM
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
Investment Insights
Based on property information with market context.
New build duplex offering two spacious 3-bedroom, 2-bath units. Each unit is laid out with an open-concept design and includes washer/dryer hookups, a private yard, and an attached garage. Both units are currently leased, supporting an income-producing setup for an investor or an owner-occupant seeking a turnkey residence.
The property is located at 3119–3121 74th Street in Lubbock, TX, in the Waters neighborhood. Public remarks indicate convenient access to major roads and proximity to schools, parks, and shopping.
From a practical configuration standpoint, the duplex provides two separate, similar living units within a newly constructed duplex framework, each designed for low-maintenance day-to-day operation with modern finishes throughout.
The property is located at 3119–3121 74th Street in Lubbock, TX, in the Waters neighborhood. Public remarks indicate convenient access to major roads and proximity to schools, parks, and shopping.
From a practical configuration standpoint, the duplex provides two separate, similar living units within a newly constructed duplex framework, each designed for low-maintenance day-to-day operation with modern finishes throughout.
Key Highlights
- Newly built duplex (Year built 2023) at 3115‑3117 74th Street in Lubbock’s Waters neighborhood
- Two identical units: 3 bed, 2 bath, each about 1,600 SF
- Both units are currently leased at $1,550/month
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 | $22.5k | $13.80 |
| − Vacancy | −$1.5k | −$0.90 |
| EGI | $21.0k | $12.90 |
| − OpEx | −$6.3k | −$3.87 |
| NOI | $14.7k | $9.03 |
1,627 SF · lease $13.80/SF/yr · vacancy 6.50% · expense 30.00%
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
Current Use
Lease Details
2
Residential units
100%
Occupancy
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 construction duplex featuring two leased 3-bedroom, 2-bath units with washer/dryer hookups, private yards, and attached garages.
Where is this duplex located?
The property is located at 3119 - 3121 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: Newly built duplex (Year built 2023) at 3115‑3117 74th Street in Lubbock’s Waters neighborhood; Two identical units: 3 bed, 2 bath, each about 1,600 SF; Both units are currently leased at $1,550/month
