Updated Duplex Near
For Sale
$285,000
Pending
3203 66th St, Lubbock, TX 79413
Two separately configured units include garages, fireplaces, and a mix of vacant and established tenancy.
Property Size3,111 SF
Days on Market38
Property Features for 3203 66th St
General Information
Standard status
Pending
Size
3,111 SF
Total Parking Spaces
4
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/2BA, 1 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,520
Amenities
brick fireplace
Listing Agency:
Keller Williams Realty
(806) 620-9855
Listed By:
Lee McClure · License #0699524
(806) 620-9855
Source:
Exprealty
Added: Jul 23
Changed: Aug 20
Last Checked: Aug 29 at 4:12PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This duplex at 3203 66th St includes two distinct residences with complementary layouts. Unit A offers 2 bedrooms, 2 baths, and a 2-car garage, while Unit B provides 3 bedrooms, 2 baths, and a 2-car garage. Each side features a brick fireplace. Unit B is vacant and has new flooring, while Unit A has been occupied by the same tenant for 19 years, with interest in remaining if permitted.
The property sits catty-corner from Leftwich Park, less than half a mile from Sun 'n Fun, and four miles from Texas Tech in Lubbock. Capital improvements include a roof replacement completed in 2020, HVAC replacement on one side in 2021, and replacement of the other system in 2025.
The property sits catty-corner from Leftwich Park, less than half a mile from Sun 'n Fun, and four miles from Texas Tech in Lubbock. Capital improvements include a roof replacement completed in 2020, HVAC replacement on one side in 2021, and replacement of the other system in 2025.
Key Highlights
- Duplex with 2‑bedroom and 3‑bedroom units
- Each unit includes 2 baths, a 2‑car garage, and a brick fireplace
- Unit B is vacant and features new flooring
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
$25,230
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
8.85%
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%
$504,600
$504.6K
Cap Rate 7%
$360,429
$360.4K
Cap Rate 9%
$280,333
$280.3K
Market Conditions
NOI Build-Up for 3,111 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
$48.9K $15.72/SF
− Vacancy
−$3.0K −$0.97/SF
EGI
$45.9K $14.75/SF
− OpEx
−$20.6K −$6.64/SF
NOI
$25.2K $8.11/SF
Area
Lubbock, TX
Vacancy
6.20%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$504,600
Cap Rate 7%
$360,429
Cap Rate 9%
$280,333
Alternative Uses
Best Use
Multifamily LT 5
$401.4K
$351.2K – $468.3K
NOI $28,099 @ 7.0% cap · market cap 9.86%
Second Best
Apartment 5plus
$360.4K
$315.4K – $420.5K
NOI $25,230 @ 7.0% cap · market cap 8.85%
Theoretical Best
Office A
$784.3K
$686.3K – $915.0K
NOI $54,900 @ 7.0% cap · market cap 19.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,165
Businesses Nearby
Explore this area
Business Placement
Demographics for 79413, TX
20,962
Population
9,590
Households
2.2
Avg Household Size
35
Median Age
35%
College-Educated
91%
High-School Grad
4.7 sq mi
ZIP Area
4,460
Density / Sq Mi
$67,062
Median Household Income
$38,004
Median Earnings
$1,325
Median Rent
$195,900
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 - Two separately configured units include garages, fireplaces, and a mix of vacant and established tenancy.
Where is this duplex located?
The property is located at 3203 66th St Lubbock, TX.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Duplex with 2‑bedroom and 3‑bedroom units; Each unit includes 2 baths, a 2‑car garage, and a brick fireplace; Unit B is vacant and features new flooring
