Updated Two-Unit
For Sale
$289,000
Pending
3205 66th St, Lubbock, TX 79413
Two-unit property with attached garages, fireplaces, and long-term tenants on month-to-month leases.
Property Size3,111 SF
Days on Market38
Property Features for 3205 66th St
General Information
Standard status
Pending
Size
3,111 SF
Total Parking Spaces
4
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,520
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Lubbock Select Realty
(806) 239-9874
Listed By:
Shelley Huffman · License #0741008
(806) 239-9874
Source:
Exprealty
Added: Jul 23
Changed: Aug 20
Last Checked: Aug 29 at 2:28PM
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 Lubbock Select Realty
Investment Insights
Based on property information with market context.
This duplex includes two separate residences with practical layouts and attached two-car garages on each side. Side A offers three bedrooms and two bathrooms, while Side B has two bedrooms and two bathrooms. Interior improvements include updated vinyl plank flooring, newer kitchen cabinetry in Side B, and gas fireplaces in both units. The roof was replaced three years ago, the fascia was repainted at that time, and the water heater was replaced two years ago.
Both sides are occupied by long-term tenants under month-to-month leases. The property is catty-corner from Leftwich Park, less than half a mile from Sun 'n Fun, and four miles from Texas Tech in Lubbock.
Both sides are occupied by long-term tenants under month-to-month leases. The property is catty-corner from Leftwich Park, less than half a mile from Sun 'n Fun, and four miles from Texas Tech in Lubbock.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 2 bathrooms in Side A
- Side B includes 2 bedrooms, 2 bathrooms, and a 2‑car garage
- Each side has a 2‑car garage and gas fireplace
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
8.73%
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 9.72%
Second Best
Apartment 5plus
$360.4K
$315.4K – $420.5K
NOI $25,230 @ 7.0% cap · market cap 8.73%
Theoretical Best
Office A
$784.3K
$686.3K – $915.0K
NOI $54,900 @ 7.0% cap · market cap 19.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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-unit property with attached garages, fireplaces, and long-term tenants on month-to-month leases.
Where is this duplex located?
The property is located at 3205 66th St Lubbock, TX.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms and 2 bathrooms in Side A; Side B includes 2 bedrooms, 2 bathrooms, and a 2‑car garage; Each side has a 2‑car garage and gas fireplace
