Duplex with Side-by-Side Gas
For Sale
$289,000
Pending
3205 66th Street, Lubbock, TX 79413
MULTI_FAMILY - Lubbock, TX
Property Size3,111 SF
Lot Size0.26 Acres
Days on Market21
Property Features for 3205 66th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bathroom 3, Bedroom 1, Bedroom 3, Bedroom 5, Bathroom 4, Bathroom 1, Bedroom 2, Bathroom 2
Parking features
Driveway, Open
Patio and Porch features
Porch
Fencing
Fenced
Fireplace
1
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
3
Standard status
Pending
APN
R129628
Size
3,111 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Description
Live Oak E40'of L 184 & W50'of 185
Tax Annual Amount
4520
Legal Description
Live Oak E40'of L 184 & W50'of 185
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1971
Number of units
2
Building materials
Brick
Roof type
Composition
Additional Structures
Storage
Listing Agency:
Lubbock Select Realty
(806) 696-7700
Listed By:
Shelley Huffman · License #0741008
(806) 239-9874
Added: Jul 23
Changed: Aug 5
Last Checked: Aug 12 at 1:06PM
MLS# 202610235
Copyright © 2026 Lubbock Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Brick duplex built in 1971 offers two separate living sides under one roof. The property sits on a 0.26-acre lot and contains 3,111 square feet total. Each side includes a gas fireplace, and both provide central heat and central air.
Side B features two bedrooms and two bathrooms, along with a two-car garage. Updates include newer vinyl plank flooring in the kitchen, dining room, and laundry room, plus newer kitchen cabinets. Side A has three bedrooms and two bathrooms and a two-car garage, with updated vinyl plank flooring in the living room and hallway.
Major exterior updates include a water heater replacement 2 years ago and a roof replacement 3 years ago, when the fascia was repainted as well. Both sides are currently occupied with long-term tenants and month-to-month leases. The property is catty-corner from Leftwich Park, less than half a mile from Sun 'n Fun, and about four miles from Texas Tech.
Side B features two bedrooms and two bathrooms, along with a two-car garage. Updates include newer vinyl plank flooring in the kitchen, dining room, and laundry room, plus newer kitchen cabinets. Side A has three bedrooms and two bathrooms and a two-car garage, with updated vinyl plank flooring in the living room and hallway.
Major exterior updates include a water heater replacement 2 years ago and a roof replacement 3 years ago, when the fascia was repainted as well. Both sides are currently occupied with long-term tenants and month-to-month leases. The property is catty-corner from Leftwich Park, less than half a mile from Sun 'n Fun, and about four miles from Texas Tech.
Key Highlights
- Side A: three bedrooms, two bathrooms, two‑car garage; updated vinyl plank in living room and hallway
- Side B: two bedrooms, two bathrooms, two‑car garage; updated vinyl plank in kitchen, dining, and laundry; newer cabinets
- Gas fireplaces on both sides
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 - Brick duplex with two separately configured sides, updated flooring, and gas fireplaces on each side.
Where is this duplex located?
The property is located at 3205 66th Street 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: Side A: three bedrooms, two bathrooms, two‑car garage; updated vinyl plank in living room and hallway; Side B: two bedrooms, two bathrooms, two‑car garage; updated vinyl plank in kitchen, dining, and laundry; newer cabinets; Gas fireplaces on both sides
