Leased Duplex With Rear
For Sale
$289,000
3302 29th St, Lubbock, TX 79410
Two residences share one property, with leases extending through May 2027.
Property Size1,969 SF
Price / SF$146.78
Days on Market17
Property Features for 3302 29th St
General Information
Standard status
Active
Size
1,969 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,220
Listing Agency:
Real Broker, LLC
(806) 577-5595
Listed By:
Doug Duncan · License #0563978
(806) 577-5595
Source:
Exprealty
Added: Jul 27
Changed: Aug 10
Last Checked: Aug 12 at 12:02PM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This duplex at 3302 29th St includes two separate residences totaling 1,969 square feet. The front residence contains 2 bedrooms and 1 bathroom across 1, 449 square feet, with original hardwood flooring as a defining interior feature. A remodeled rear studio adds 1 bedroom, 1 bathroom, and 520 square feet with updated finishes.
Both residences are leased through May 2027, providing an established occupancy arrangement. The property is located in Lubbock’s Tech Terrace neighborhood and combines a traditional front home with a separate, updated rear unit on one parcel.
Both residences are leased through May 2027, providing an established occupancy arrangement. The property is located in Lubbock’s Tech Terrace neighborhood and combines a traditional front home with a separate, updated rear unit on one parcel.
Key Highlights
- Two income‑producing residences on one property
- Both residences leased through May 2027
- Front residence offers 2 bedrooms, 1 bathroom, and 1, 449 square feet
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
$17,784
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
6.15%
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%
$355,680
$355.7K
Cap Rate 7%
$254,057
$254.1K
Cap Rate 9%
$197,600
$197.6K
Market Conditions
NOI Build-Up for 1,969 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
$27.2K $13.80/SF
− Vacancy
−$1.8K −$0.90/SF
EGI
$25.4K $12.90/SF
− OpEx
−$7.6K −$3.87/SF
NOI
$17.8K $9.03/SF
Area
Lubbock, TX
Vacancy
6.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$355,680
Cap Rate 7%
$254,057
Cap Rate 9%
$197,600
Alternative Uses
Best Use
Multifamily LT 5
$254.1K
$222.3K – $296.4K
NOI $17,784 @ 7.0% cap · market cap 6.15%
Second Best
Apartment 5plus
$228.1K
$199.6K – $266.1K
NOI $15,968 @ 7.0% cap · market cap 5.53%
Theoretical Best
Office A
$496.4K
$434.3K – $579.1K
NOI $34,747 @ 7.0% cap · market cap 12.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,122
Businesses Nearby
Explore this area
Business Placement
Demographics for 79410, TX
8,615
Population
4,736
Households
1.8
Avg Household Size
29
Median Age
47%
College-Educated
91%
High-School Grad
2.4 sq mi
ZIP Area
3,590
Density / Sq Mi
$48,350
Median Household Income
$29,637
Median Earnings
$1,315
Median Rent
$211,300
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 residences share one property, with leases extending through May 2027.
Where is this duplex located?
The property is located at 3302 29th 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 income‑producing residences on one property; Both residences leased through May 2027; Front residence offers 2 bedrooms, 1 bathroom, and 1, 449 square feet
