Loft-Style Duplex with
For Sale
$292,000
3309 74th Street, Lubbock, TX 79423
Two configured units feature open living areas, loft bedrooms, and flexibility for an owner-occupant or additional rental use.
Property Size2,825 SF
Days on Market54
Property Features for 3309 74th Street
General Information
Standard status
Active
Size
2,825 SF
Property subtype
Multi Family
Zoning
Multi-Family
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,040
Building Details
Building Size
2,825 SF
Year Built
1978
Stories
2
Units
2
Listing Agency:
Thrive Real Estate
(806) 831-3499
Listed By:
Dana Brown · License #0640988
(806) 831-3499
Source:
Lubbockhomemarket
Added: Jun 15
Changed: Aug 5
Last Checked: Aug 6 at 12:37PM
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 Thrive Real Estate
Investment Insights
Based on property information with market context.
Built in 1978, this duplex contains two studio-style units, each with 2 bedrooms and 2 baths. Both residences feature open-concept living areas, a loft bedroom positioned above the main living space, a downstairs primary bedroom, balcony access, and a wet bar area. Distinctive architectural details give the property a layout that differs from a conventional duplex.
The property is zoned Multi-Family. One unit is occupied under a lease extending through January 2027, while the second unit can support owner occupancy or additional rental use. The location is near shopping, dining, and other local amenities.
The property is zoned Multi-Family. One unit is occupied under a lease extending through January 2027, while the second unit can support owner occupancy or additional rental use. The location is near shopping, dining, and other local amenities.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 2 baths in each residence
- Loft bedroom overlooks the main living area in each studio‑style unit
- Downstairs primary bedrooms, balconies, and wet bar areas
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
$25,516
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
8.74%
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%
$510,320
$510.3K
Cap Rate 7%
$364,514
$364.5K
Cap Rate 9%
$283,511
$283.5K
Market Conditions
NOI Build-Up for 2,825 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
$39.0K $13.80/SF
− Vacancy
−$2.5K −$0.90/SF
EGI
$36.5K $12.90/SF
− OpEx
−$10.9K −$3.87/SF
NOI
$25.5K $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%
$510,320
Cap Rate 7%
$364,514
Cap Rate 9%
$283,511
Alternative Uses
Best Use
Multifamily LT 5
$364.5K
$319.0K – $425.3K
NOI $25,516 @ 7.0% cap · market cap 8.74%
Second Best
Apartment 5plus
$327.3K
$286.4K – $381.9K
NOI $22,911 @ 7.0% cap · market cap 7.85%
Theoretical Best
Office A
$712.2K
$623.2K – $830.9K
NOI $49,853 @ 7.0% cap · market cap 17.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
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 - Two configured units feature open living areas, loft bedrooms, and flexibility for an owner-occupant or additional rental use.
Where is this duplex located?
The property is located at 3309 74th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $292,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 2 baths in each residence; Loft bedroom overlooks the main living area in each studio‑style unit; Downstairs primary bedrooms, balconies, and wet bar areas
