Brick Duplex with
For Sale
$292,000
3309 74th Street, Lubbock, TX 79423
MULTI_FAMILY - Other - Lubbock, TX
Property Size2,825 SF
Lot Size0.18 Acres
Price / SF$103.36
Days on Market79
Property Features for 3309 74th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multi-Family
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 1, Bedroom 2, Bathroom 2, Bathroom 1, Bathroom 4, Bathroom 3, Bedroom 3
Parking features
Driveway, Alley, Open, Garage
Window features
Blinds
Patio and Porch features
Porch
Interior features
Bar, Ceiling Fan(s), Formica Counters, Primary Downstairs, Vaulted Ceiling(s), Wet Bar
Exterior features
Balcony
Fencing
Fenced
Fireplace
1
Appliances
Microwave, Refrigerator
Lot features
Back Yard, Front Yard
Elementary school
Waters
Middle school
Evans
High school
Monterey
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
7
Standard status
Active
APN
R125645
Size
2,825 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
Melonie Gardens W54.51' Of L 27 & E19.62' Of 28
Tax Annual Amount
4040
Legal Description
Melonie Gardens W54.51' Of L 27 & E19.62' Of 28
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Amenities
balcony
wet bar
Building Details
Year built
1978
Floors in Building
2
Number of units
2
Flooring type
Carpet, Vinyl
Building materials
Brick
Roof type
Composition
Architectural style
Other
Listing Agency:
Thrive Real Estate
(806) 243-9560
Listed By:
Dana Brown · License #0640988
(806) 831-3499
Added: Jun 15
Changed: Aug 5
Last Checked: Sep 1 at 2:06PM
MLS# 202608188
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.
This brick duplex offers two studio-style units with an open-concept layout and loft bedroom overlooking the main living area. Each unit features a downstairs primary bedroom plus a balcony, wet bar area, and distinctive architectural character. Interior details include vaulted ceilings, Formica counters, ceiling fans, and a mix of carpet and vinyl flooring. Appliances include a microwave and refrigerator, and the home has central heating and central air with natural gas.
The property sits on a 0.18-acre lot and totals 2,825 square feet, built in 1978. One side is currently occupied and has a lease in place through January 2027, while the second unit offers flexibility for owner-occupancy or additional rental potential. Outdoor features include a porch and fenced yard. Parking is available via driveway, garage, alley access, and open parking. Utilities include public water and public sewer, with cable available.
A fireplace is also present, supporting comfort and character across the living spaces.
The property sits on a 0.18-acre lot and totals 2,825 square feet, built in 1978. One side is currently occupied and has a lease in place through January 2027, while the second unit offers flexibility for owner-occupancy or additional rental potential. Outdoor features include a porch and fenced yard. Parking is available via driveway, garage, alley access, and open parking. Utilities include public water and public sewer, with cable available.
A fireplace is also present, supporting comfort and character across the living spaces.
Key Highlights
- Two 2‑bedroom, 2‑bath studio‑style units with open‑concept layout and loft bedroom
- Balcony and wet bar area included in each unit, plus downstairs primary bedroom
- One side occupied with a lease in place through January 2027
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,545
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 - Brick duplex with two 2-bedroom, 2-bath units; one side leased through January 2027.
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 2‑bedroom, 2‑bath studio‑style units with open‑concept layout and loft bedroom; Balcony and wet bar area included in each unit, plus downstairs primary bedroom; One side occupied with a lease in place through January 2027
