Two-Unit Duplex with
For Sale
$275,000
3309 74th Street, Lubbock, TX 79423
Residential Income, Lubbock, TX
Property Size2,825 SF
Lot Size0.18 Acres
Price / SF$97.35
Days on Market111
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 3, Bedroom 4, Bathroom 4, Bathroom 3, Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 1
Parking features
Alley, Garage, Open, Driveway
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
Ceiling Fan(s), Central Air
Water source
Public
Amenities
fireplace
private balcony
wet bar
fenced backyard
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: Oct 2
Last Checked: Oct 3 at 5:06AM
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.
Built in 1978, this duplex contains two mirror-image residences totaling 2,825 square feet on a 0.18-acre lot. Each unit offers 2 bedrooms and 2 bathrooms, with a primary bedroom on the main floor and a second bedroom upstairs. Vaulted ceilings, lofts overlooking the living rooms, and painted-brick fireplaces give the interiors a distinctive layout. Step-up dining areas connect to fenced backyards, while wet bars, walk-in closets, and private balconies add further features. Each residence also has a two-car garage.
The kitchens feature white cabinetry, wraparound counters, mosaic tile backsplashes, stainless dishwashers, and double wall ovens. Unit A is leased through January 2027; Unit B is vacant. The property is on 74th Street in South Lubbock, along a tree-lined stretch.
The kitchens feature white cabinetry, wraparound counters, mosaic tile backsplashes, stainless dishwashers, and double wall ovens. Unit A is leased through January 2027; Unit B is vacant. The property is on 74th Street in South Lubbock, along a tree-lined stretch.
Key Highlights
- Two mirror‑image units, each with 2 bedrooms and 2 bathrooms
- 2,825 square feet on a 0.18‑acre lot
- Built in 1978
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
$22,911
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
8.33%
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%
$458,220
$458.2K
Cap Rate 7%
$327,300
$327.3K
Cap Rate 9%
$254,567
$254.6K
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
$44.4K $15.72/SF
− Vacancy
−$2.8K −$0.97/SF
EGI
$41.7K $14.75/SF
− OpEx
−$18.7K −$6.64/SF
NOI
$22.9K $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%
$458,220
Cap Rate 7%
$327,300
Cap Rate 9%
$254,567
Alternative Uses
Best Use
Multifamily LT 5
$364.5K
$319.0K – $425.3K
NOI $25,516 @ 7.0% cap · market cap 9.28%
Second Best
Apartment 5plus
$327.3K
$286.4K – $381.9K
NOI $22,911 @ 7.0% cap · market cap 8.33%
Theoretical Best
Office A
$712.2K
$623.2K – $830.9K
NOI $49,853 @ 7.0% cap · market cap 18.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Mirror-image residences combine vaulted living areas, private balconies, fenced yards, and individual garages.
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 $275,000.
What are key features of this property?
This property features: Two mirror‑image units, each with 2 bedrooms and 2 bathrooms; 2,825 square feet on a 0.18‑acre lot; Built in 1978
