Residential Income Property with
3508 42nd Street Lubbock, TX 79413
3508 42nd Street, Lubbock, TX, 79413
$215,000
For Sale
$215,000
MULTI_FAMILY - Other - Lubbock, TX
Property Size1,963 SF
Lot Size0.18 Acres
Price / SF$109.53
Days on Market30
Property Features for 3508 42nd Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 3
- Bathrooms
- 3
- Rooms
- Bathroom 3, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 3, Bedroom 1
- Parking
- 1
- Parking features
- Garage
- Window features
- Storm Window(s)
- Patio and Porch features
- Patio
- Interior features
- Bookcases, Breakfast Bar, Ceiling Fan(s), Formica Counters
- Fencing
- Fenced
- Appliances
- Dishwasher, Disposal, Microwave
- Standard status
- Active
- APN
- R119093
- Size
- 1,963 SF
- Lot size
- 0.18 Acres
Taxes and HOA fees
- Tax Description
- Slaton Myrtle Blk 8 E20'of 16& W40'of 17
- Tax Annual Amount
- 3886
Utilities
- Sewer type
- Public Sewer
- Heating system
- Natural Gas, Central
- Cooling system
- Central Air, Electric
- Water source
- Public
Building Details
- Year built
- 1954
- Floors in Building
- 1
- Number of units
- 1
- Flooring type
- Hardwood, Tile, Carpet
- Building materials
- Brick
- Roof type
- Composition
- Architectural style
- Other
Listing Agency
Keller Williams Realty
(806) 771-7710
10210 Quaker Ave, Lubbock, TX
Listed by
Dianna Romans · License #0595636
(806) 789-0899
Added: Jun 18 Checked: Jul 17 at 10:06 am
MLS# 202608363
Listing URL
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 residential income property includes an additional unit in the back in the form of an ADU, creating a second rental option on the site. The home has had a range of updates, including new floors, interior painting, new blinds, a new hot water heater, new gas lines, plumbing upgrades, and recent landscaping.
The property is located in Lubbock, Texas, and is described as centrally located and close to Texas Tech. Public remarks also note that it is one of the only homes in the area with a third bathroom, which may be useful for certain household and roommate setups.
For investors or owner-operators, the combination of an ADU and a tenant already in place can support an income-focused strategy from day one. The documented capital improvements may also help reduce immediate maintenance concerns, while the property’s layout offers flexibility for renters seeking more than one bathroom and an additional space on the same parcel.
The property is located in Lubbock, Texas, and is described as centrally located and close to Texas Tech. Public remarks also note that it is one of the only homes in the area with a third bathroom, which may be useful for certain household and roommate setups.
For investors or owner-operators, the combination of an ADU and a tenant already in place can support an income-focused strategy from day one. The documented capital improvements may also help reduce immediate maintenance concerns, while the property’s layout offers flexibility for renters seeking more than one bathroom and an additional space on the same parcel.
Key Highlights
- Year built 1954 brick home with central heating (natural gas) and central air
- Interior features include breakfast bar, ceiling fans, and Formica counters
- Hardwood, tile, and carpet flooring throughout; includes appliances such as dishwasher, disposal, and microwave
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $30.9k | $15.72 |
| − Vacancy | −$1.9k | −$0.97 |
| EGI | $28.9k | $14.75 |
| − OpEx | −$13.0k | −$6.64 |
| NOI | $15.9k | $8.11 |
1,963 SF · lease $15.72/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$227.4K
$199.0K – $265.3K
NOI $15,920 @ 7.0% cap · market cap 7.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$494.9K
$433.0K – $577.4K
NOI $34,641 @ 7.0% cap · market cap 16.11%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Single family properties
Similar For Sale Nearby
FAQs
What type of property is this?
Single family property - Residential income property with a tenant in place and a back ADU, plus multiple recent updates throughout.
Where is this single family property located?
The property is located at 3508 42nd Street Lubbock, TX.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Year built 1954 brick home with central heating (natural gas) and central air; Interior features include breakfast bar, ceiling fans, and Formica counters; Hardwood, tile, and carpet flooring throughout; includes appliances such as dishwasher, disposal, and microwave
