10-Unit Duplex
For Sale
$1,100,000
3511 - 3519 35th Street, Lubbock, TX 79413
Residential Income, Lubbock, TX
Property Size10,725 SF
Lot Size0.90 Acres
Price / SF$102.56
Days on Market352
Property Features for 3511 - 3519 35th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi-Family
Bedrooms
20
Bathrooms
10
Full bathrooms
10
Rooms
Bathroom 7, Bedroom 4, Bedroom 6, Bedroom 20, Bedroom 1, Bedroom 19, Bedroom 15, Bathroom 6, Bathroom 2, Bedroom 10, Bedroom 11, Bedroom 9, Bedroom 14, Bedroom 18, Bedroom 17, Bathroom 9, Bedroom 8, Bedroom 7, Bathroom 10, Bathroom 8, Bedroom 12, Bedroom 13, Bathroom 1, Bathroom 4, Bathroom 5, Bedroom 5, Bedroom 16, Bathroom 3, Bedroom 3, Bedroom 2
Parking features
Driveway
Patio and Porch features
Porch
Fencing
Fenced
Appliances
Electric Oven, Gas Cooktop
Lot features
City Lot
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Directions
Located two blocks west of Indiana Ave. on 35th Street
Subdivision
3
Standard status
Active
APN
R91955
Size
10,725 SF
Lot size
0.90 Acres
Taxes and HOA fees
Tax Description
MORRIS TW BLK 2 L 1-5
Tax Annual Amount
13869
Legal Description
MORRIS TW BLK 2 L 1-5
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Building Details
Year built
1959
Floors in Building
1
Flooring type
Vinyl, Carpet
Building materials
Brick Veneer
Roof type
Composition
Listing Agency:
WestMark Companies
(806) 794-6000
Listed By:
David Haymes · License #0618395
(806) 789-7653
Added: Sep 15, 2025
Changed: Aug 19
Last Checked: Sep 1 at 4:06PM
MLS# 202561284
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 comprises five duplex buildings with 10 total units and 10,725 square feet of property size on 0.9 acres. The buildings date to 1959 and feature brick veneer construction, composition roofing, vinyl and carpet flooring, central heating, central air, and ceiling fans. Individual improvements include porches, fenced areas, driveway parking, electric ovens, and gas cooktops.
The property is located at 3511 - 3519 35th Street in Lubbock, Texas, within ZIP Code 79413. Public water and public sewer serve the asset, with water available. All units are currently occupied, providing an established operating configuration across the five-building site.
The property is located at 3511 - 3519 35th Street in Lubbock, Texas, within ZIP Code 79413. Public water and public sewer serve the asset, with water available. All units are currently occupied, providing an established operating configuration across the five-building site.
Key Highlights
- Five‑building duplex property with 10 total units
- 10,725 square feet on 0.9 acres
- 100% occupied
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
$96,869
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
8.81%
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%
$1,937,380
$1.9M
Cap Rate 7%
$1,383,843
$1.4M
Cap Rate 9%
$1,076,322
$1.1M
Market Conditions
NOI Build-Up for 10,725 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
$148.0K $13.80/SF
− Vacancy
−$9.6K −$0.90/SF
EGI
$138.4K $12.90/SF
− OpEx
−$41.5K −$3.87/SF
NOI
$96.9K $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%
$1,937,380
Cap Rate 7%
$1,383,843
Cap Rate 9%
$1,076,322
Alternative Uses
Best Use
Multifamily LT 5
$1.38M
$1.21M – $1.61M
NOI $96,869 @ 7.0% cap · market cap 8.81%
Second Best
Apartment 5plus
$1.24M
$1.09M – $1.45M
NOI $86,979 @ 7.0% cap · market cap 7.91%
Theoretical Best
Office A
$2.70M
$2.37M – $3.15M
NOI $189,266 @ 7.0% cap · market cap 17.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
471
Businesses Nearby
Explore this area
Business Placement
Demographics for 79413, TX
20,962
Population
9,590
Households
2.2
Avg Household Size
35
Median Age
35%
College-Educated
91%
High-School Grad
4.7 sq mi
ZIP Area
4,460
Density / Sq Mi
$67,062
Median Household Income
$38,004
Median Earnings
$1,325
Median Rent
$195,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Five-building residential asset with all units occupied and public water and sewer.
Where is this duplex located?
The property is located at 3511 - 3519 35th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Five‑building duplex property with 10 total units; 10,725 square feet on 0.9 acres; 100% occupied
