Fully Leased
For Sale
$360,000
3812 36th St, Lubbock, TX 79413
Two occupied units provide an established residential income property with leases extending into 2027 and 2028.
Property Size2,915 SF
Price / SF$123.50
Days on Market8
Property Features for 3812 36th St
General Information
Standard status
Active
Size
2,915 SF
Property subtype
Multi-Family
Occupancy
100%
Financials
Gross Income
$36,000
Average Monthly Rent
$1,500
Additional Details
Multifamily Units
2
Building Details
Year Built
2023
Tenancy
Multi
Listing Agency:
Keller Williams Realty
(806) 451-4767
Listed By:
Steadfast Realty
(806) 451-4767
Source:
Steadfast-realty
Added: Aug 26
Changed: Aug 31
Last Checked: Sep 1 at 6:17PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
Built in 2023, this duplex contains two leased residential units and offers 2,915 square feet of building area. Both units are occupied under current lease agreements, supporting ongoing rental operations without a vacant-unit transition at closing.
The property is located at 3812 36th St in Lubbock, Texas. Unit A has a lease extending through June 2027, while Unit B is leased through April 2028, providing staggered contractual occupancy across the two-unit configuration.
The property is located at 3812 36th St in Lubbock, Texas. Unit A has a lease extending through June 2027, while Unit B is leased through April 2028, providing staggered contractual occupancy across the two-unit configuration.
Key Highlights
- Two leased residential units
- 2,915 square feet of building area
- Constructed in 2023
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
$26,329
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
7.31%
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%
$526,580
$526.6K
Cap Rate 7%
$376,129
$376.1K
Cap Rate 9%
$292,544
$292.5K
Market Conditions
NOI Build-Up for 2,915 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
$40.2K $13.80/SF
− Vacancy
−$2.6K −$0.90/SF
EGI
$37.6K $12.90/SF
− OpEx
−$11.3K −$3.87/SF
NOI
$26.3K $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%
$526,580
Cap Rate 7%
$376,129
Cap Rate 9%
$292,544
Alternative Uses
Best Use
Multifamily LT 5
$376.1K
$329.1K – $438.8K
NOI $26,329 @ 7.0% cap · market cap 7.31%
Second Best
Apartment 5plus
$337.7K
$295.5K – $394.0K
NOI $23,640 @ 7.0% cap · market cap 6.57%
Theoretical Best
Office A
$734.9K
$643.0K – $857.4K
NOI $51,442 @ 7.0% cap · market cap 14.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
461
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two occupied units provide an established residential income property with leases extending into 2027 and 2028.
Where is this duplex located?
The property is located at 3812 36th St Lubbock, TX.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Two leased residential units; 2,915 square feet of building area; Constructed in 2023
