Brick Duplex with
New
For Sale
$360,000
3812 36th Street, Lubbock, TX 79413
Residential Income, Lubbock, TX
Property Size2,915 SF
Lot Size0.22 Acres
Price / SF$123.50
Days on Market6
Property Features for 3812 36th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multi-Family
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 2, Bedroom 6, Bathroom 4, Bathroom 2, Bedroom 4, Bedroom 1, Bathroom 3, Bedroom 3, Bathroom 1
Parking features
Garage
Elementary school
Maedgen
Middle school
Hutchinson
High school
Lubbock
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Directions
GPS will take you there.
Subdivision
3
Standard status
Active
APN
R121736
Size
2,915 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Description
Lincoln Hts Blk 2 L 11
Tax Annual Amount
5535
Legal Description
Lincoln Hts Blk 2 L 11
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
2023
Building materials
Brick
Roof type
Composition
Listing Agency:
Progressive Properties
(806) 794-7777
Listed By:
Josh Barrett · License #0776750
(806) 401-6153
Added: Aug 24
Last Checked: Aug 29 at 5:06PM
MLS# 202611814
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 2023, this brick duplex contains 2,915 square feet on a 0.22-acre lot. The property includes two leased units, each with bedrooms and bathrooms, along with a garage, composition roof, central heating, and central air conditioning.
Unit A has a lease in place through June 2027, while Unit B is leased through April 2028. The property is located at 3812 36th Street in Lubbock, Texas, within ZIP code 79413.
Unit A has a lease in place through June 2027, while Unit B is leased through April 2028. The property is located at 3812 36th Street in Lubbock, Texas, within ZIP code 79413.
Key Highlights
- 2,915‑square‑foot duplex on a 0.22‑acre lot
- Built in 2023 with brick construction
- Two leased units with terms extending through June 2027 and April 2028
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two leased residences in a recently built duplex with central heating and cooling.
Where is this duplex located?
The property is located at 3812 36th Street 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: 2,915‑square‑foot duplex on a 0.22‑acre lot; Built in 2023 with brick construction; Two leased units with terms extending through June 2027 and April 2028
