Two-Unit Duplex with
For Sale
$222,000
4203 17th St, Lubbock, TX 79416
Income-producing residential property near Texas Tech University, Lubbock Christian University, and the Lubbock medical district.
Property Size2,000 SF
Price / SF$111
Days on Market9
Property Features for 4203 17th St
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1965
Listing Agency:
Exit Realty of Lubbock
(806) 771-3900
Listed By:
Sharon Mirll · License #0632808
Source:
Raftercrossrealty
Added: Aug 4
Changed: Aug 5
Last Checked: Aug 12 at 9:41AM
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 Exit Realty of Lubbock
Investment Insights
Based on property information with market context.
Built in 1965, this duplex contains approximately 2,000 square feet overall, with approximately 1,000 square feet per side. Each unit offers two bedrooms and one bathroom, creating a straightforward two-unit configuration. A 1-car carport serves the property.
The duplex is located at 4203 17th St in Lubbock, near Texas Tech University, Lubbock Christian University, and the Lubbock medical district. The layout supports separate residential units within one property and may accommodate an owner-occupant arrangement with one side occupied and the other rented, as described in the property information.
The duplex is located at 4203 17th St in Lubbock, near Texas Tech University, Lubbock Christian University, and the Lubbock medical district. The layout supports separate residential units within one property and may accommodate an owner-occupant arrangement with one side occupied and the other rented, as described in the property information.
Key Highlights
- Two‑unit duplex with approximately 1,000 square feet per side
- Each side includes 2 bedrooms and 1 bathroom
- 1‑car carport included
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
$18,064
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
8.14%
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%
$361,280
$361.3K
Cap Rate 7%
$258,057
$258.1K
Cap Rate 9%
$200,711
$200.7K
Market Conditions
NOI Build-Up for 2,000 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
$27.6K $13.80/SF
− Vacancy
−$1.8K −$0.90/SF
EGI
$25.8K $12.90/SF
− OpEx
−$7.7K −$3.87/SF
NOI
$18.1K $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%
$361,280
Cap Rate 7%
$258,057
Cap Rate 9%
$200,711
Alternative Uses
Best Use
Multifamily LT 5
$258.1K
$225.8K – $301.1K
NOI $18,064 @ 7.0% cap · market cap 8.14%
Second Best
Apartment 5plus
$231.7K
$202.8K – $270.3K
NOI $16,220 @ 7.0% cap · market cap 7.31%
Theoretical Best
Office A
$504.2K
$441.2K – $588.2K
NOI $35,294 @ 7.0% cap · market cap 15.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,008
Businesses Nearby
Explore this area
Business Placement
Demographics for 79416, TX
36,251
Population
16,094
Households
2.3
Avg Household Size
30
Median Age
39%
College-Educated
93%
High-School Grad
32.1 sq mi
ZIP Area
1,129
Density / Sq Mi
$65,200
Median Household Income
$34,258
Median Earnings
$1,269
Median Rent
$196,900
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 - Income-producing residential property near Texas Tech University, Lubbock Christian University, and the Lubbock medical district.
Where is this duplex located?
The property is located at 4203 17th St Lubbock, TX.
What is the asking price?
The asking price for this property is $222,000.
What are key features of this property?
This property features: Two‑unit duplex with approximately 1,000 square feet per side; Each side includes 2 bedrooms and 1 bathroom; 1‑car carport included
