Brick Duplex with
For Sale
$222,000
Pending
4203 17th Street, Lubbock, TX 79416
Residential Income, Lubbock, TX
Property Size2,000 SF
Lot Size0.18 Acres
Days on Market99
Property Features for 4203 17th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 4
Parking features
Carport
Interior features
Ceiling Fan(s)
Appliances
Electric Oven, Range Hood
Elementary school
Rush
Middle school
Mackenzie
High school
Coronado
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
4
Standard status
Pending
APN
R75296
Size
2,000 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
Cowan Blk 6 L 4A
Tax Annual Amount
2134
Legal Description
Cowan Blk 6 L 4A
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Building Details
Year built
1965
Number of units
2
Flooring type
Vinyl, Linoleum
Building materials
Brick
Roof type
Composition
Listing Agency:
Exit Realty of Lubbock
(806) 771-3900
Listed By:
Sharon Mirll · License #0632808
(806) 771-3900
Added: May 26
Changed: Aug 30
Last Checked: Sep 1 at 12:06PM
MLS# 202607066
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 1965, this brick duplex contains approximately 2,000 square feet, with each side offering about 1,000 square feet. Both residences include two bedrooms, one bathroom, vinyl or linoleum flooring, ceiling fans, central air conditioning, and natural-gas central heat. Electric ovens and range hoods serve the kitchens, while composition roofing, public water, and public sewer support the property. A 1-car carport is provided for each side.
The 0.18-acre property is located near Texas Tech University, Lubbock Christian University, and the Lubbock medical district. The duplex may accommodate an owner-occupant using one residence while leasing the other, or serve as a two-unit rental property.
The 0.18-acre property is located near Texas Tech University, Lubbock Christian University, and the Lubbock medical district. The duplex may accommodate an owner-occupant using one residence while leasing the other, or serve as a two-unit rental property.
Key Highlights
- Duplex totals approximately 2,000 square feet
- Each side offers approximately 1,000 square feet with 2 bedrooms and 1 bathroom
- Built in 1965 with brick construction and composition roofing
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
Property Profile
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom, one-bath residences provide a practical side-by-side income property configuration.
Where is this duplex located?
The property is located at 4203 17th Street 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: Duplex totals approximately 2,000 square feet; Each side offers approximately 1,000 square feet with 2 bedrooms and 1 bathroom; Built in 1965 with brick construction and composition roofing
