Duplex with Dedicated
For Sale
$179,000
4423 31st Street, Lubbock, TX 79410
Residential Income, Lubbock, TX
Property Size2,003 SF
Lot Size0.22 Acres
Price / SF$89.37
Days on Market102
Property Features for 4423 31st Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 1, Bedroom 2
Parking features
Carport, Off Street
Patio and Porch features
Porch
Interior features
Ceiling Fan(s), Formica Counters
Fencing
Fenced
Appliances
Dishwasher
Elementary school
Overton
Middle school
Mackenzie
High school
Coronado
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
3
Standard status
Active
APN
R40459
Size
2,003 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Description
Bender Terrace L 12
Tax Annual Amount
2891
Legal Description
Bender Terrace L 12
Utilities
Heating system
Natural Gas, Central
Cooling system
Electric, Central Air, Ceiling Fan(s)
Building Details
Year built
1960
Floors in Building
1
Number of units
2
Building materials
Brick
Roof type
Composition
Architectural style
Other
Listing Agency:
Keller Williams Realty
(806) 771-7710
Listed By:
Cole Whisenhunt · License #0641534
(806) 438-7987
Added: May 15
Changed: Aug 19
Last Checked: Aug 24 at 12:06AM
MLS# 202606555
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.
Brick duplex located at 4423 31st Street in Lubbock, TX 79410, offering two separate units in a single 2,003 SF building on a 0.22-acre lot. Built in 1960, the property features a composition roof and off-street parking with dedicated carports for each side. Each unit is configured with two bedrooms and one bathroom, plus a porch, fenced yard elements, and in-unit comforts including ceiling fans and Formica counters. Heating is natural gas with central systems, and cooling is electric central air with ceiling fans. A dishwasher is included.
Both sides are currently leased, with Side A leased through 06/30/2026 and Side B leased through 07/31/2026. The property is positioned near the Medical District and Maxey Park.
Both sides are currently leased, with Side A leased through 06/30/2026 and Side B leased through 07/31/2026. The property is positioned near the Medical District and Maxey Park.
Key Highlights
- 0.22‑acre lot with a 2,003 SF duplex
- Two 2‑bedroom, 1‑bath units (Sides A & B)
- Dedicated carports plus off‑street parking
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
$16,244
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
9.07%
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%
$324,880
$324.9K
Cap Rate 7%
$232,057
$232.1K
Cap Rate 9%
$180,489
$180.5K
Market Conditions
NOI Build-Up for 2,003 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
$31.5K $15.72/SF
− Vacancy
−$2.0K −$0.97/SF
EGI
$29.5K $14.75/SF
− OpEx
−$13.3K −$6.64/SF
NOI
$16.2K $8.11/SF
Area
Lubbock, TX
Vacancy
6.20%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$324,880
Cap Rate 7%
$232,057
Cap Rate 9%
$180,489
Alternative Uses
Best Use
Multifamily LT 5
$258.4K
$226.1K – $301.5K
NOI $18,091 @ 7.0% cap · market cap 10.11%
Second Best
Apartment 5plus
$232.1K
$203.1K – $270.7K
NOI $16,244 @ 7.0% cap · market cap 9.07%
Theoretical Best
Office A
$505.0K
$441.8K – $589.1K
NOI $35,347 @ 7.0% cap · market cap 19.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
952
Businesses Nearby
Explore this area
Business Placement
Demographics for 79410, TX
8,615
Population
4,736
Households
1.8
Avg Household Size
29
Median Age
47%
College-Educated
91%
High-School Grad
2.4 sq mi
ZIP Area
3,590
Density / Sq Mi
$48,350
Median Household Income
$29,637
Median Earnings
$1,315
Median Rent
$211,300
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 - Brick duplex with two 2-bedroom, 1-bath units, each with a dedicated carport.
Where is this duplex located?
The property is located at 4423 31st Street Lubbock, TX.
What is the asking price?
The asking price for this property is $179,000.
What are key features of this property?
This property features: 0.22‑acre lot with a 2,003 SF duplex; Two 2‑bedroom, 1‑bath units (Sides A & B); Dedicated carports plus off‑street parking
