Three-Bedroom
New
For Sale
$370,000
5502 Itasca Street, Lubbock, TX 79416
Residential Income, Lubbock, TX
Property Size2,842 SF
Lot Size0.17 Acres
Price / SF$130.19
Days on Market4
Property Features for 5502 Itasca Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 2, Bathroom 4, Bathroom 6, Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 6, Bathroom 1, Bathroom 5, Bedroom 5, Bedroom 2, Bedroom 4
Parking features
Garage
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
8
Standard status
Active
APN
R337364
Size
2,842 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
Lincoln 16 L 167
Tax Annual Amount
6055
Legal Description
Lincoln 16 L 167
Utilities
Heating system
Natural Gas
Cooling system
Electric, Central Air
Building Details
Year built
2021
Building materials
Brick
Listing Agency:
eXp Realty LLC
(888) 519-7431
Listed By:
Michael Norsworthy · License #0799136
(214) 709-3095
Added: Oct 13
Last Checked: Oct 16 at 12:06AM
MLS# 202614098
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.
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Investment Insights
Based on property information with market context.
Built in 2021, this brick duplex contains 2,842 square feet across two residences. Each unit has three bedrooms and three full bathrooms, and both are leased. The property includes garage parking, natural gas heating, and electric central air conditioning. The site measures 0.17 acres.
Key Highlights
- Two units, each with 3 bedrooms and 3 full bathrooms
- Both units are leased
- 2,842 square feet of building area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,669
Cap Rate
6.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$513,380
$513.4K
Cap Rate 7%
$366,700
$366.7K
Cap Rate 9%
$285,211
$285.2K
Market Conditions
NOI Build-Up for 2,842 SF
Gross rent
$39.2K $13.80/SF
− Vacancy
−$2.5K −$0.90/SF
EGI
$36.7K $12.90/SF
− OpEx
−$11.0K −$3.87/SF
NOI
$25.7K $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 Rate 5%
$513,380
Cap Rate 7%
$366,700
Cap Rate 9%
$285,211
Alternative Uses
Best Use
Multifamily LT 5
$366.7K
$320.9K – $427.8K
NOI $25,669 @ 7.0% cap · market cap 6.94%
Second Best
Apartment 5plus
$329.3K
$288.1K – $384.1K
NOI $23,048 @ 7.0% cap · market cap 6.23%
Theoretical Best
Office A
$716.5K
$626.9K – $835.9K
NOI $50,153 @ 7.0% cap · market cap 13.55%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
108
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences are leased, with three bedrooms and three full bathrooms in each unit.
Where is this duplex located?
The property is located at 5502 Itasca Street Lubbock, TX.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: Two units, each with 3 bedrooms and 3 full bathrooms; Both units are leased; 2,842 square feet of building area
