Modern Duplex Investment
5506 Itasca St Lubbock, TX 79416
New
For Sale
$375,000
Built in 2021, this 6-bedroom duplex offers two units with attached two-car garages and vinyl flooring throughout.
Property Size3,054 SF
Price / SF$122.79
Days on Market5
Property Features for 5506 Itasca St
General Information
- Standard status
- Active
- Size
- 3,054 SF
- Property subtype
- Multi-Family
Building Details
- Year Built
- 2021
Listing Agency:
Keller Williams Realty
(864) 353-9731
Listed By:
Han Li · License #0739511
Source:
Raftercrossrealty
Added: Jul 20
Changed: Jul 21
Last Checked: Jul 24 at 2:41PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This 2021-built duplex provides modern residential income configuration with a total of 6 bedrooms and 6 bathrooms across two units. Unit A is currently vacant and ready for occupancy or renovation planning, while Unit B is leased through July 31, 2026. The interior features light-filled open-plan living areas with vinyl flooring throughout, along with a kitchen finished with granite countertops and stainless-steel appliances. Each unit includes an attached two-car garage for off-street parking and added storage.
The property is located in Lubbock’s Northwest neighborhood and is described as being just minutes from Texas Tech University, major shopping centers, and the medical district. Please note that the listing indicates the provided photos are from a similar duplex interior and that the inside of both duplexes is the same; only Unit A should be shown.
With two separate units and attached garages per unit, the layout supports independent use within a single duplex structure.
The property is located in Lubbock’s Northwest neighborhood and is described as being just minutes from Texas Tech University, major shopping centers, and the medical district. Please note that the listing indicates the provided photos are from a similar duplex interior and that the inside of both duplexes is the same; only Unit A should be shown.
With two separate units and attached garages per unit, the layout supports independent use within a single duplex structure.
Key Highlights
- Built in 2021: 6‑bedroom, 6‑bath duplex with approx. 3,054 sq. ft. modern living space
- Unit A currently vacant; listed rent is $1,500 per month
- Unit B rented until July 31, 2026
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $42.1k | $13.80 |
| − Vacancy | −$2.7k | −$0.90 |
| EGI | $39.4k | $12.90 |
| − OpEx | −$11.8k | −$3.87 |
| NOI | $27.6k | $9.03 |
3,054 SF · lease $13.80/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$394.1K
$344.8K – $459.7K
NOI $27,584 @ 7.0% cap · market cap 7.36%
Second Best
Apartment 5plus
$353.8K
$309.6K – $412.8K
NOI $24,768 @ 7.0% cap · market cap 6.60%
Theoretical Best
Office A
$769.9K
$673.7K – $898.3K
NOI $53,895 @ 7.0% cap · market cap 14.37%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Built in 2021, this 6-bedroom duplex offers two units with attached two-car garages and vinyl flooring throughout.
Where is this duplex located?
The property is located at 5506 Itasca St Lubbock, TX.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Built in 2021: 6‑bedroom, 6‑bath duplex with approx. 3,054 sq. ft. modern living space; Unit A currently vacant; listed rent is $1,500 per month; Unit B rented until July 31, 2026
