Duplex with Attached Two-Car
For Sale
$375,000
5506 Itasca Street, Lubbock, TX 79416
MULTI_FAMILY - Lubbock, TX
Property Size3,054 SF
Lot Size0.17 Acres
Price / SF$122.79
Days on Market286
Property Features for 5506 Itasca Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 2, Bedroom 1, Bathroom 6, Bathroom 4, Bathroom 7, Bathroom 1, Bedroom 6, Bathroom 8, Bathroom 9, Bathroom 3, Bedroom 4, Bathroom 5, Bedroom 2, Bedroom 3, Bedroom 5
Parking features
Alley, Garage, Driveway
Patio and Porch features
Porch
Interior features
Ceiling Fan(s), Granite Counters, Kitchen Island, Storage, Walk-In Closet(s)
Exterior features
Private Yard
Fencing
Fenced
Appliances
Dishwasher, Microwave, Refrigerator, Stainless Steel Appliance(s)
Elementary school
Centennial
Middle school
Mackenzie
High school
Coronado
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
8
Standard status
Active
APN
R337366
Size
3,054 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
Lincoln 16 L 169
Tax Annual Amount
6977
Legal Description
Lincoln 16 L 169
Utilities
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
2021
Number of units
2
Flooring type
Vinyl
Building materials
Brick Veneer, Concrete
Roof type
Composition
Additional Structures
Storage
Listing Agency:
Keller Williams Realty
(806) 771-7710
Listed By:
Han Li · License #0739511
(864) 353-9731
Added: Oct 31, 2025
Changed: Aug 2
Last Checked: Aug 12 at 4:06PM
MLS# 202562490
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.
This 6-bedroom, 6-bath duplex was built in 2021 and includes approximately 3,054 square feet of modern living space. The layout features a light-filled, open-plan living area with vinyl flooring throughout, plus a kitchen with granite countertops, a kitchen island, and stainless-steel appliances. Interior finishes and storage are supported by features including ceiling fans, walk-in closets, and additional storage.
Each unit includes an attached two-car garage and has access to outdoor space through a private yard with fencing. The home also includes a porch, and the roof is composition. Heating is electric with central systems, and cooling is central air.
Unit B is rented out through July 31st, 2026, while Unit A is currently vacant. Public water service is available.
Each unit includes an attached two-car garage and has access to outdoor space through a private yard with fencing. The home also includes a porch, and the roof is composition. Heating is electric with central systems, and cooling is central air.
Unit B is rented out through July 31st, 2026, while Unit A is currently vacant. Public water service is available.
Key Highlights
- Duplex built in 2021
- Approximately 3,054 SF and 0.17‑acre lot
- 6 bedrooms and 6 bathrooms
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
$27,584
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
7.36%
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%
$551,680
$551.7K
Cap Rate 7%
$394,057
$394.1K
Cap Rate 9%
$306,489
$306.5K
Market Conditions
NOI Build-Up for 3,054 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
$42.1K $13.80/SF
− Vacancy
−$2.7K −$0.90/SF
EGI
$39.4K $12.90/SF
− OpEx
−$11.8K −$3.87/SF
NOI
$27.6K $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%
$551,680
Cap Rate 7%
$394,057
Cap Rate 9%
$306,489
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
162
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 - Built in 2021, this duplex offers light-filled open living, vinyl floors, granite kitchen counters, and attached two-car garages.
Where is this duplex located?
The property is located at 5506 Itasca Street 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: Duplex built in 2021; Approximately 3,054 SF and 0.17‑acre lot; 6 bedrooms and 6 bathrooms
