2-Unit Duplex Built in
For Sale
$385,000
5508 Itasca St, Lubbock, TX 79416
Two residential units offer flexible occupancy or rental use in a recently constructed property.
Property Size3,079 SF
Price / SF$125.04
Days on Market11
Property Features for 5508 Itasca St
General Information
Standard status
Active
Size
3,079 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
2021
Buildings
1
Listing Agency:
Keller Williams Realty
(864) 353-9731
Listed By:
Han Li · License #0739511
Source:
Raftercrossrealty
Added: Aug 19
Changed: Aug 21
Last Checked: Aug 29 at 11:52AM
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 two-unit residential property was completed in 2021 and offers a duplex configuration suited to owner occupancy or rental use. The interiors are described as bright and spacious, providing practical living areas across both residences.
Listing photos show Unit A in a vacant condition, while Unit B is described as having a similar appearance. The property is located at 5508 Itasca St in Lubbock, Texas, within the 79416 ZIP code.
Listing photos show Unit A in a vacant condition, while Unit B is described as having a similar appearance. The property is located at 5508 Itasca St in Lubbock, Texas, within the 79416 ZIP code.
Key Highlights
- Duplex with 2 residential units
- Built in 2021
- Bright, spacious interiors described for both units
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
$27,810
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
7.22%
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%
$556,200
$556.2K
Cap Rate 7%
$397,286
$397.3K
Cap Rate 9%
$309,000
$309.0K
Market Conditions
NOI Build-Up for 3,079 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
$42.5K $13.80/SF
− Vacancy
−$2.8K −$0.90/SF
EGI
$39.7K $12.90/SF
− OpEx
−$11.9K −$3.87/SF
NOI
$27.8K $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%
$556,200
Cap Rate 7%
$397,286
Cap Rate 9%
$309,000
Alternative Uses
Best Use
Multifamily LT 5
$397.3K
$347.6K – $463.5K
NOI $27,810 @ 7.0% cap · market cap 7.22%
Second Best
Apartment 5plus
$356.7K
$312.1K – $416.2K
NOI $24,971 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$776.2K
$679.2K – $905.6K
NOI $54,336 @ 7.0% cap · market cap 14.11%
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
102
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 residential units offer flexible occupancy or rental use in a recently constructed property.
Where is this duplex located?
The property is located at 5508 Itasca St Lubbock, TX.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Duplex with 2 residential units; Built in 2021; Bright, spacious interiors described for both units
