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 Market59
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
Listed By:
Han Li · License #0739511
(864) 353-9731
Source:
Raftercrossrealty
Added: Aug 19
Changed: Oct 8
Last Checked: Oct 7 at 1:57PM
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
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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 / Yr
$27,810
Cap Rate
7.22%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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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 - 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
