2021 Brick
For Sale
$385,000
5508 Itasca Street, Lubbock, TX 79416
Residential Income, Lubbock, TX
Property Size3,079 SF
Lot Size0.17 Acres
Price / SF$125.04
Days on Market144
Property Features for 5508 Itasca Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 5, Bathroom 3, Bathroom 4, Bedroom 6, Bathroom 6, Bedroom 5, Bedroom 1, Bedroom 2, Bathroom 2
Parking features
Garage
Fencing
Fenced
Appliances
Dishwasher, Microwave
Lot features
Sprinklers In Rear
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
R337367
Size
3,079 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
LINCOLN 16 L 170
Tax Annual Amount
6739
Legal Description
LINCOLN 16 L 170
Utilities
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Building Details
Year built
2021
Floors in Building
1
Number of units
2
Building materials
Brick
Roof type
Composition
Listing Agency:
Keller Williams Realty
(806) 771-7710
Listed By:
Han Li · License #0739511
(864) 353-9731
Added: Apr 14
Changed: Aug 19
Last Checked: Sep 4 at 1:06AM
MLS# 202604881
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 duplex contains 3,079 square feet and was constructed in 2021 with brick exterior walls and a composition roof. The interior includes six bedrooms and six bathrooms, along with dishwasher and microwave appliances. Central electric heating and central air conditioning serve the property, while a garage provides on-site parking. Fenced grounds add separation around the 0.17-acre parcel.
Located in Lubbock, Texas, the property is identified by the 79416 ZIP code. The two-unit configuration supports residential occupancy or rental use, with the existing room count and core mechanical features already in place.
Located in Lubbock, Texas, the property is identified by the 79416 ZIP code. The two-unit configuration supports residential occupancy or rental use, with the existing room count and core mechanical features already in place.
Key Highlights
- 3,079‑square‑foot duplex on a 0.17‑acre parcel
- Built in 2021 with brick construction and a composition roof
- Six bedrooms and six 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
$27,810
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
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
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 - Two-unit residential property with central heating and cooling, fenced grounds, garage parking, and select kitchen appliances.
Where is this duplex located?
The property is located at 5508 Itasca Street 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: 3,079‑square‑foot duplex on a 0.17‑acre parcel; Built in 2021 with brick construction and a composition roof; Six bedrooms and six bathrooms
