Duplex with Leased
For Sale
$370,000
5523 Itasca St, Lubbock, TX 79416
Both residences are leased, providing rental income from the property’s two-unit configuration.
Property Size2,842 SF
Price / SF$130.19
Days on Market20
Property Features for 5523 Itasca St
General Information
Standard status
Active
Size
2,842 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/3BA
Multifamily Units
2
Building Details
Year Built
2021
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams Realty
Listed By:
Steadfast Realty
(806) 451-4767
Source:
Steadfast-realty
Added: Oct 14
Changed: Nov 1
Last Checked: Nov 1 at 6:02AM
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.
Completed in 2021, this duplex contains 2,842 square feet across two residences. Each unit has three bedrooms and three full bathrooms, creating matching layouts throughout the property.
Both units are currently leased. The property is located at 5523 Itasca St in Lubbock, Texas.
Both units are currently leased. The property is located at 5523 Itasca St in Lubbock, Texas.
Key Highlights
- Built in 2021
- 2,842 square feet across two units
- Each unit includes 3 bedrooms and 3 full bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,669
Cap Rate
6.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$513,380
$513.4K
Cap Rate 7%
$366,700
$366.7K
Cap Rate 9%
$285,211
$285.2K
Market Conditions
NOI Build-Up for 2,842 SF
Gross rent
$39.2K $13.80/SF
− Vacancy
−$2.5K −$0.90/SF
EGI
$36.7K $12.90/SF
− OpEx
−$11.0K −$3.87/SF
NOI
$25.7K $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%
$513,380
Cap Rate 7%
$366,700
Cap Rate 9%
$285,211
Alternative Uses
Best Use
Multifamily LT 5
$366.7K
$320.9K – $427.8K
NOI $25,669 @ 7.0% cap · market cap 6.94%
Second Best
Apartment 5plus
$329.3K
$288.1K – $384.1K
NOI $23,048 @ 7.0% cap · market cap 6.23%
Theoretical Best
Office A
$716.5K
$626.9K – $835.9K
NOI $50,153 @ 7.0% cap · market cap 13.55%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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 - Both residences are leased, providing rental income from the property’s two-unit configuration.
Where is this duplex located?
The property is located at 5523 Itasca St Lubbock, TX.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: Built in 2021; 2,842 square feet across two units; Each unit includes 3 bedrooms and 3 full bathrooms
