Three-Bedroom
New
For Sale
$370,000
5523 Itasca Street, Lubbock, TX 79416
Residential Income, Lubbock, TX
Property Size2,842 SF
Lot Size0.17 Acres
Price / SF$130.19
Days on Market3
Property Features for 5523 Itasca Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 2, Bathroom 4, Bathroom 6, Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 6, Bathroom 1, Bathroom 5, Bedroom 5, Bedroom 2, Bedroom 4
Parking features
Garage
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
8
Standard status
Active
APN
R337353
Size
2,842 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
Lincoln 16 L 156
Tax Annual Amount
6122
Legal Description
Lincoln 16 L 156
Utilities
Heating system
Central, Natural Gas
Cooling system
Electric, Ceiling Fan(s)
Building Details
Year built
2021
Building materials
Brick
Roof type
Composition
Listing Agency:
eXp Realty LLC
(888) 519-7431
Listed By:
Michael Norsworthy · License #0799136
(214) 709-3095
Added: Oct 13
Last Checked: Oct 15 at 10:06PM
MLS# 202614099
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.
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Investment Insights
Based on property information with market context.
Built in 2021, this brick duplex contains 2,842 square feet across two residences. Each residence has three bedrooms and three full bathrooms. The property occupies a 0.17-acre lot, and both units are currently leased.
Heating is central and natural gas; cooling includes electric service and ceiling fans. Garage parking, a composition roof, and the two-unit configuration round out the property's documented features.
Heating is central and natural gas; cooling includes electric service and ceiling fans. Garage parking, a composition roof, and the two-unit configuration round out the property's documented features.
Key Highlights
- 2,842‑square‑foot duplex on a 0.17‑acre lot
- Built in 2021 with brick construction
- Each residence has 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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Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
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
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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 and include garage parking with central natural-gas heating.
Where is this duplex located?
The property is located at 5523 Itasca Street 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: 2,842‑square‑foot duplex on a 0.17‑acre lot; Built in 2021 with brick construction; Each residence has 3 bedrooms and 3 full bathrooms
