Duplex with Four Garage
New
For Sale
$250,000
5706 Grinnell St, Lubbock, TX 79416
Two-unit property with patios, fenced yards, and HVAC systems replaced in 2022.
Property Size2,378 SF
Price / SF$105.13
Days on Market5
Property Features for 5706 Grinnell St
General Information
Standard status
Active
Size
2,378 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Additional Details
Asking Price
$250,000
Multifamily Units
2
Amenities
patios
automatic sprinkler systems
Building Details
Year Built
2005
Buildings
1
Listing Agency:
Keller Williams Realty
(806) 451-4767
Listed By:
Steadfast Realty
(806) 451-4767
Source:
Steadfast-realty
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 29 at 8:59AM
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.
Built in 2005, this 2,378-square-foot duplex offers four bedrooms, four bathrooms, and four garage spaces across its two sides. One unit is vacant for showings, while the other is occupied by a long-term tenant. Each side includes a backyard with a patio and an automatic sprinkler system, and appliances convey with the property.
The property is located at 5706 Grinnell St in Northwest Lubbock within an established neighborhood on a cul-de-sac. Major improvements include HVAC replacement in 2022, a cedar picket fence installed in 2023, and a roof replacement completed in 2019. Blown-in cellulose insulation in the exterior and center dividing walls was incorporated to support privacy between the units.
The property is located at 5706 Grinnell St in Northwest Lubbock within an established neighborhood on a cul-de-sac. Major improvements include HVAC replacement in 2022, a cedar picket fence installed in 2023, and a roof replacement completed in 2019. Blown-in cellulose insulation in the exterior and center dividing walls was incorporated to support privacy between the units.
Key Highlights
- 2,378 SF duplex built in 2005
- Four bedrooms, four bathrooms, and four garage spaces
- One side vacant; the other occupied by a long‑term tenant
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
$21,478
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
8.59%
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%
$429,560
$429.6K
Cap Rate 7%
$306,829
$306.8K
Cap Rate 9%
$238,644
$238.6K
Market Conditions
NOI Build-Up for 2,378 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
$32.8K $13.80/SF
− Vacancy
−$2.1K −$0.90/SF
EGI
$30.7K $12.90/SF
− OpEx
−$9.2K −$3.87/SF
NOI
$21.5K $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%
$429,560
Cap Rate 7%
$306,829
Cap Rate 9%
$238,644
Alternative Uses
Best Use
Multifamily LT 5
$306.8K
$268.5K – $358.0K
NOI $21,478 @ 7.0% cap · market cap 8.59%
Second Best
Apartment 5plus
$275.5K
$241.1K – $321.4K
NOI $19,285 @ 7.0% cap · market cap 7.71%
Theoretical Best
Office A
$599.5K
$524.6K – $699.4K
NOI $41,965 @ 7.0% cap · market cap 16.79%
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
88
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-unit property with patios, fenced yards, and HVAC systems replaced in 2022.
Where is this duplex located?
The property is located at 5706 Grinnell St Lubbock, TX.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 2,378 SF duplex built in 2005; Four bedrooms, four bathrooms, and four garage spaces; One side vacant; the other occupied by a long‑term tenant
