Brick Duplex with
New
For Sale
$250,000
5706 Grinnell Street, Lubbock, TX 79416
Residential Income, Lubbock, TX
Property Size2,378 SF
Lot Size0.19 Acres
Price / SF$105.13
Days on Market6
Property Features for 5706 Grinnell Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bathroom 2, Bathroom 4, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 3, Bathroom 3
Parking features
Garage
Patio and Porch features
Patio, Porch
Fireplace
1
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
8
Standard status
Active
APN
R173675
Size
2,378 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
Western Estates L 221
Tax Annual Amount
4017
Legal Description
Western Estates L 221
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Electric, Central Air
Water source
Public
Amenities
patios
automatic sprinkler systems
appliances convey
cedar picket fence
Building Details
Year built
2005
Floors in Building
1
Number of units
2
Flooring type
Carpet, Tile - Ceramic
Building materials
Brick, Vinyl Siding
Roof type
Composition
Architectural style
Other
Listing Agency:
Coldwell Banker Trusted Adviso · Coldwell Banker Real Estate
(806) 793-0677
Listed By:
Dusty Joplin · License #0808430
(806) 543-3814
Added: Aug 24
Last Checked: Aug 29 at 12:06PM
MLS# 202611777
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 2,378-square-foot duplex was constructed in 2005 with brick and vinyl siding. The property contains four bedrooms, four bathrooms, and four garage spaces, along with patios, porches, and backyard areas serving both units. Appliances convey, and the building includes blown-in cellulose insulation in the exterior and center dividing walls. Central heating uses natural gas, while central air conditioning is electric. A fireplace, ceramic tile, carpet, composition roofing, public water, and public sewer are also included.
The property occupies 0.19 acres at 5706 Grinnell Street in Lubbock, Texas. One side is vacant, while the other is occupied by a long-term tenant. Recent improvements include HVAC replacement in 2022, a cedar picket fence installed in 2023, and a roof replacement completed in 2019.
The property occupies 0.19 acres at 5706 Grinnell Street in Lubbock, Texas. One side is vacant, while the other is occupied by a long-term tenant. Recent improvements include HVAC replacement in 2022, a cedar picket fence installed in 2023, and a roof replacement completed in 2019.
Key Highlights
- 2,378‑square‑foot duplex on 0.19 acres
- Four bedrooms, four bathrooms, and four garage spaces
- One unit 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
Yes
Paved road access
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 living units offer private patios, backyard areas, and automatic sprinkler systems on both sides.
Where is this duplex located?
The property is located at 5706 Grinnell Street 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‑square‑foot duplex on 0.19 acres; Four bedrooms, four bathrooms, and four garage spaces; One unit vacant; the other occupied by a long‑term tenant
