Split-Level 4-Unit Quadplex with
For Sale
$485,000
5845 7th Street, Lubbock, TX 79416
MULTI_FAMILY - Split Level - Lubbock, TX
Property Size4,924 SF
Lot Size0.27 Acres
Price / SF$98.50
Days on Market131
Property Features for 5845 7th Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
12
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 2, Bedroom 8, Bathroom 2, Bedroom 7, Bedroom 3, Bedroom 5, Bathroom 4, Bedroom 11, Bathroom 1, Bedroom 12, Bathroom 3, Bathroom 6, Bathroom 5, Bedroom 9, Bathroom 7, Bedroom 1, Bedroom 10, Bathroom 8, Bedroom 4, Bedroom 6
Parking features
Garage, Driveway
Interior features
Ceiling Fan(s), Open Floorplan
Exterior features
Balcony, Courtyard
Appliances
Dishwasher, Electric Range
Lot features
Corner Lot
Elementary school district
Frenship ISD
Middle school district
Frenship ISD
High school district
Frenship ISD
Subdivision
8
Standard status
Active
APN
R70929
Size
4,924 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Description
Crows Nest L 22-A-1 Thru 22-C-1
Tax Annual Amount
5456
Legal Description
Crows Nest L 22-A-1 Thru 22-C-1
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Ceiling Fan(s), Electric, Central Air
Water source
Public
Building Details
Year built
2004
Number of units
4
Building materials
Brick, Wood Siding
Roof type
Composition
Architectural style
Split Level
Listing Agency:
WestMark Companies
(806) 794-6000
Listed By:
Rania Zeitouni · License #0585831
(806) 928-8929
Added: Apr 4
Changed: Aug 2
Last Checked: Aug 12 at 3:06PM
MLS# 202604411
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 split-level quadplex offers four fully occupied units designed for residential income. Each unit is approximately 1,231 square feet and includes three bedrooms, two bathrooms, and a two-car garage. Interior features include an open floorplan and ceiling fans, and the property is heated and cooled with central systems. Appliances include a dishwasher and electric range. Exterior features include a balcony and courtyard, with construction materials of brick and wood siding, and a composition roof. The exterior was freshly painted within the past year.
The property is located at 5845 7th Street in Lubbock, Texas 79416 (Lubbock County). The home receives water from public sources and is served by public sewer.
Built in 2004, the quadplex includes parking via garages and driveways, with additional exterior gathering space supported by the balcony and courtyard.
The property is located at 5845 7th Street in Lubbock, Texas 79416 (Lubbock County). The home receives water from public sources and is served by public sewer.
Built in 2004, the quadplex includes parking via garages and driveways, with additional exterior gathering space supported by the balcony and courtyard.
Key Highlights
- 4 fully occupied units, each about 1,231 SF
- Split‑level design with open floorplan and ceiling fans
- Each unit has 3 bedrooms, 2 bathrooms, and a 2‑car garage
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
$44,474
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
9.17%
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%
$889,480
$889.5K
Cap Rate 7%
$635,343
$635.3K
Cap Rate 9%
$494,156
$494.2K
Market Conditions
NOI Build-Up for 4,924 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
$68.0K $13.80/SF
− Vacancy
−$4.4K −$0.90/SF
EGI
$63.5K $12.90/SF
− OpEx
−$19.1K −$3.87/SF
NOI
$44.5K $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%
$889,480
Cap Rate 7%
$635,343
Cap Rate 9%
$494,156
Alternative Uses
Best Use
Multifamily LT 5
$635.3K
$555.9K – $741.2K
NOI $44,474 @ 7.0% cap · market cap 9.17%
Second Best
Apartment 5plus
$570.5K
$499.2K – $665.6K
NOI $39,933 @ 7.0% cap · market cap 8.23%
Theoretical Best
Office A
$1.24M
$1.09M – $1.45M
NOI $86,895 @ 7.0% cap · market cap 17.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
340
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?
Quadplex - 4 fully occupied units in a split-level quadplex, each with about 3 bedrooms, 2 bathrooms, and a 2-car garage.
Where is this quadplex located?
The property is located at 5845 7th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: 4 fully occupied units, each about 1,231 SF; Split‑level design with open floorplan and ceiling fans; Each unit has 3 bedrooms, 2 bathrooms, and a 2‑car garage
