Leased Duplex with Ranch
New
For Sale
$175,000
6107 37th Street, Lubbock, TX 79407
Residential Income, Lubbock, TX
Property Size1,785 SF
Lot Size0.15 Acres
Price / SF$98.04
Days on Market1
Property Features for 6107 37th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multi-Family
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 4, Bedroom 3, Bedroom 2
Parking features
Assigned, Parking Lot
Security features
Security Lighting
Window features
Aluminum Frames, Blinds, Window Coverings
Patio and Porch features
Porch
Interior features
Ceiling Fan(s), Entrance Foyer, Formica Counters, Laminate Counters, Storage
Exterior features
Lighting
Appliances
Electric Range, Exhaust Fan, Microwave, Range Hood, Refrigerator, Washer/Dryer Stacked
Lot features
Rectangular Lot
Elementary school
Westwind
Middle school
Heritage
High school
Memorial
Elementary school district
Frenship ISD
Middle school district
Frenship ISD
High school district
Frenship ISD
Subdivision
7
Standard status
Active
APN
R137658
Size
1,785 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
Park Lorraine L 169
Tax Annual Amount
2613
Legal Description
Park Lorraine L 169
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1980
Floors in Building
1
Number of units
2
Flooring type
Carpet, Vinyl, Tile
Building materials
Brick, Vinyl Siding
Roof type
Composition
Architectural style
Ranch
Additional Structures
Storage
Listing Agency:
Realty Refined · RE/MAX International
(806) 799-4200
Listed By:
Tony Lloyd · License #0462327
(806) 549-8669
Added: Sep 11
Last Checked: Sep 11 at 11:06PM
MLS# 202612694
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.
Built in 1980, this ranch-style duplex contains 1,785 square feet on a 0.15-acre lot. Both units are currently leased and feature practical living arrangements with bedrooms, bathrooms, storage, and entrance foyers. Interior finishes include carpet, vinyl, and tile flooring, along with laminate or Formica counters and ceiling fans.
The property includes assigned parking in a lot, a porch, exterior lighting, and construction combining brick with vinyl siding. Each residence is equipped with a range, microwave, range hood, refrigerator, and stacked washer/dryer. Central heating uses natural gas, while central air conditioning is electric. Public water and public sewer serve the property.
The property includes assigned parking in a lot, a porch, exterior lighting, and construction combining brick with vinyl siding. Each residence is equipped with a range, microwave, range hood, refrigerator, and stacked washer/dryer. Central heating uses natural gas, while central air conditioning is electric. Public water and public sewer serve the property.
Key Highlights
- Two‑unit duplex with both sides currently leased
- 1,785 square feet on a 0.15‑acre lot
- Ranch‑style construction completed in 1980
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
$14,476
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
8.27%
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%
$289,520
$289.5K
Cap Rate 7%
$206,800
$206.8K
Cap Rate 9%
$160,844
$160.8K
Market Conditions
NOI Build-Up for 1,785 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
$28.1K $15.72/SF
− Vacancy
−$1.7K −$0.97/SF
EGI
$26.3K $14.75/SF
− OpEx
−$11.8K −$6.64/SF
NOI
$14.5K $8.11/SF
Area
Lubbock, TX
Vacancy
6.20%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$289,520
Cap Rate 7%
$206,800
Cap Rate 9%
$160,844
Alternative Uses
Best Use
Multifamily LT 5
$230.3K
$201.5K – $268.7K
NOI $16,122 @ 7.0% cap · market cap 9.21%
Second Best
Apartment 5plus
$206.8K
$181.0K – $241.3K
NOI $14,476 @ 7.0% cap · market cap 8.27%
Theoretical Best
Office A
$450.0K
$393.8K – $525.0K
NOI $31,500 @ 7.0% cap · market cap 18.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
364
Businesses Nearby
Explore this area
Business Placement
Demographics for 79407, TX
23,208
Population
11,817
Households
2
Avg Household Size
32
Median Age
41%
College-Educated
92%
High-School Grad
75.9 sq mi
ZIP Area
306
Density / Sq Mi
$64,778
Median Household Income
$38,212
Median Earnings
$1,131
Median Rent
$200,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences are leased, with functional layouts and shared access to parking and a porch.
Where is this duplex located?
The property is located at 6107 37th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: Two‑unit duplex with both sides currently leased; 1,785 square feet on a 0.15‑acre lot; Ranch‑style construction completed in 1980
