Two-Unit Duplex Near Loop
New
For Sale
$175,000
6109 37th St, Lubbock, TX 79407
Two separate residential units provide a straightforward multifamily layout near Loop 289 and Lubbock Christian University.
Property Size1,785 SF
Price / SF$98.04
Days on Market3
Property Features for 6109 37th St
General Information
Standard status
Active
Size
1,785 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1980
Buildings
1
Listing Agency:
Sutherland, Realtors
Listed By:
Steadfast Realty
(806) 451-4767
Source:
Steadfast-realty
Added: Sep 13
Changed: Sep 15
Last Checked: Sep 15 at 7:24AM
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 Sutherland, Realtors
Investment Insights
Based on property information with market context.
This duplex contains two separate residential units within approximately 1,785 square feet. Built in 1980, the property offers a two-unit configuration suited to residential income use.
The address is in West Lubbock near Loop 289, Lubbock Christian University, shopping, dining, and everyday services. Its location provides access to established area amenities and transportation routes.
The address is in West Lubbock near Loop 289, Lubbock Christian University, shopping, dining, and everyday services. Its location provides access to established area amenities and transportation routes.
Key Highlights
- Two separate residential units
- Approximately 1,785 square feet
- Built 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
Yes
Highway access
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 - Two separate residential units provide a straightforward multifamily layout near Loop 289 and Lubbock Christian University.
Where is this duplex located?
The property is located at 6109 37th St 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 separate residential units; Approximately 1,785 square feet; Built in 1980
