Updated Duplex with Recent
New
For Sale
$180,000
6505 21st St, Lubbock, TX 79407
Updated flooring, fresh paint, and central air and heat support comfortable occupancy in the Friendship School District.
Property Size1,044 SF
Price / SF$172.41
Days on Market7
Property Features for 6505 21st St
General Information
Standard status
Active
Size
1,044 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1980
Buildings
1
Listing Agency:
Exp Realty LLC
Listed By:
Steadfast Realty
(806) 451-4767
Source:
Steadfast-realty
Added: Sep 9
Changed: Sep 14
Last Checked: Sep 15 at 8:15AM
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 Exp Realty LLC
Investment Insights
Based on property information with market context.
This duplex contains 1,044 square feet and was built in 1980. The property includes two bedrooms and one and a half baths, along with spacious rooms, updated flooring, and updated interior paint. Central air and heat provide year-round climate control, while a recent roof adds a significant property improvement.
The property is located at 6505 21st St in Lubbock, Texas, within the Friendship School District. Schools, shopping, and local amenities are located nearby, adding practical convenience for occupants.
The property is located at 6505 21st St in Lubbock, Texas, within the Friendship School District. Schools, shopping, and local amenities are located nearby, adding practical convenience for occupants.
Key Highlights
- 1,044‑square‑foot duplex built in 1980
- Two bedrooms and one and a half baths
- Updated flooring and interior paint
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
$9,430
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
5.24%
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%
$188,600
$188.6K
Cap Rate 7%
$134,714
$134.7K
Cap Rate 9%
$104,778
$104.8K
Market Conditions
NOI Build-Up for 1,044 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
$14.4K $13.80/SF
− Vacancy
−$936 −$0.90/SF
EGI
$13.5K $12.90/SF
− OpEx
−$4.0K −$3.87/SF
NOI
$9.4K $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%
$188,600
Cap Rate 7%
$134,714
Cap Rate 9%
$104,778
Alternative Uses
Best Use
Multifamily LT 5
$134.7K
$117.9K – $157.2K
NOI $9,430 @ 7.0% cap · market cap 5.24%
Second Best
Apartment 5plus
$121.0K
$105.8K – $141.1K
NOI $8,467 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$263.2K
$230.3K – $307.1K
NOI $18,424 @ 7.0% cap · market cap 10.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
170
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 - Updated flooring, fresh paint, and central air and heat support comfortable occupancy in the Friendship School District.
Where is this duplex located?
The property is located at 6505 21st St Lubbock, TX.
What is the asking price?
The asking price for this property is $180,000.
What are key features of this property?
This property features: 1,044‑square‑foot duplex built in 1980; Two bedrooms and one and a half baths; Updated flooring and interior paint
