Fenced-Yard
New
For Sale
$250,000
6915 Gary Ave, Lubbock, TX 79413
Two matching units offer flexible occupancy options, included appliances, and central access to Texas Tech, shopping, and dining.
Property Size2,139 SF
Lot Size0.18 Acres
Price / SF$116.88
Days on Market6
Property Features for 6915 Gary Ave
General Information
Standard status
Active
Size
2,139 SF
Lot size
0.18 Acres
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Building Details
Year Built
1972
Listing Agency:
Keller Williams Realty
Listed By:
Steadfast Realty
(806) 451-4767
Source:
Steadfast-realty
Added: Sep 18
Changed: Sep 21
Last Checked: Sep 22 at 4:27PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
Built in 1972, this duplex contains 2,139 square feet of total living area on a 7,938-square-foot lot. Both units share the same layout, with two bedrooms, 1.5 baths, tile flooring throughout, tiled bathrooms, included appliances, and fenced yards.
One side is leased through the year, while the other is vacant and ready for occupancy. The property sits inside the Loop near Texas Tech, shopping, and dining, providing a central Lubbock setting for both units. The address is 6915 Gary Ave, Lubbock, TX 79413.
One side is leased through the year, while the other is vacant and ready for occupancy. The property sits inside the Loop near Texas Tech, shopping, and dining, providing a central Lubbock setting for both units. The address is 6915 Gary Ave, Lubbock, TX 79413.
Key Highlights
- 2,139 SF duplex on a 7,938 sq ft lot
- Built in 1972
- Both units offer 2 beds and 1.5 baths
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
$19,320
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
7.73%
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%
$386,400
$386.4K
Cap Rate 7%
$276,000
$276.0K
Cap Rate 9%
$214,667
$214.7K
Market Conditions
NOI Build-Up for 2,139 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
$29.5K $13.80/SF
− Vacancy
−$1.9K −$0.90/SF
EGI
$27.6K $12.90/SF
− OpEx
−$8.3K −$3.87/SF
NOI
$19.3K $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%
$386,400
Cap Rate 7%
$276,000
Cap Rate 9%
$214,667
Alternative Uses
Best Use
Multifamily LT 5
$276.0K
$241.5K – $322.0K
NOI $19,320 @ 7.0% cap · market cap 7.73%
Second Best
Apartment 5plus
$247.8K
$216.8K – $289.1K
NOI $17,347 @ 7.0% cap · market cap 6.94%
Theoretical Best
Office A
$539.2K
$471.8K – $629.1K
NOI $37,747 @ 7.0% cap · market cap 15.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,174
Businesses Nearby
Explore this area
Business Placement
Demographics for 79413, TX
20,962
Population
9,590
Households
2.2
Avg Household Size
35
Median Age
35%
College-Educated
91%
High-School Grad
4.7 sq mi
ZIP Area
4,460
Density / Sq Mi
$67,062
Median Household Income
$38,004
Median Earnings
$1,325
Median Rent
$195,900
Median Home Value
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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 matching units offer flexible occupancy options, included appliances, and central access to Texas Tech, shopping, and dining.
Where is this duplex located?
The property is located at 6915 Gary Ave 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: 2,139 SF duplex on a 7,938 sq ft lot; Built in 1972; Both units offer 2 beds and 1.5 baths
