Two-Unit Duplex Near Texas
New
For Sale
$250,000
6915 Gary Avenue, Lubbock, TX 79413
Residential Income, Lubbock, TX
Property Size2,139 SF
Lot Size0.18 Acres
Price / SF$116.88
Days on Market7
Property Features for 6915 Gary Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multi-Family
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 3, Bathroom 1, Bathroom 2, Bathroom 4, Bedroom 4
Parking features
On Street, Open, Off Street, Garage
Patio and Porch features
Porch
Interior features
Ceiling Fan(s), Eat-in Kitchen, Granite Counters, High Speed Internet
Fireplace
1
Appliances
Dishwasher, Electric Range, Microwave, Refrigerator
Elementary school
Parsons
Middle school
Atkins
High school
Monterey
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
3
Standard status
Active
APN
R130756
Size
2,139 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
Live Oak S63.5'Of L 217
Tax Annual Amount
2145
Legal Description
Live Oak S63.5'Of L 217
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Amenities
tile flooring
tiled bathroom
appliances
fenced yard
Building Details
Year built
1972
Number of units
2
Flooring type
Laminate, Tile, Carpet
Building materials
Brick, Wood Siding
Roof type
Membrane
Architectural style
Other
Listing Agency:
Real Broker, LLC
(806) 577-5595
Listed By:
Jason Arnold · License #0763770
(806) 678-9266
Added: Sep 15
Changed: Sep 17
Last Checked: Sep 21 at 11:06PM
MLS# 202612919
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.
Located at 6915 Gary Avenue in Lubbock, this duplex contains 2,139 square feet of living area on a 0.18-acre lot. Constructed in 1972, the property has two matching units, each with 2 bedrooms and 1.5 bathrooms. Both sides include appliances, tiled bathrooms, fenced yards, central heating and cooling, and porch areas. The property also offers garage, open, off-street, and on-street parking.
The current occupancy is split between the units: Side B is leased through the year, while Side A is vacant and available for an owner-occupant or future tenant. The duplex is positioned inside the Loop with access to Texas Tech, shopping, and dining. Public water and sewer serve the property, with cable available.
The current occupancy is split between the units: Side B is leased through the year, while Side A is vacant and available for an owner-occupant or future tenant. The duplex is positioned inside the Loop with access to Texas Tech, shopping, and dining. Public water and sewer serve the property, with cable available.
Key Highlights
- Two‑unit duplex with 2,139 square feet of living area
- 0.18‑acre lot at 6915 Gary Avenue, Lubbock, TX 79413
- Each unit includes 2 bedrooms and 1.5 bathrooms
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - One side is leased, while the other is vacant and ready for occupancy or new tenancy.
Where is this duplex located?
The property is located at 6915 Gary Avenue 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: Two‑unit duplex with 2,139 square feet of living area; 0.18‑acre lot at 6915 Gary Avenue, Lubbock, TX 79413; Each unit includes 2 bedrooms and 1.5 bathrooms
