New Four-Unit Townhome
For Sale
$796,000
7029 40th Street, Lubbock, TX 79407
MULTI_FAMILY - Other - Lubbock, TX
Property Size5,300 SF
Lot Size0.09 Acres
Price / SF$150.19
Days on Market54
Property Features for 7029 40th Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Property condition
Under Construction
Zoning description
Town Home
Bedrooms
12
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 12, Bedroom 3, Bedroom 7, Bathroom 3, Bedroom 2, Bedroom 6, Bathroom 6, Bedroom 11, Bedroom 8, Bathroom 8, Bedroom 5, Bedroom 4, Bathroom 2, Bathroom 7, Bedroom 10, Bathroom 5, Bathroom 1, Bedroom 9, Bedroom 1, Bathroom 4
Parking features
Garage
Window features
Double Pane Windows
Interior features
Bar, Ceiling Fan(s), Granite Counters, Walk-In Closet(s)
Exterior features
Lighting, Private Yard
Appliances
Dishwasher, Disposal, Electric Cooktop, Microwave
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
R348253
Size
5,300 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Description
Frenship East L 41, 42, 43, 44
Tax Annual Amount
1728
Legal Description
Frenship East L 41, 42, 43, 44
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
2026
Number of units
4
Flooring type
Laminate
Building materials
Brick
Roof type
Composition
Architectural style
Other
Listing Agency:
Aycock Realty Group, LLC
(806) 778-5956
Listed By:
Melissa Brouillette · License #0611734
(806) 441-2221
Added: Jul 7
Changed: Aug 3
Last Checked: Aug 29 at 12:06PM
MLS# 202609263
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.
A newly constructed four-unit townhome building under construction, designed for long-term, low-maintenance ownership. The property is set up for a practical residential income arrangement and includes brick construction with a composition roof. Interior features include granite counters, walk-in closets, laminate flooring, ceiling fans, and a bar. Appliances include a dishwasher, disposal, electric cooktop, and microwave.
Set on a 0.09-acre lot, the building totals 5,300 square feet. Utilities include cable available, with public water and public sewer. Heating is electric with central systems, and cooling is provided by central air with electric service. Exterior touches include lighting and a private yard, along with garage parking.
Situated at 7029 40th Street in Lubbock, the property is described as within walking distance of Frenship Memorial High School and just minutes from Canyon West Shopping Center, supporting convenient access to local shopping and dining.
Set on a 0.09-acre lot, the building totals 5,300 square feet. Utilities include cable available, with public water and public sewer. Heating is electric with central systems, and cooling is provided by central air with electric service. Exterior touches include lighting and a private yard, along with garage parking.
Situated at 7029 40th Street in Lubbock, the property is described as within walking distance of Frenship Memorial High School and just minutes from Canyon West Shopping Center, supporting convenient access to local shopping and dining.
Key Highlights
- Four‑unit townhome building under construction
- 0.09‑acre lot with 5,300 SF total building area
- Year built: 2026
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
$47,870
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
6.01%
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%
$957,400
$957.4K
Cap Rate 7%
$683,857
$683.9K
Cap Rate 9%
$531,889
$531.9K
Market Conditions
NOI Build-Up for 5,300 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
$73.1K $13.80/SF
− Vacancy
−$4.8K −$0.90/SF
EGI
$68.4K $12.90/SF
− OpEx
−$20.5K −$3.87/SF
NOI
$47.9K $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%
$957,400
Cap Rate 7%
$683,857
Cap Rate 9%
$531,889
Alternative Uses
Best Use
Multifamily LT 5
$683.9K
$598.4K – $797.8K
NOI $47,870 @ 7.0% cap · market cap 6.01%
Second Best
Apartment 5plus
$614.0K
$537.3K – $716.4K
NOI $42,983 @ 7.0% cap · market cap 5.40%
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,530 @ 7.0% cap · market cap 11.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
45
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Under-construction four-unit townhome building with central air, electric heat, and garage parking for low-maintenance ownership.
Where is this quadplex located?
The property is located at 7029 40th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $796,000.
What are key features of this property?
This property features: Four‑unit townhome building under construction; 0.09‑acre lot with 5,300 SF total building area; Year built: 2026
