New Construction
For Sale
$895,000
Pending
7030-7036 41st Street, Lubbock, TX 79407
Residential Income, Lubbock, TX
Property Size5,974 SF
Lot Size0.33 Acres
Days on Market53
Property Features for 7030-7036 41st Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Property condition
Under Construction
Bedrooms
10
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 10, Bedroom 8, Bedroom 3, Bedroom 9, Bathroom 5, Bathroom 4, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 7, Bathroom 6, Bathroom 8, Bedroom 7, Bedroom 6, Bedroom 2, Bedroom 4, Bedroom 1, Bedroom 5
Parking features
Open, Garage, Driveway
Window features
Double Pane Windows
Patio and Porch features
Patio, Porch
Interior features
Ceiling Fan(s), Granite Counters, Open Floorplan, Pantry, Walk-In Closet(s)
Exterior features
Lighting, Private Entrance, Private Yard
Fencing
Gate, Privacy, Fenced
Fireplace
1
Appliances
Dishwasher, Disposal, Electric Cooktop, Electric Oven, Freezer, Microwave, Refrigerator, Stainless Steel Appliance(s)
Lot features
Back Yard, Front Yard, Landscaped
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
Pending
APN
R348273
Size
5,974 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Description
FRENSHIP EAST L 61-64
Tax Annual Amount
1732
Legal Description
FRENSHIP EAST L 61-64
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Central, Natural Gas, Fireplace(s)
Cooling system
Central Air, Electric, Ceiling Fan(s)
Water source
Public
Building Details
Year built
2026
Floors in Building
1
Number of units
2
Flooring type
Tile, Carpet
Building materials
Brick, Vinyl Siding
Roof type
Composition
Architectural style
Other
Listing Agency:
Williams & Company Real Estate
(806) 860-6945
Listed By:
Dan Williams · License #0550528
(806) 777-1310
Added: Jul 15
Changed: Sep 1
Last Checked: Sep 5 at 2:06AM
MLS# 202609722
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.
This four-unit townhome building is under construction and scheduled for completion in 2026. The 5,974-square-foot property occupies 0.33 acres and includes open floorplans, pantries, walk-in closets, granite counters, tile and carpet flooring, and fireplaces. Each residence is supported by central heating and cooling, stainless steel appliances, private entrances, patios or porches, and fenced private yards with drought-resistant landscaping. Parking includes garages, driveways, and open spaces.
The property is adjacent to Canyon West shopping center and within walking distance of Frenship Memorial High School. Additional retail and dining establishments are located in the surrounding area. Public water and public sewer serve the property.
The property is adjacent to Canyon West shopping center and within walking distance of Frenship Memorial High School. Additional retail and dining establishments are located in the surrounding area. Public water and public sewer serve the property.
Key Highlights
- Four‑unit townhome building under construction with completion scheduled for 2026
- 5,974 square feet on 0.33 acres
- Adjacent to Canyon West shopping center
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
$53,958
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
6.03%
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%
$1,079,160
$1.1M
Cap Rate 7%
$770,829
$770.8K
Cap Rate 9%
$599,533
$599.5K
Market Conditions
NOI Build-Up for 5,974 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
$82.4K $13.80/SF
− Vacancy
−$5.4K −$0.90/SF
EGI
$77.1K $12.90/SF
− OpEx
−$23.1K −$3.87/SF
NOI
$54.0K $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%
$1,079,160
Cap Rate 7%
$770,829
Cap Rate 9%
$599,533
Alternative Uses
Best Use
Multifamily LT 5
$770.8K
$674.5K – $899.3K
NOI $53,958 @ 7.0% cap · market cap 6.03%
Second Best
Apartment 5plus
$692.1K
$605.6K – $807.5K
NOI $48,449 @ 7.0% cap · market cap 5.41%
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,424 @ 7.0% cap · market cap 11.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
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 - Four townhome residences offer open layouts, private yards, and granite countertops.
Where is this quadplex located?
The property is located at 7030-7036 41st Street Lubbock, TX.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Four‑unit townhome building under construction with completion scheduled for 2026; 5,974 square feet on 0.33 acres; Adjacent to Canyon West shopping center
