Four-Unit
For Sale
$895,000
Pending
7038 41st St, Lubbock, TX 79407
Four residences offer a blend of larger end units and more compact interior floor plans.
Property Size5,974 SF
Days on Market189
Property Features for 7038 41st St
General Information
Standard status
Pending
Size
5,974 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 3-2-2, 2 x 2-2-1
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,000
Listing Agency:
Tapp Realty Group, eXp Realty
(806) 777-7982
Listed By:
Lacy Romero · License #0629956
(806) 777-7982
Source:
Exprealty
Added: Feb 4
Changed: Aug 12
Last Checked: Aug 12 at 10:48AM
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 Tapp Realty Group, eXp Realty
Investment Insights
Based on property information with market context.
This four-unit quadplex contains 5,974 sq. ft. across two distinct residence layouts. The end residences measure 1,608 sq. ft. each and are identified as 3-2-2 units, while the two interior residences measure 1,379 sq. ft. each and are identified as 2-2-1 units.
The property is located at 7038 41st St in Lubbock, near Milwaukee and 50th. Frenship Memorial High School is also nearby, providing a recognizable point of reference for the property.
The property is located at 7038 41st St in Lubbock, near Milwaukee and 50th. Frenship Memorial High School is also nearby, providing a recognizable point of reference for the property.
Key Highlights
- Four‑unit quadplex totaling 5,974 sq. ft.
- Two end units at 1,608 sq. ft. each, identified as 3‑2‑2
- Two middle units at 1,379 sq. ft. each, identified as 2‑2‑1
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
441
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 residences offer a blend of larger end units and more compact interior floor plans.
Where is this quadplex located?
The property is located at 7038 41st St 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 quadplex totaling 5,974 sq. ft.; Two end units at 1,608 sq. ft. each, identified as 3‑2‑2; Two middle units at 1,379 sq. ft. each, identified as 2‑2‑1
