Lubbock Multifamily Property Near
7038 41st Street Lubbock, TX 79407
7038 41st Street, Lubbock, TX, 79407
$895,000
For Sale
$895,000
MULTI_FAMILY - Lubbock, TX
Property Size5,974 SF
Price / SF$149.82
Days on Market163
Property Features for 7038 41st Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Property condition
- Under Construction
- Bedrooms
- 10
- Bathrooms
- 8
- Rooms
- Bathroom 1, Bedroom 7, Bedroom 10, Bathroom 7, Bedroom 5, Bedroom 1, Bedroom 3, Bathroom 8, Bedroom 6, Bedroom 8, Bathroom 2, Bathroom 3, Bathroom 4, Bedroom 9, Bathroom 5, Bedroom 4, Bathroom 6, Bedroom 2
- Standard status
- Active
- APN
- R348272
- Size
- 5,974 SF
Taxes and HOA fees
- Tax Description
- Frenship East L 60
- Tax Annual Amount
- 8000
Utilities
- Heating system
- Central
- Cooling system
- Central Air, Ceiling Fan(s)
Building Details
- Year built
- 2026
- Number of units
- 4
- Building materials
- Brick
Listing Agency
Tapp Realty Group, eXp Realty
(806) 993-8277
5601 114th Street, Lubbock, TX
Listed by
Lacy Romero · License #0629956
(806) 777-7982
Added: Feb 4 Checked: Jul 17 at 10:06 am
MLS# 202601557
Listing URL
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 multifamily property is located near Milwaukee and 50th, within walking distance of Frenship Memorial High School. The property contains four units. The two end units each offer 1608 square feet of living space and feature a 3-bedroom, 2-bathroom, and 2-car garage layout. The two middle units each provide 1379 square feet of living space, configured as 2-bedroom, 2-bathroom units with a 1-car garage. The total square footage of the property is 5974.
Key Highlights
- New construction built in 2026
- Located near Milwaukee and 50th
- Walk to Frenship Memorial High School
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $82.4k | $13.80 |
| − Vacancy | −$5.4k | −$0.90 |
| EGI | $77.1k | $12.90 |
| − OpEx | −$23.1k | −$3.87 |
| NOI | $54.0k | $9.03 |
5,974 SF · lease $13.80/SF/yr · vacancy 6.50% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Multifamily property near Frenship Memorial High School in Lubbock, TX.
Where is this quadplex located?
The property is located at 7038 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: New construction built in 2026; Located near Milwaukee and 50th; Walk to Frenship Memorial High School
