Four-Unit Quadplex Under
For Sale
$895,000
Pending
7038 41st Street, Lubbock, TX 79407
Residential Income, Lubbock, TX
Property Size5,974 SF
Days on Market209
Property Features for 7038 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 8, Bedroom 3, Bedroom 2, Bathroom 2, Bedroom 9, Bathroom 8, Bathroom 4, Bedroom 10, Bedroom 7, Bathroom 3, Bathroom 6, Bathroom 5, Bedroom 6, Bedroom 1, Bathroom 7, Bedroom 5, Bedroom 4, Bathroom 1
Elementary school district
Frenship ISD
Middle school district
Frenship ISD
High school district
Frenship ISD
Subdivision
7
Standard status
Pending
APN
R348272
Size
5,974 SF
Taxes and HOA fees
Tax Description
Frenship East L 60
Tax Annual Amount
8000
Legal Description
Frenship East L 60
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
Listed By:
Lacy Romero · License #0629956
(806) 777-7982
Added: Feb 4
Changed: Aug 31
Last Checked: Sep 1 at 12:06PM
MLS# 202601557
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 quadplex is under construction with a scheduled 2026 build year and 5,974 square feet of total area. The two end residences measure 1,608 square feet each and include three bedrooms, two bathrooms, and a two-car garage configuration. Each of the two center residences contains 1,379 square feet with two bedrooms, two bathrooms, and a one-car garage configuration.
The property is located at 7038 41st Street in Lubbock, near Milwaukee and 50th, with Frenship Memorial High School within walking distance. Planned building features include brick construction, central heating, central air, and ceiling fans. Finish selections will follow the examples shown in the property photographs.
The property is located at 7038 41st Street in Lubbock, near Milwaukee and 50th, with Frenship Memorial High School within walking distance. Planned building features include brick construction, central heating, central air, and ceiling fans. Finish selections will follow the examples shown in the property photographs.
Key Highlights
- Four‑unit quadplex under construction with a 2026 build year
- 5,974 square feet of total building area
- Two 1,608‑square‑foot end units with 3 bedrooms, 2 bathrooms, and 2‑car garages
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 - Brick construction with central heating and cooling supports a four-unit residential configuration.
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: Four‑unit quadplex under construction with a 2026 build year; 5,974 square feet of total building area; Two 1,608‑square‑foot end units with 3 bedrooms, 2 bathrooms, and 2‑car garages
