Duplex with Two-Car
For Sale
$359,000
704 Hillshire Avenue, Wolfforth, TX 79382
Residential Income, Wolfforth, TX
Property Size3,091 SF
Lot Size0.17 Acres
Price / SF$116.14
Days on Market62
Property Features for 704 Hillshire Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 3, Bathroom 4, Bathroom 2, Bathroom 1, Bedroom 5, Bedroom 6, Bedroom 4
Parking features
Open, Garage
Patio and Porch features
Porch
Interior features
Breakfast Bar, Ceiling Fan(s), Double Vanity, Eat-in Kitchen, Pantry, Quartz Counters, Walk-In Closet(s)
Exterior features
Private Entrance, Private Yard
Fencing
Fenced
Appliances
Dishwasher, Disposal, Electric Cooktop, Electric Oven, Microwave, Refrigerator
Lot features
Back Yard, Interior Lot
Elementary school
Bennett
Middle school
Frenship
High school
Frenship
Elementary school district
Frenship ISD
Middle school district
Frenship ISD
High school district
Frenship ISD
Subdivision
Wolfforth
Standard status
Active
APN
R325496
Size
3,091 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
PRESTON TRAILS L 43
Tax Annual Amount
7743
Legal Description
PRESTON TRAILS L 43
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Ceiling Fan(s), Central Air
Water source
Public
Amenities
low maintenance landscaping
Building Details
Year built
2019
Floors in Building
1
Number of units
2
Flooring type
Tile, Vinyl, Carpet
Building materials
Brick
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 12
Last Checked: Sep 14 at 1:06PM
MLS# 202609731
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.
Built in 2019, this brick duplex contains 3,091 square feet with two separately entered residences. Each side provides three bedrooms, two bathrooms, an open living arrangement, a two-car garage, and a private yard. Interior features include breakfast bars, eat-in kitchens, pantries, walk-in closets, quartz counters, and a combination of tile, vinyl, and carpet flooring. Central air, natural gas heating, and ceiling fans serve the interiors, while each residence includes a porch and fenced outdoor space.
The property occupies 0.17 acres at 704 Hillshire Avenue in Wolfforth, Texas, within the Frenship School district. Side A and Side B are leased through mid-2026. Public water and public sewer serve the property, with cable availability also noted.
The property occupies 0.17 acres at 704 Hillshire Avenue in Wolfforth, Texas, within the Frenship School district. Side A and Side B are leased through mid-2026. Public water and public sewer serve the property, with cable availability also noted.
Key Highlights
- Two‑unit duplex with 3,091 square feet on 0.17 acres
- Each side includes 3 bedrooms, 2 bathrooms, and a 2‑car garage
- Built in 2019 with brick construction
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
$27,918
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
7.78%
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%
$558,360
$558.4K
Cap Rate 7%
$398,829
$398.8K
Cap Rate 9%
$310,200
$310.2K
Market Conditions
NOI Build-Up for 3,091 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
$42.7K $13.80/SF
− Vacancy
−$2.8K −$0.90/SF
EGI
$39.9K $12.90/SF
− OpEx
−$12.0K −$3.87/SF
NOI
$27.9K $9.03/SF
Area
Lubbock County, 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%
$558,360
Cap Rate 7%
$398,829
Cap Rate 9%
$310,200
Alternative Uses
Best Use
Multifamily LT 5
$398.8K
$349.0K – $465.3K
NOI $27,918 @ 7.0% cap · market cap 7.78%
Second Best
Apartment 5plus
$358.1K
$313.4K – $417.8K
NOI $25,068 @ 7.0% cap · market cap 6.98%
Theoretical Best
Office A
$779.2K
$681.8K – $909.1K
NOI $54,547 @ 7.0% cap · market cap 15.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
117
Businesses Nearby
Explore this area
Business Placement
Demographics for 79382, TX
8,449
Population
3,649
Households
2.3
Avg Household Size
36
Median Age
28%
College-Educated
92%
High-School Grad
51.1 sq mi
ZIP Area
165
Density / Sq Mi
$80,625
Median Household Income
$47,419
Median Earnings
$1,349
Median Rent
$245,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences include three bedrooms, two bathrooms, and open-concept living areas.
Where is this duplex located?
The property is located at 704 Hillshire Avenue Wolfforth, TX.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: Two‑unit duplex with 3,091 square feet on 0.17 acres; Each side includes 3 bedrooms, 2 bathrooms, and a 2‑car garage; Built in 2019 with brick construction
