New Duplexes with Open-Concept
For Sale
$425,000
7120 22nd Street, Lubbock, TX 79407
MULTI_FAMILY - Other - Lubbock, TX
Property Size3,790 SF
Lot Size0.23 Acres
Price / SF$112.14
Days on Market196
Property Features for 7120 22nd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
6
Full bathrooms
4
Half bathrooms
4
Rooms
Bedroom 6, Bedroom 4, Bathroom 3, Bedroom 1, Bedroom 3, Bedroom 5, Bathroom 4, Bathroom 6, Bathroom 1, Bathroom 8, Bedroom 2, Bathroom 2, Bathroom 5, Bathroom 7
Parking features
Garage
Window features
Insulated Windows, Blinds, Double Pane Windows, Screens
Interior features
Bar, Beamed Ceilings, Breakfast Bar, Cathedral Ceiling(s), Ceiling Fan(s), Coffered Ceiling(s), Double Vanity, Eat-in Kitchen, Granite Counters, High Ceilings, High Speed Internet, Kitchen Island, Open Floorplan, Pantry, Recessed Lighting, Solid Surface Counters, Walk-In Closet(s)
Exterior features
Private Entrance, Private Yard
Fencing
Fenced
Appliances
Dishwasher, Disposal, Electric Oven, Electric Range, Freezer, Microwave, Refrigerator
Lot features
Back Yard, City Lot, Front Yard, Interior Lot, Rectangular Lot, Level
Elementary school district
Frenship ISD
Middle school district
Frenship ISD
High school district
Frenship ISD
Subdivision
7
Standard status
Active
APN
R340038
Size
3,790 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
Bushland Springs L 168
Tax Annual Amount
8184
Legal Description
Bushland Springs L 168
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air, Ceiling Fan(s), Electric
Water source
Public
Amenities
granite countertops
window treatments
ceiling fans
vinyl plank flooring
designer tile
large closets
open concept kitchen/living/dining
artificial turf
fenced back yard
Building Details
Year built
2024
Number of units
2
Flooring type
Vinyl
Building materials
Board & Batten Siding, Brick
Roof type
Composition
Architectural style
Other
Listing Agency:
Dannheim Realty
(806) 787-9034
Listed By:
Chuck Dannheim · License #0591961
(806) 787-9034
Added: Jan 30
Changed: Aug 5
Last Checked: Aug 14 at 5:06PM
MLS# 202601330
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.
New duplexes in NW Lubbock within the Frenship School District, with 17 available and offered either individually or as a package of 1–17. Built in 2024, each duplex provides two mirrored sides, and each side includes three bedrooms and two bathrooms with an open-concept kitchen, living, and dining area.
Finishes include granite countertops, window treatments, ceiling fans, vinyl plank flooring, and designer tile, along with features such as a kitchen island, pantry, and walk-in closets. Central heating and central air are provided with electric and ceiling fan cooling support, and the home is served by public water and public sewer. Exterior details include a private entrance, private yard with a fenced back yard, and artificial turf.
Each side offers garage parking options, and the home includes appliances such as a dishwasher, disposal, electric oven and range, microwave, refrigerator, and additional included items. Cable is available, with a composition roof and board-and-batten siding with brick construction.
Finishes include granite countertops, window treatments, ceiling fans, vinyl plank flooring, and designer tile, along with features such as a kitchen island, pantry, and walk-in closets. Central heating and central air are provided with electric and ceiling fan cooling support, and the home is served by public water and public sewer. Exterior details include a private entrance, private yard with a fenced back yard, and artificial turf.
Each side offers garage parking options, and the home includes appliances such as a dishwasher, disposal, electric oven and range, microwave, refrigerator, and additional included items. Cable is available, with a composition roof and board-and-batten siding with brick construction.
Key Highlights
- 17 duplexes available, offered individually or as a package of 1–17
- Built in 2024 with two mirrored sides
- Each side offers three bedrooms and two bathrooms
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
$34,232
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
8.05%
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%
$684,640
$684.6K
Cap Rate 7%
$489,029
$489.0K
Cap Rate 9%
$380,356
$380.4K
Market Conditions
NOI Build-Up for 3,790 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
$52.3K $13.80/SF
− Vacancy
−$3.4K −$0.90/SF
EGI
$48.9K $12.90/SF
− OpEx
−$14.7K −$3.87/SF
NOI
$34.2K $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%
$684,640
Cap Rate 7%
$489,029
Cap Rate 9%
$380,356
Alternative Uses
Best Use
Multifamily LT 5
$489.0K
$427.9K – $570.5K
NOI $34,232 @ 7.0% cap · market cap 8.05%
Second Best
Apartment 5plus
$439.1K
$384.2K – $512.3K
NOI $30,737 @ 7.0% cap · market cap 7.23%
Theoretical Best
Office A
$955.5K
$836.0K – $1.11M
NOI $66,883 @ 7.0% cap · market cap 15.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
387
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?
Duplex - New duplex construction in the Frenship School District with open kitchen, living, and dining plus fenced back yards.
Where is this duplex located?
The property is located at 7120 22nd Street Lubbock, TX.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 17 duplexes available, offered individually or as a package of 1–17; Built in 2024 with two mirrored sides; Each side offers three bedrooms and two bathrooms
