Duplex with Four-Unit
For Sale
$115,000
714 29th St, Lubbock, TX 79404
Two leased units feature refreshed interiors, included appliances, and an established residential rental setup.
Property Size1,056 SF
Lot Size0.28 Acres
Price / SF$108.90
Days on Market19
Property Features for 714 29th St
General Information
Standard status
Active
Size
1,056 SF
Lot size
0.28 Acres
Property subtype
Residential Income
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$1,328
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Aycock Realty Group, LLC
(806) 777-3347
Listed By:
Lisa Ashmore · License #0729693
(806) 777-3347
Source:
Exprealty
Added: Aug 5
Changed: Aug 20
Last Checked: Aug 23 at 7:41AM
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 Aycock Realty Group, LLC
Investment Insights
Based on property information with market context.
This duplex contains two one-bedroom, one-bath residences within 1,056 square feet. Both units are tenant-occupied under leases extending through Spring 2027. Interior updates include fresh paint and newer flooring, while appliances remain with the property.
The property occupies a 12,000-square-foot lot at 714 29th St in Lubbock, Texas. Zoning allows up to four residential units, subject to verification with local planning authorities, creating a documented path to evaluate additional residential development. Local businesses, shopping, restaurants, gas stations, and employment centers are within walking distance, and freeway access supports regional commuting.
The property occupies a 12,000-square-foot lot at 714 29th St in Lubbock, Texas. Zoning allows up to four residential units, subject to verification with local planning authorities, creating a documented path to evaluate additional residential development. Local businesses, shopping, restaurants, gas stations, and employment centers are within walking distance, and freeway access supports regional commuting.
Key Highlights
- Two 1‑bedroom, 1‑bath units totaling 1,056 square feet
- Both units are tenant‑occupied with leases in place through Spring 2027
- 12,000 sq. ft. lot with zoning allowing up to four residential units, subject to verification
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
$9,538
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
8.29%
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%
$190,760
$190.8K
Cap Rate 7%
$136,257
$136.3K
Cap Rate 9%
$105,978
$106.0K
Market Conditions
NOI Build-Up for 1,056 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
$14.6K $13.80/SF
− Vacancy
−$947 −$0.90/SF
EGI
$13.6K $12.90/SF
− OpEx
−$4.1K −$3.87/SF
NOI
$9.5K $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%
$190,760
Cap Rate 7%
$136,257
Cap Rate 9%
$105,978
Alternative Uses
Best Use
Multifamily LT 5
$136.3K
$119.2K – $159.0K
NOI $9,538 @ 7.0% cap · market cap 8.29%
Second Best
Apartment 5plus
$122.3K
$107.1K – $142.7K
NOI $8,564 @ 7.0% cap · market cap 7.45%
Theoretical Best
Office A
$266.2K
$232.9K – $310.6K
NOI $18,635 @ 7.0% cap · market cap 16.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,022
Businesses Nearby
Explore this area
Business Placement
Demographics for 79404, TX
9,956
Population
4,289
Households
2.3
Avg Household Size
38
Median Age
13%
College-Educated
73%
High-School Grad
28.5 sq mi
ZIP Area
349
Density / Sq Mi
$48,642
Median Household Income
$30,654
Median Earnings
$958
Median Rent
$86,300
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 - Two leased units feature refreshed interiors, included appliances, and an established residential rental setup.
Where is this duplex located?
The property is located at 714 29th St Lubbock, TX.
What is the asking price?
The asking price for this property is $115,000.
What are key features of this property?
This property features: Two 1‑bedroom, 1‑bath units totaling 1,056 square feet; Both units are tenant‑occupied with leases in place through Spring 2027; 12,000 sq. ft. lot with zoning allowing up to four residential units, subject to verification
