Quadplex with
For Sale
$299,900
7401 Avenue X, Lubbock, TX 79423
MULTI_FAMILY - Lubbock, TX
Property Size3,102 SF
Lot Size0.25 Acres
Price / SF$96.68
Days on Market65
Property Features for 7401 Avenue X
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 1, Bedroom 4, Bathroom 2, Bathroom 3, Bedroom 2, Bedroom 6, Bedroom 3, Bedroom 5, Bedroom 1
Parking features
Parking Lot
Interior features
Ceiling Fan(s)
Fencing
Fenced
Fireplace
1
Elementary school
Roberts
Middle school
Atkins
High school
Monterey
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
6
Standard status
Active
APN
R82786
Size
3,102 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Description
Sandlewood Village L 22A
Tax Annual Amount
3713
Legal Description
Sandlewood Village L 22A
Utilities
Heating system
Natural Gas
Cooling system
Ceiling Fan(s), Electric, Multi Units
Building Details
Year built
1981
Floors in Building
1
Building materials
Stucco
Roof type
Composition
Listing Agency:
Williams & Company Real Estate
(806) 860-6945
Listed By:
Cameron Seale · License #0688378
(806) 773-0821
Added: Jul 1
Changed: Aug 5
Last Checked: Sep 3 at 6:06AM
MLS# 202608974
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 professionally managed quadplex offers four residential units with two bedrooms and one bathroom per unit. The property includes ceiling fan(s), natural gas heating, and multiple cooling features including electric. Construction is stucco with a composition roof. A fireplace is present, and the exterior includes fencing and a parking lot.
Located in South Lubbock, the property is just off University Avenue and near South Loop 289, providing quick access to major roads, Texas Tech, and nearby restaurants and shopping.
Set on a 0.25-acre lot with a total building size of 3,102 square feet and built in 1981, this quadplex is positioned as an income-producing residential asset in a consistently leased area with stable occupancy. Each unit includes interior rooms for multiple bedrooms and bathrooms, with some updates noted throughout.
Located in South Lubbock, the property is just off University Avenue and near South Loop 289, providing quick access to major roads, Texas Tech, and nearby restaurants and shopping.
Set on a 0.25-acre lot with a total building size of 3,102 square feet and built in 1981, this quadplex is positioned as an income-producing residential asset in a consistently leased area with stable occupancy. Each unit includes interior rooms for multiple bedrooms and bathrooms, with some updates noted throughout.
Key Highlights
- Quadplex with four units, each offering 2 bedrooms and 1 bathroom
- 0.25‑acre lot with fenced perimeter and parking lot
- 3,102 SF building size
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
$25,157
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
8.39%
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%
$503,140
$503.1K
Cap Rate 7%
$359,386
$359.4K
Cap Rate 9%
$279,522
$279.5K
Market Conditions
NOI Build-Up for 3,102 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
$48.8K $15.72/SF
− Vacancy
−$3.0K −$0.97/SF
EGI
$45.7K $14.75/SF
− OpEx
−$20.6K −$6.64/SF
NOI
$25.2K $8.11/SF
Area
Lubbock, TX
Vacancy
6.20%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$503,140
Cap Rate 7%
$359,386
Cap Rate 9%
$279,522
Alternative Uses
Best Use
Multifamily LT 5
$400.3K
$350.2K – $467.0K
NOI $28,018 @ 7.0% cap · market cap 9.34%
Second Best
Apartment 5plus
$359.4K
$314.5K – $419.3K
NOI $25,157 @ 7.0% cap · market cap 8.39%
Theoretical Best
Office A
$782.0K
$684.3K – $912.4K
NOI $54,742 @ 7.0% cap · market cap 18.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
608
Businesses Nearby
Explore this area
Business Placement
Demographics for 79423, TX
42,311
Population
18,463
Households
2.3
Avg Household Size
35
Median Age
38%
College-Educated
94%
High-School Grad
64.2 sq mi
ZIP Area
659
Density / Sq Mi
$82,906
Median Household Income
$45,520
Median Earnings
$1,284
Median Rent
$222,500
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 - Professionally managed quadplex on a fenced lot with parking lot space, built in 1981, and natural gas heating.
Where is this quadplex located?
The property is located at 7401 Avenue X Lubbock, TX.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Quadplex with four units, each offering 2 bedrooms and 1 bathroom; 0.25‑acre lot with fenced perimeter and parking lot; 3,102 SF building size
