Duplex with Updated
For Sale
$279,000
7815 Memphis Avenue, Lubbock, TX 79423
Both residences are occupied and include fireplaces, central HVAC, and laundry hookups.
Property Size2,534 SF
Days on Market20
Property Features for 7815 Memphis Avenue
General Information
Standard status
Active
Size
2,534 SF
Property subtype
Multi Family
Zoning
Multi-Family
Lease Term
12 Months
Taxes and HOA fees
Annual Taxes
$4,342
Building Details
Building Size
2,534 SF
Year Built
1974
Stories
1
Units
2
Listing Agency:
Keller Williams Realty
(806) 789-0899
Listed By:
Dianna Romans · License #0595636
(806) 789-0899
Source:
Lubbockhomemarket
Added: Jul 18
Changed: Aug 6
Last Checked: Aug 6 at 3:29AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
Built in 1974, this duplex contains two residences, each arranged with 2 bedrooms, 2 bathrooms, and a private 2-car garage. Both units are tenant occupied. Interior features include fireplaces, central HVAC, and laundry hookups. Unit B received updates in January 2025, including carpet, paint, ceiling fans, and fencing. The property is zoned Multi-Family.
Located at 7815 Memphis Avenue in Lubbock, the duplex sits directly across from Clifford H. Andrews Park. South Loop 289 is readily accessible, and the property is near LISD schools identified as Honey, Evans, and Monterey.
Located at 7815 Memphis Avenue in Lubbock, the duplex sits directly across from Clifford H. Andrews Park. South Loop 289 is readily accessible, and the property is near LISD schools identified as Honey, Evans, and Monterey.
Key Highlights
- Two‑unit duplex with both residences tenant occupied
- Each unit includes 2 bedrooms, 2 bathrooms, and a private 2‑car garage
- Unit B updated in Jan 2025 with carpet, paint, ceiling fans, and fencing
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
$22,887
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
8.20%
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%
$457,740
$457.7K
Cap Rate 7%
$326,957
$327.0K
Cap Rate 9%
$254,300
$254.3K
Market Conditions
NOI Build-Up for 2,534 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
$35.0K $13.80/SF
− Vacancy
−$2.3K −$0.90/SF
EGI
$32.7K $12.90/SF
− OpEx
−$9.8K −$3.87/SF
NOI
$22.9K $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%
$457,740
Cap Rate 7%
$326,957
Cap Rate 9%
$254,300
Alternative Uses
Best Use
Multifamily LT 5
$327.0K
$286.1K – $381.5K
NOI $22,887 @ 7.0% cap · market cap 8.20%
Second Best
Apartment 5plus
$293.6K
$256.9K – $342.5K
NOI $20,551 @ 7.0% cap · market cap 7.37%
Theoretical Best
Office A
$638.8K
$559.0K – $745.3K
NOI $44,718 @ 7.0% cap · market cap 16.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
339
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?
Duplex - Both residences are occupied and include fireplaces, central HVAC, and laundry hookups.
Where is this duplex located?
The property is located at 7815 Memphis Avenue Lubbock, TX.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: Two‑unit duplex with both residences tenant occupied; Each unit includes 2 bedrooms, 2 bathrooms, and a private 2‑car garage; Unit B updated in Jan 2025 with carpet, paint, ceiling fans, and fencing
