Turnkey Duplex with Private
7815 Memphis Avenue Lubbock, TX 79423
New
For Sale
$279,000
MULTI_FAMILY - Other - Lubbock, TX
Property Size2,534 SF
Lot Size0.20 Acres
Price / SF$110.10
Days on Market7
Property Features for 7815 Memphis Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Duplex
- Bedrooms
- 4
- Bathrooms
- 4
- Rooms
- Bedroom 4, Bedroom 1, Bathroom 4, Bathroom 3, Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 2
- Parking features
- Garage
- Patio and Porch features
- Porch
- Interior features
- Walk-In Closet(s)
- Exterior features
- Private Yard
- Fencing
- Fenced
- Fireplace
- 1
- Appliances
- Dishwasher, Refrigerator, Washer/Dryer
- Standard status
- Active
- APN
- R50803
- Size
- 2,534 SF
- Lot size
- 0.20 Acres
Taxes and HOA fees
- Tax Description
- Melonie Park South N45.74'Of L 255 & S29.26'Of 254
- Tax Annual Amount
- 4342
Utilities
- Sewer type
- Public Sewer
- Heating system
- Fireplace(s), Central
- Cooling system
- Electric, Central Air
- Water source
- Public
Building Details
- Year built
- 1974
- Floors in Building
- 1
- Number of units
- 2
- Building materials
- Brick
- Roof type
- Composition
- Architectural style
- Other
Listing Agency:
Keller Williams Realty
(806) 771-7710
Listed By:
Dianna Romans · License #0595636
(806) 789-0899
Added: Jul 18
Last Checked: Jul 24 at 4:06PM
MLS# 202609919
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 well-maintained duplex offers two spacious units with a functional 2-bed, 2-bath layout. Each unit includes a private 2-car garage, and both sides are currently tenant occupied. Unit B received updates in January 2025, including carpet, paint, ceiling fans, and fencing. The property also features fireplaces, central HVAC, and in-unit laundry hookups.
The duplex is located directly across from Clifford H. Andrews Park, with easy access to South Loop 289 and LISD schools including Honey, Evans, and Monterey.
With a low-maintenance configuration and consistent occupancy on both sides, the property is positioned as a straightforward addition for buyers seeking income-producing residential investment.
The duplex is located directly across from Clifford H. Andrews Park, with easy access to South Loop 289 and LISD schools including Honey, Evans, and Monterey.
With a low-maintenance configuration and consistent occupancy on both sides, the property is positioned as a straightforward addition for buyers seeking income-producing residential investment.
Key Highlights
- Duplex built in 1974 with brick construction and composition roof
- Each unit features a 2‑bed, 2‑bath layout with walk‑in closets
- Tenant‑occupied on both sides
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $35.0k | $13.80 |
| − Vacancy | −$2.3k | −$0.90 |
| EGI | $32.7k | $12.90 |
| − OpEx | −$9.8k | −$3.87 |
| NOI | $22.9k | $9.03 |
2,534 SF · lease $13.80/SF/yr · vacancy 6.50% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Turnkey duplex with two tenant-occupied 2-bed, 2-bath units, each with a private 2-car garage.
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: Duplex built in 1974 with brick construction and composition roof; Each unit features a 2‑bed, 2‑bath layout with walk‑in closets; Tenant‑occupied on both sides
