Five-Duplex Residential
For Sale
$1,400,000
8302 Raleigh Avenue, Lubbock, TX 79424
The occupied properties are situated close together in South Lubbock and have received improvements over time.
Property Size13,710 SF
Price / SF$102.12
Days on Market8
Property Features for 8302 Raleigh Avenue
General Information
Standard status
Active
Size
13,710 SF
Property subtype
Residential Income
Zoning
Multi-Family
Taxes and HOA fees
Annual Taxes
$22,174
Amenities
Yes
20
No
27
Public Records
10
13710.0
0.69
Attached,Garage
Paved
Slab
City Street
Building Details
Building Size
13,710 SF
Year Built
1994
Listing Agency:
(806) 319-5090
Listed By:
Jonathan Adkins
Source:
Clearrockrealty
Added: Oct 30
Changed: Nov 5
Last Checked: Nov 5 at 6:29AM
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 Jonathan Adkins
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Investment Insights
Based on property information with market context.
Five duplexes on Raleigh Avenue in South Lubbock form a closely grouped residential income property. All units are occupied, and improvements have been made over the years. The properties date to 1994 and carry Multi-Family zoning.
The combined property size is 13,710 square feet on 0.69 acres. The site fronts Raleigh Avenue, identified as a city street, with paved surfaces and attached garages noted among the exterior features.
The combined property size is 13,710 square feet on 0.69 acres. The site fronts Raleigh Avenue, identified as a city street, with paved surfaces and attached garages noted among the exterior features.
Key Highlights
- Five duplexes offered together on Raleigh Avenue in South Lubbock
- All units are occupied
- 13,710 square feet across 0.69 acres
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$123,830
Cap Rate
8.85%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,476,600
$2.5M
Cap Rate 7%
$1,769,000
$1.8M
Cap Rate 9%
$1,375,889
$1.4M
Market Conditions
NOI Build-Up for 13,710 SF
Gross rent
$189.2K $13.80/SF
− Vacancy
−$12.3K −$0.90/SF
EGI
$176.9K $12.90/SF
− OpEx
−$53.1K −$3.87/SF
NOI
$123.8K $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 Rate 5%
$2,476,600
Cap Rate 7%
$1,769,000
Cap Rate 9%
$1,375,889
Alternative Uses
Best Use
Multifamily LT 5
$1.77M
$1.55M – $2.06M
NOI $123,830 @ 7.0% cap · market cap 8.85%
Second Best
Apartment 5plus
$1.59M
$1.39M – $1.85M
NOI $111,187 @ 7.0% cap · market cap 7.94%
Theoretical Best
Office A
$3.46M
$3.02M – $4.03M
NOI $241,943 @ 7.0% cap · market cap 17.28%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
790
Businesses Nearby
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Business Placement
Demographics for 79424, TX
53,479
Population
22,800
Households
2.3
Avg Household Size
38
Median Age
47%
College-Educated
95%
High-School Grad
41.6 sq mi
ZIP Area
1,286
Density / Sq Mi
$94,703
Median Household Income
$52,417
Median Earnings
$1,151
Median Rent
$279,600
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - The occupied properties are situated close together in South Lubbock and have received improvements over time.
Where is this duplex located?
The property is located at 8302 Raleigh Avenue Lubbock, TX.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Five duplexes offered together on Raleigh Avenue in South Lubbock; All units are occupied; 13,710 square feet across 0.69 acres
