Brick Duplex
New
For Sale
$1,400,000
8302 Raleigh Avenue, Lubbock, TX 79424
Residential Income, Lubbock, TX
Property Size13,825 SF
Lot Size0.69 Acres
Price / SF$101.27
Days on Market1
Property Features for 8302 Raleigh Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi-Family
Bedrooms
27
Bathrooms
20
Full bathrooms
20
Rooms
Bedroom 8, Bedroom 9, Bedroom 26, Bathroom 9, Bedroom 4, Bedroom 18, Bedroom 7, Bedroom 11, Bathroom 5, Bathroom 6, Bedroom 6, Bedroom 13, Bedroom 19, Bathroom 17, Bathroom 4, Bathroom 12, Bedroom 22, Bedroom 27, Bedroom 5, Bedroom 2, Bedroom 25, Bedroom 10, Bathroom 2, Bathroom 8, Bedroom 21, Bedroom 23, Bathroom 14, Bathroom 11, Bathroom 7, Bathroom 18, Bedroom 16, Bathroom 1, Bedroom 15, Bedroom 24, Bathroom 13, Bathroom 20, Bedroom 12, Bedroom 17, Bedroom 3, Bathroom 10, Bathroom 15, Bedroom 1, Bedroom 20, Bathroom 19, Bedroom 14, Bathroom 3, Bathroom 16
Parking features
Garage
Fireplace
1
Elementary school
Whiteside
Middle school
Irons
High school
Coronado
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
7
Standard status
Active
APN
R64874,R64898,R64954,R65007,R65037
Size
13,825 SF
Lot size
0.69 Acres
Taxes and HOA fees
Tax Description
LOVELL S MARK L 13,14,15,17,18
Legal Description
LOVELL S MARK L 13,14,15,17,18
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1994
Floors in Building
1
Building materials
Brick
Roof type
Composition
Listing Agency:
Jarrett Thornton
(806) 781-6740
Listed By:
Jarrett Thornton · License #0726551
(806) 794-7777
Added: Oct 13
Last Checked: Oct 13 at 2:06PM
MLS# 202614072
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 13,825-square-foot duplex portfolio comprises five duplexes on 0.69 acres. Built in 1994, the properties feature brick construction, composition roofs, central heating and air conditioning, garage parking, and fireplaces. All are occupied.
The portfolio is located on Raleigh Avenue in Lubbock, Texas. The seller is open to dividing the properties into two smaller packages.
The portfolio is located on Raleigh Avenue in Lubbock, Texas. The seller is open to dividing the properties into two smaller packages.
Key Highlights
- Five duplexes totaling 13,825 square feet on 0.69 acres
- All properties are occupied
- Built in 1994 with brick construction and composition roofs
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$124,869
Cap Rate
8.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,497,380
$2.5M
Cap Rate 7%
$1,783,843
$1.8M
Cap Rate 9%
$1,387,433
$1.4M
Market Conditions
NOI Build-Up for 13,825 SF
Gross rent
$190.8K $13.80/SF
− Vacancy
−$12.4K −$0.90/SF
EGI
$178.4K $12.90/SF
− OpEx
−$53.5K −$3.87/SF
NOI
$124.9K $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 Rate 5%
$2,497,380
Cap Rate 7%
$1,783,843
Cap Rate 9%
$1,387,433
Alternative Uses
Best Use
Multifamily LT 5
$1.78M
$1.56M – $2.08M
NOI $124,869 @ 7.0% cap · market cap 8.92%
Second Best
Apartment 5plus
$1.60M
$1.40M – $1.87M
NOI $112,120 @ 7.0% cap · market cap 8.01%
Theoretical Best
Office A
$3.49M
$3.05M – $4.07M
NOI $243,973 @ 7.0% cap · market cap 17.43%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Lease Details
10
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
720
Businesses Nearby
Explore this area
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - All five duplexes are occupied, with central heating and air conditioning and garage parking.
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 totaling 13,825 square feet on 0.69 acres; All properties are occupied; Built in 1994 with brick construction and composition roofs
