Updated Duplex with
For Sale
$275,000
9607 Avenue X, Lubbock, TX 79423
Two-bedroom residences offer private garages and practical layouts, with recent improvements to flooring and backyard fencing.
Property Size2,178 SF
Price / SF$126.26
Days on Market17
Property Features for 9607 Avenue X
General Information
Standard status
Active
Size
2,178 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$3,625
Listing Agency:
Keller Williams Realty
(806) 549-0015
Listed By:
Whitney Pendergrass · License #0750583
(806) 549-0015
Source:
Exprealty
Added: Jul 27
Changed: Aug 6
Last Checked: Aug 11 at 11:55AM
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.
This duplex contains two separate residences, each arranged with 2 bedrooms, 2 bathrooms, and a 2-car garage. The property measures 2,178 square feet. One unit includes new flooring, while both sides have newly installed backyard fencing. The layouts provide distinct living spaces and attached garage capacity for each residence.
One side is occupied by a long-term tenant who would like to remain, creating an existing tenancy for the next owner. The property is located at 9607 Avenue X in Lubbock, Texas, and is identified as a duplex property in the listing classification.
One side is occupied by a long-term tenant who would like to remain, creating an existing tenancy for the next owner. The property is located at 9607 Avenue X in Lubbock, Texas, and is identified as a duplex property in the listing classification.
Key Highlights
- 2,178 SF duplex at 9607 Avenue X, Lubbock, TX
- Each unit includes 2 bedrooms, 2 bathrooms, and a 2‑car garage
- New flooring installed in one unit
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
$19,672
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
7.15%
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%
$393,440
$393.4K
Cap Rate 7%
$281,029
$281.0K
Cap Rate 9%
$218,578
$218.6K
Market Conditions
NOI Build-Up for 2,178 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
$30.1K $13.80/SF
− Vacancy
−$2.0K −$0.90/SF
EGI
$28.1K $12.90/SF
− OpEx
−$8.4K −$3.87/SF
NOI
$19.7K $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%
$393,440
Cap Rate 7%
$281,029
Cap Rate 9%
$218,578
Alternative Uses
Best Use
Multifamily LT 5
$281.0K
$245.9K – $327.9K
NOI $19,672 @ 7.0% cap · market cap 7.15%
Second Best
Apartment 5plus
$252.3K
$220.8K – $294.4K
NOI $17,663 @ 7.0% cap · market cap 6.42%
Theoretical Best
Office A
$549.1K
$480.5K – $640.6K
NOI $38,436 @ 7.0% cap · market cap 13.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
242
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 - Two-bedroom residences offer private garages and practical layouts, with recent improvements to flooring and backyard fencing.
Where is this duplex located?
The property is located at 9607 Avenue X Lubbock, TX.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 2,178 SF duplex at 9607 Avenue X, Lubbock, TX; Each unit includes 2 bedrooms, 2 bathrooms, and a 2‑car garage; New flooring installed in one unit
