Welcome to 2506 40th Street, a versatile income-producing property in the heart of Lubbock! This gem features a 2 bed / 1 bath main house PLUS an efficiency apartment on the west side, giving you two rentable units on one lot.
Steady Cash Flow Locked In - Both units are leased through July 2026, with the main house bringing in $1,000/mo and the efficiency unit at $500/mo. That's $1,500/month guaranteed income from day one!
Shared Backyard Space - Tenants enjoy a private, fenced backyard perfect for pets, BBQs, and downtime.
Central Location - Quick access to Texas Tech, hospitals, and all the shopping/dining Lubbock has to offer, making this a high-demand rental year after year.
Whether you're looking to expand your portfolio or snag your first investment property, this one checks every box:
Dual income streams
Leases in place until mid-2026
Prime central Lubbock location
Don't wait — properties like this move fast. Schedule your showing today and lock in your next investment win!
Sold
Price Unknown
2506 40th St, Lubbock, TX 79413
3beds
1,041sqft
Duplex, Multi Family
Built in 1950
-- sqft lot
$139,100 Zestimate®
$--/sqft
$1,036 Estimated rent
Home value
$139,100
$129,000 - $150,000
$1,036/mo
Zestimate® history
Owner options
List your home for rent
$1,036/mo
Rent Zestimate®
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$1,036/mo
Rent Zestimate®
Refinance and save
Refinancing to a lower rate could help reduce your monthly payments and save thousands over the life of the loan.
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List your homeWhat's special
Efficiency apartmentPrivate fenced backyard
Zillow last checked:
Listing updated:
Listed by:
Justin Waddell TREC #0832656 806-632-3725,
Wise Cardinal Realty
Bought with:
Mike Hagler, TREC #0827224
Brick & Loft Realty
Source: LBMLS,MLS#: 202559596
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 3
- Bathrooms: 2
- Full bathrooms: 2
Heating
- Other
Cooling
- Ceiling Fan(s), Other
Appliances
- Laundry: Laundry Room
Features
- Flooring: Vinyl
Interior area
- Total structure area: 1,041
- Total interior livable area: 1,041 sqft
- Finished area above ground: 1,041
Property
Parking
- Parking features: Driveway, On Street
- Has uncovered spaces: Yes
Lot
- Size: 7,840 sqft
Details
- Parcel number: R125837
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Duplex, Multi Family
Materials
- Vinyl Siding
- Roof: Composition
Condition
- New construction: No
- Year built: 1950
Community & neighborhood
Security
- Security features: None
Location
- Region: Lubbock
Other
Other facts
- Listing terms: Cash,Conventional
- Road surface type: Asphalt
Price history
| Date | Event | Price |
|---|---|---|
| 10/17/2025 | Sold | -- |
Source:  LBMLS #202559596 Report a problem | ||
| 10/3/2025 | Pending sale | $137,000$132/sqft |
Source: LBMLS #202559596 Report a problem | ||
| 9/23/2025 | Price change | $137,000-2.1%$132/sqft |
Source: LBMLS #202559596 Report a problem | ||
| 8/26/2025 | Listed for sale | $140,000$134/sqft |
Source: LBMLS #202559596 Report a problem | ||
| 7/22/2025 | Listing removed | $1,000$1/sqft |
Source: Zillow Rentals Report a problem | ||
| 7/14/2025 | Listed for rent | $1,000+5.3%$1/sqft |
Source: Zillow Rentals Report a problem | ||
| 3/8/2024 | Listing removed | -- |
Source: Zillow Rentals Report a problem | ||
| 2/27/2024 | Listed for rent | $950$1/sqft |
Source: Zillow Rentals Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $1,624 +218.4% | $91,807 +18.1% |
| 2024 | $510 +0.9% | $77,726 +10% |
| 2023 | $505 -7.3% | $70,660 +10% |
| 2022 | $545 -12.6% | $64,236 +10% |
| 2021 | $623 -50.2% | $58,396 |
| 2020 | $1,251 +1.1% | $58,396 +2.6% |
| 2019 | $1,237 +2.8% | $56,909 +4.1% |
| 2018 | $1,204 | $54,680 +2.1% |
| 2017 | $1,204 +22.3% | $53,565 +14.9% |
| 2016 | $984 | $46,634 +5.4% |
| 2015 | $984 | $44,261 |
| 2014 | $984 | $44,261 |
| 2013 | -- | $44,261 |
| 2012 | -- | $44,261 |
| 2011 | -- | $44,261 |
| 2010 | -- | $44,261 |
| 2009 | -- | $44,261 +5.6% |
| 2008 | -- | $41,905 -8.1% |
| 2007 | -- | $45,614 +10% |
| 2006 | -- | $41,467 +5.9% |
| 2005 | -- | $39,156 +10% |
| 2004 | -- | $35,596 +7.4% |
| 2003 | -- | $33,158 +3.2% |
| 2002 | $489 +16% | $32,144 +20.2% |
| 2001 | $421 +0.5% | $26,744 |
| 2000 | $419 | $26,744 |
Find assessor info on the county website
Neighborhood: Wheelock & Monterey
Nearby schools
GreatSchools rating
- 4/10Wheelock Elementary SchoolGrades: PK-5Distance: 0.5 mi
- 2/10Slaton Middle SchoolGrades: 6-8Distance: 1.1 mi
- 5/10Monterey High SchoolGrades: 9-12Distance: 1 mi
Sell for more on Zillow
Get a Zillow Showcase℠ listing at no additional cost and you could sell for .
$139,100
2% more
+$2,782
With Zillow Showcase(estimated)
$141,882
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