Medical Office
For Sale
$1,450,000
10933 Wayne Avenue, Lubbock, TX 79424
Commercial Sale, Lubbock, TX
Property Size4,500 SF
Lot Size0.40 Acres
Price / SF$317.29
Days on Market75
Property Features for 10933 Wayne Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Parking features
Parking Lot
Security features
Security System
Lot features
Corner Lot, Cul-De-Sac, Landscaped, Paved
Elementary school district
Lubbock-Cooper ISD
Middle school district
Lubbock-Cooper ISD
High school district
Lubbock-Cooper ISD
Subdivision
7
Standard status
Active
APN
R353416
Size
4,570 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Description
Epic North Tr K
Tax Annual Amount
2535
Legal Description
Epic North Tr K
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
two public restrooms
dedicated employee restroom
staff break lounge
Building Details
Year built
2025
Flooring type
Vinyl
Building materials
Brick, Stone
Roof type
Composition
Listing Agency:
eXp Realty LLC
(888) 519-7431
Listed By:
Benjamin Hargrove · License #0672833
(806) 786-5838
Added: Jul 2
Changed: Sep 5
Last Checked: Sep 14 at 9:06AM
MLS# 202609009
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 4,570-square-foot medical office property is under construction and was built in 2025. The interior plan includes 12 private offices or exam rooms, a central nurses' station, reception, and a dedicated waiting area. A large executive office includes a private restroom, while two public restrooms, an employee restroom, and a staff break lounge support daily operations. Brick and stone construction, vinyl flooring, central heating, central air, a composition roof, and a parking lot are included.
The property is located at 10933 Wayne Avenue in Lubbock, Texas, near the new UMC Hospital. Public water and public sewer serve the property. The layout is configured for medical office operations and can also accommodate wellness, legal, counseling, or other professional office uses identified for the property.
The property is located at 10933 Wayne Avenue in Lubbock, Texas, near the new UMC Hospital. Public water and public sewer serve the property. The layout is configured for medical office operations and can also accommodate wellness, legal, counseling, or other professional office uses identified for the property.
Key Highlights
- 4,570‑square‑foot medical office property
- 12 private offices or exam rooms
- Central nurses' station with reception and waiting areas
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
$61,382
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
4.23%
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%
$1,227,640
$1.2M
Cap Rate 7%
$876,886
$876.9K
Cap Rate 9%
$682,022
$682.0K
Market Conditions
NOI Build-Up for 4,570 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
$112.4K $24.60/SF
− Vacancy
−$10.1K −$2.21/SF
EGI
$102.3K $22.39/SF
− OpEx
−$40.9K −$8.95/SF
NOI
$61.4K $13.43/SF
Area
Lubbock, TX
Vacancy
9.00%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
40.00%
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%
$1,227,640
Cap Rate 7%
$876,886
Cap Rate 9%
$682,022
Alternative Uses
Best Use
Healthcare Medical
$876.9K
$767.3K – $1.02M
NOI $61,382 @ 7.0% cap · market cap 4.23%
Second Best
Office B
$853.4K
$746.8K – $995.7K
NOI $59,741 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,648 @ 7.0% cap · market cap 5.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
290
Businesses Nearby
Balanced
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Professional facility with private exam rooms, patient reception, staff areas, and public and employee restrooms.
Where is this medical office space located?
The property is located at 10933 Wayne Avenue Lubbock, TX.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 4,570‑square‑foot medical office property; 12 private offices or exam rooms; Central nurses' station with reception and waiting areas
