New-Construction Flex
For Sale
$1,462,667
11426 CR 2220, Lubbock, TX 79423
Office and warehouse components combine administrative space with functional industrial improvements.
Property Size12,000 SF
Price / SF$121.89
Days on Market146
Property Features for 11426 CR 2220
General Information
Standard status
Active
Size
12,000 SF
Property subtype
Industrial - Flex - Industrial
Building Details
Building Size
12,000 SF
Listing Agency:
WestMark Commercial
(806) 776-2833
Listed By:
Karen Higgins · License #0331521
Source:
Commercialcafe
Added: Apr 7
Changed: Aug 29
Last Checked: Aug 29 at 8:24PM
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 WestMark Commercial
Investment Insights
Based on property information with market context.
This 12,000 SF office/warehouse property combines administrative space with an industrial layout designed for loading and daily operations. A truck well and two overhead doors support material handling, while the new-construction profile provides modern building improvements.
The property is subject to a NNN lease with a 3-year term and built-in rent escalations. The lease structure limits landlord responsibilities and supports a streamlined ownership profile. The asset is located at 11426 CR 2220, Lubbock, TX 79423.
The property is subject to a NNN lease with a 3-year term and built-in rent escalations. The lease structure limits landlord responsibilities and supports a streamlined ownership profile. The asset is located at 11426 CR 2220, Lubbock, TX 79423.
Key Highlights
- 12,000 SF new‑construction office/warehouse property
- NNN lease with a 3‑year term and built‑in rent escalations
- Truck well supports loading operations
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
$133,474
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
9.13%
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%
$2,669,480
$2.7M
Cap Rate 7%
$1,906,771
$1.9M
Cap Rate 9%
$1,483,044
$1.5M
Market Conditions
NOI Build-Up for 12,000 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
$223.2K $18.60/SF
− Vacancy
−$17.9K −$1.49/SF
EGI
$205.3K $17.11/SF
− OpEx
−$71.9K −$5.99/SF
NOI
$133.5K $11.12/SF
Area
Lubbock, TX
Vacancy
8.00%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
35.00%
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%
$2,669,480
Cap Rate 7%
$1,906,771
Cap Rate 9%
$1,483,044
Alternative Uses
Best Use
Warehouse
$2.35M
$2.05M – $2.74M
NOI $164,169 @ 7.0% cap · market cap 11.22%
Second Best
Office B
$2.24M
$1.96M – $2.61M
NOI $156,870 @ 7.0% cap · market cap 10.72%
Theoretical Best
Office A
$3.03M
$2.65M – $3.53M
NOI $211,766 @ 7.0% cap · market cap 14.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
23
Businesses Nearby
Well-served
Demand for This Use
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 Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Rissa's — 2213 Woodrow Rd, Lubbock, TX 79423
Frequently Asked Questions
What type of property is this?
Flex space - Office and warehouse components combine administrative space with functional industrial improvements.
Where is this flex space located?
The property is located at 11426 CR 2220 Lubbock, TX.
What is the asking price?
The asking price for this property is $1,462,667.
What are key features of this property?
This property features: 12,000 SF new‑construction office/warehouse property; NNN lease with a 3‑year term and built‑in rent escalations; Truck well supports loading operations
