Newly Built Warm Shell Office
For Sale
Contact for pricing
11702 Frankford Ave, Lubbock, TX 79424
Unfinished commercial space supports custom office, medical, professional service, or boutique retail interiors.
Property Size4,979 SF
Price / SF$180.76
Days on Market445
Property Features for 11702 Frankford Ave
General Information
Standard status
Active
Size
4,979 SF
Property subtype
OFFICE
Additional Details
Road Access
Yes
Listing Agency:
WestMark Commercial | TCN Worldwide
(806) 794-3300
Listed By:
Kelsey Zickefoose, MBA, CCIM · License ##724914-SA
(806) 696-3863
Source:
Moodyscre
Added: Jul 1, 2025
Changed: Sep 9
Last Checked: Sep 16 at 8:41PM
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 | TCN Worldwide
Investment Insights
Based on property information with market context.
This 4,979-square-foot office unit is a newly constructed warm-shell space designed for interior completion. The unfinished condition provides a flexible starting point for configuring an office, medical practice, professional services operation, or boutique retail concept. Tenant improvement allowance may be available with qualifying lease terms.
The property is located at 11702 Frankford Ave in Lubbock, Texas, near the Frankford and 117th Street intersection. Its position in the South Lubbock corridor provides access to the surrounding commercial area. The space is offered for either sale or lease, giving occupants and purchasers different paths to secure the property.
The property is located at 11702 Frankford Ave in Lubbock, Texas, near the Frankford and 117th Street intersection. Its position in the South Lubbock corridor provides access to the surrounding commercial area. The space is offered for either sale or lease, giving occupants and purchasers different paths to secure the property.
Key Highlights
- 4,979 SF newly constructed warm‑shell office unit
- Interior‑ready condition allows for a customized layout
- Suitable for office, medical, professional services, or boutique retail uses
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
$65,088
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
7.23%
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%
$1,301,760
$1.3M
Cap Rate 7%
$929,829
$929.8K
Cap Rate 9%
$723,200
$723.2K
Market Conditions
NOI Build-Up for 4,979 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
$104.6K $21.00/SF
− Vacancy
−$17.8K −$3.57/SF
EGI
$86.8K $17.43/SF
− OpEx
−$21.7K −$4.36/SF
NOI
$65.1K $13.07/SF
Area
Lubbock, TX
Vacancy
17.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,301,760
Cap Rate 7%
$929,829
Cap Rate 9%
$723,200
Alternative Uses
Best Use
Office B
$929.8K
$813.6K – $1.08M
NOI $65,088 @ 7.0% cap · market cap 7.23%
Second Best
Retail
$687.1K
$601.2K – $801.6K
NOI $48,097 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$1.26M
$1.10M – $1.46M
NOI $87,865 @ 7.0% cap · market cap 9.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
252
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
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?
Office units - Unfinished commercial space supports custom office, medical, professional service, or boutique retail interiors.
Where is this office units located?
The property is located at 11702 Frankford Ave Lubbock, TX.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 4,979 SF newly constructed warm‑shell office unit; Interior‑ready condition allows for a customized layout; Suitable for office, medical, professional services, or boutique retail uses
