Historic Retail or Office
For Sale
Contact for pricing
1213 Crickets Ave, Lubbock, TX 79401
Fully renovated storefront building offers flexible retail or office space with modern amenities and an outdoor patio.
Property Size6,500 SF
Price / SF$168.46
Days on Market340
Property Features for 1213 Crickets Ave
General Information
Standard status
Active
Size
6,500 SF
Property subtype
RETAIL
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Amenities
modern restrooms
breakroom
conference room
flexible rear space
private fenced patio/outdoor area
glass-paned roll-up door
Listing Agency:
McDougal, REALTORS
(806) 793-0703
Listed By:
Ethan Quisenberry · License #0758039
(806) 317-0234
Source:
Moodyscre
Added: Oct 10, 2025
Changed: Aug 14
Last Checked: Sep 13 at 9:58AM
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 McDougal, REALTORS
Investment Insights
Based on property information with market context.
Known as “The Famous Building,” this fully renovated downtown property at 1213 Crickets Ave offers approximately 6,500 square feet of versatile retail or office space. The interior includes a wide-open main area, modern restrooms, a breakroom, a conference room, and flexible space toward the rear, allowing multiple layouts within the same footprint.
A key feature is a private, fenced ±2,900 square foot patio/outdoor area. The patio is accessible through both a standard door and a glass-paned roll-up door, supporting direct indoor-outdoor use for events, creative applications, or expanded workspace.
The building is positioned for visibility just off Broadway, with easy access to I-27 and US 62/82, making it suitable for a range of small business and office uses that benefit from a recognizable, renovated setting.
A key feature is a private, fenced ±2,900 square foot patio/outdoor area. The patio is accessible through both a standard door and a glass-paned roll-up door, supporting direct indoor-outdoor use for events, creative applications, or expanded workspace.
The building is positioned for visibility just off Broadway, with easy access to I-27 and US 62/82, making it suitable for a range of small business and office uses that benefit from a recognizable, renovated setting.
Key Highlights
- Fully renovated landmark building at 1213 Crickets Ave offers approx. 6,500 SF of versatile retail or office space
- Wide‑open main area plus flexible rear space, conference room, and breakroom
- Updated interior includes modern restrooms
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
$62,790
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
5.73%
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%
$1,255,800
$1.3M
Cap Rate 7%
$897,000
$897.0K
Cap Rate 9%
$697,667
$697.7K
Market Conditions
NOI Build-Up for 6,500 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
$97.5K $15.00/SF
− Vacancy
−$7.8K −$1.20/SF
EGI
$89.7K $13.80/SF
− OpEx
−$26.9K −$4.14/SF
NOI
$62.8K $9.66/SF
Area
Lubbock, TX
Vacancy
8.00%
Lease Rate
$15.00 /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%
$1,255,800
Cap Rate 7%
$897,000
Cap Rate 9%
$697,667
Alternative Uses
Best Use
Retail
$897.0K
$784.9K – $1.05M
NOI $62,790 @ 7.0% cap · market cap 5.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,707 @ 7.0% cap · market cap 10.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,557
Businesses Nearby
18k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Murphy USA
Shops & Services
16,296 visits/mo
0.4 miles
Enterprise Rent-A-Car
Shops & Services
910 visits/mo
0.4 miles
Mavis Discount Tire
Shops & Services
840 visits/mo
0.5 miles
Demographics for 79401, TX
8,775
Population
4,813
Households
1.8
Avg Household Size
26
Median Age
26%
College-Educated
85%
High-School Grad
2.5 sq mi
ZIP Area
3,510
Density / Sq Mi
$27,255
Median Household Income
$20,570
Median Earnings
$1,048
Median Rent
$101,500
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 Retail in South region
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Frequently Asked Questions
What type of property is this?
Retail space - Fully renovated storefront building offers flexible retail or office space with modern amenities and an outdoor patio.
Where is this retail space located?
The property is located at 1213 Crickets Ave Lubbock, TX.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: Fully renovated landmark building at 1213 Crickets Ave offers approx. 6,500 SF of versatile retail or office space; Wide‑open main area plus flexible rear space, conference room, and breakroom; Updated interior includes modern restrooms
