Two-Building Office/Warehouse
For Sale
$1,591,000
6621 Xenia Ave, Lubbock, TX 79407
Two identical Class A office/warehouse buildings with insulated warehouse space, overhead doors, and secured stack yards.
Property Size7,232 SF
Days on Market83
Property Features for 6621 Xenia Ave
General Information
Standard status
Active
Size
7,232 SF
Property subtype
Industrial
Building Details
Building Size
7,232 SF
Year Built
2022
Listing Agency:
WestMark Commercial | TCN Worldwide
Listed By:
Karen Higgins, CCIM · License #TX #0331521-B
(806) 776-2833
Source:
Westmarkcommercial
Added: Jun 17
Changed: Sep 4
Last Checked: Sep 7 at 7:26AM
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 versatile two-building office/warehouse property totals 14,464 SF and is presented as two identical 7,232 SF facilities. Each building includes a professional office layout with a reception area, a conference room, and three private offices, complemented by insulated warehouse space designed for day-to-day operations. Warehouse access is supported by two overhead doors per building.
The property is positioned west of Upland and south of 66th on Xenia. Each facility sits on approximately one-half acre and includes an 8,500 SF stack yard secured by durable metal fencing. A covered front carport adds covered convenience for vehicles or day-to-day staging.
The configuration supports flexible tenanting and ownership strategies, whether an operator wants to occupy one building while leasing the other, use both buildings, or lease facilities separately. The combination of office improvements and insulated warehouse space with overhead door access makes the setup a practical fit for industrial, service, manufacturing, or distribution uses seeking dedicated operational and professional space under one ownership structure.
The property is positioned west of Upland and south of 66th on Xenia. Each facility sits on approximately one-half acre and includes an 8,500 SF stack yard secured by durable metal fencing. A covered front carport adds covered convenience for vehicles or day-to-day staging.
The configuration supports flexible tenanting and ownership strategies, whether an operator wants to occupy one building while leasing the other, use both buildings, or lease facilities separately. The combination of office improvements and insulated warehouse space with overhead door access makes the setup a practical fit for industrial, service, manufacturing, or distribution uses seeking dedicated operational and professional space under one ownership structure.
Key Highlights
- Two identical 7,232 SF Class A office/warehouse buildings totaling 14,464 SF
- Insulated warehouse space in each building with two overhead doors for efficient access
- Office layout includes reception area, conference room, and three private offices per building
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
$98,939
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
6.22%
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%
$1,978,780
$2.0M
Cap Rate 7%
$1,413,414
$1.4M
Cap Rate 9%
$1,099,322
$1.1M
Market Conditions
NOI Build-Up for 7,232 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
$125.8K $17.40/SF
− Vacancy
−$9.4K −$1.31/SF
EGI
$116.4K $16.10/SF
− OpEx
−$17.5K −$2.41/SF
NOI
$98.9K $13.68/SF
Area
Lubbock, TX
Vacancy
7.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
15.00%
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%
$1,978,780
Cap Rate 7%
$1,413,414
Cap Rate 9%
$1,099,322
Alternative Uses
Best Use
Warehouse
$1.41M
$1.24M – $1.65M
NOI $98,939 @ 7.0% cap · market cap 6.22%
Second Best
Industrial
$1.16M
$1.02M – $1.36M
NOI $81,479 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$1.82M
$1.60M – $2.13M
NOI $127,625 @ 7.0% cap · market cap 8.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 79407, TX
23,208
Population
11,817
Households
2
Avg Household Size
32
Median Age
41%
College-Educated
92%
High-School Grad
75.9 sq mi
ZIP Area
306
Density / Sq Mi
$64,778
Median Household Income
$38,212
Median Earnings
$1,131
Median Rent
$200,700
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two identical Class A office/warehouse buildings with insulated warehouse space, overhead doors, and secured stack yards.
Where is this flex space located?
The property is located at 6621 Xenia Ave Lubbock, TX.
What is the asking price?
The asking price for this property is $1,591,000.
What are key features of this property?
This property features: Two identical 7,232 SF Class A office/warehouse buildings totaling 14,464 SF; Insulated warehouse space in each building with two overhead doors for efficient access; Office layout includes reception area, conference room, and three private offices per building
