Multi-Tenant Office
For Sale
$3,850,000
6701 Aberdeen Ave, Lubbock, TX 79424
Well-maintained office building with 11 professional suites and current occupancy around 92%.
Property Size27,032 SF
Price / SF$142.42
Days on Market31
Property Features for 6701 Aberdeen Ave
General Information
Standard status
Active
Size
27,032 SF
Occupancy
92%
Additional Details
Highway Access
Yes
Office Units
11
Building Details
Year Built
1985
Tenancy
Multi
Listing Agency:
ALL Real Estate, LLC
(806) 543-6095
Listed By:
Amy Cox · License #0667992
Source:
Raftercrossrealty
Added: Jul 25
Changed: Aug 23
Last Checked: Aug 23 at 3:23AM
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 ALL Real Estate, LLC
Investment Insights
Based on property information with market context.
This well-maintained, multi-tenant commercial office building includes 11 professional suites. The property is currently approximately 92% occupied, supporting an income-producing setup with limited vacancy.
The building is located at 6701 Aberdeen Avenue in Lubbock, Texas, just off Slide Road and Loop 289, in an established business area. The surrounding area includes a mix of established businesses, hotels, restaurants, retail centers, and professional offices.
For buyers looking for a stabilized office asset, the property’s existing suite configuration and current occupancy provide an operational foundation from day one.
The building is located at 6701 Aberdeen Avenue in Lubbock, Texas, just off Slide Road and Loop 289, in an established business area. The surrounding area includes a mix of established businesses, hotels, restaurants, retail centers, and professional offices.
For buyers looking for a stabilized office asset, the property’s existing suite configuration and current occupancy provide an operational foundation from day one.
Key Highlights
- Approximately 27,032 SF multi‑tenant commercial office building
- 11 professional suites
- Currently approximately 92% occupied for stable, near‑term income
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
$353,376
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
9.18%
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%
$7,067,520
$7.1M
Cap Rate 7%
$5,048,229
$5.0M
Cap Rate 9%
$3,926,400
$3.9M
Market Conditions
NOI Build-Up for 27,032 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
$567.7K $21.00/SF
− Vacancy
−$96.5K −$3.57/SF
EGI
$471.2K $17.43/SF
− OpEx
−$117.8K −$4.36/SF
NOI
$353.4K $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%
$7,067,520
Cap Rate 7%
$5,048,229
Cap Rate 9%
$3,926,400
Alternative Uses
Best Use
Office B
$5.05M
$4.42M – $5.89M
NOI $353,376 @ 7.0% cap · market cap 9.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.81M
$5.96M – $7.95M
NOI $477,039 @ 7.0% cap · market cap 12.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Office units
92%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,059
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Well-maintained office building with 11 professional suites and current occupancy around 92%.
Where is this office units located?
The property is located at 6701 Aberdeen Ave Lubbock, TX.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: Approximately 27,032 SF multi‑tenant commercial office building; 11 professional suites; Currently approximately 92% occupied for stable, near‑term income
