Stabilized Retail and Medical
1824 Parkway Dr Lubbock, TX 79403
1824 Parkway Dr, Lubbock, TX, 79403
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For Sale
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NNN retail and medical center with strong tenant mix.
Property Size19,416 SF
Lot Size3.81 Acres
Price / SF$154.51
Days on Market2088
Property Features for 1824 Parkway Dr
General Information
- Standard status
- Active
- Size
- 19,416 SF
- Lot size
- 3.81 Acres
- Property subtype
- Retail
Building Details
- Year Built
- 2009
Listing Agency
KW Commercial Lubbock
(806) 392-0578
Listed by
Jeremy Steen · License #TX 685530
Source
Crexi
Added: Oct 29, 2020 Checked: Jul 17 at 6:08 am
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 KW Commercial Lubbock
Investment Insights
Based on property information with market context.
This stabilized retail and medical center, constructed in 2009, is located at 1824 & 1826 Parkway Drive in Lubbock, Texas. The Class B property offers a 6.42% cap rate return. Situated within a designated Federal Opportunity Zone, the property may provide potential tax benefits. The center spans 19,416 square feet on a 3.81-acre lot and features 287 feet of frontage on US Highway 82 (Parkway Drive). The property is anchored by a diverse tenant mix, including national brands such as Pizza Hut and Cricket Wireless, and community services like the Community Health Center of Lubbock, Renal Care, and Health Mart Pharmacy. The property maintains an 86% average occupancy rate. The property is located in an established neighborhood.
Key Highlights
- Stabilized NNN retail and medical center with a secure 6.42% cap rate.
- Located in a designated Federal Opportunity Zone, offering potential tax benefits.
- Excellent visibility and access with 287 feet of frontage on US Highway 82.
Local Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $477.6k | $24.60 |
| − Vacancy | −$43.0k | −$2.21 |
| EGI | $434.6k | $22.39 |
| − OpEx | −$173.9k | −$8.95 |
| NOI | $260.8k | $13.43 |
19,416 SF · lease $24.60/SF/yr · vacancy 9.00% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$3.73M
$3.26M – $4.35M
NOI $260,788 @ 7.0% cap · market cap 8.69%
Second Best
Office B
$3.63M
$3.17M – $4.23M
NOI $253,816 @ 7.0% cap · market cap 8.46%
Theoretical Best
Office A
$4.89M
$4.28M – $5.71M
NOI $342,638 @ 7.0% cap · market cap 11.42%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Parkway Pharmacy
Pharmacy
Pizza Hut
Restaurant
Similar For Sale Nearby
Similar Off Market Nearby
- Coinstar Kiosk - Bitcoin ATM — 2630 Parkway Dr Albertsons, Lubbock, TX 79403
FAQs
What type of property is this?
Shopping center - NNN retail and medical center with strong tenant mix.
Where is this shopping center located?
The property is located at 1824 Parkway Dr Lubbock, TX.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Stabilized NNN retail and medical center with a secure 6.42% cap rate.; Located in a designated Federal Opportunity Zone, offering potential tax benefits.; Excellent visibility and access with 287 feet of frontage on US Highway 82.
