Flex Space with Office and
For Sale
$549,000
201 NE Loop 289, Lubbock, TX 79403
COMMERCIAL - Lubbock, TX
Property Size4,400 SF
Lot Size1.35 Acres
Price / SF$124.77
Days on Market540
Property Features for 201 NE Loop 289
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-1
Parking features
Covered, Gated, Garage, Parking Lot, Open, Carport, Driveway
Security features
Security Lighting
Fencing
Perimeter, Chain Link, Fenced
Lot features
Cleared, Corner Lot, Paved, Level
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Directions
Head east on north Loop 289, exit Ash Avenue, head north on Ash Avenue, property is on the right. ***Previous business occupant relocated
Subdivision
5
Standard status
Active
APN
R120523
Size
4,400 SF
Lot size
1.35 Acres
Taxes and HOA fees
Tax Description
CROSLIN INDUSTRIAL L 4
Tax Annual Amount
2659
Legal Description
CROSLIN INDUSTRIAL L 4
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Amenities
breakroom
restrooms
entry/lobby
landscaped with irrigation
secured gated access
Building Details
Year built
1985
Flooring type
Carpet, Concrete, Tile
Building materials
Brick, Metal Siding, Steel Frame, Steel Siding
Roof type
Metal
Listing Agency:
Real Estate Lubbock
(806) 438-8083
Listed By:
Meredith Wideman · License #0511448
(806) 438-8083
Added: Mar 1, 2025
Changed: Aug 5
Last Checked: Aug 23 at 12:06PM
MLS# 202551749
Copyright © 2026 Lubbock Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex space combines office functionality with warehouse and stack yard area on a fully fenced, gated property. The office includes six individual office spaces, a breakroom, and three restrooms, with an entry/lobby that could support showroom or customer seating. The warehouse offers four bays with large overhead doors and automatic openers.
The property sits on 1.35 acres with a fully fenced office and stack yard and secured gated access. Landscaping is maintained with irrigation, and parking is provided with six covered spaces plus additional open parking, all on full concrete. Construction includes brick and metal siding with a steel frame, steel siding, a metal roof, and interior flooring of tile, concrete, and carpet.
Additional utilities and infrastructure include public water and public sewer, with central electric heating and central air conditioning.
The property sits on 1.35 acres with a fully fenced office and stack yard and secured gated access. Landscaping is maintained with irrigation, and parking is provided with six covered spaces plus additional open parking, all on full concrete. Construction includes brick and metal siding with a steel frame, steel siding, a metal roof, and interior flooring of tile, concrete, and carpet.
Additional utilities and infrastructure include public water and public sewer, with central electric heating and central air conditioning.
Key Highlights
- 1.35‑acre flex property in C‑1 zoning
- Office has 6 individual office spaces, breakroom, and 3 restrooms
- Warehouse with 4 bays, large overhead doors, and automatic openers
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
$49,573
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
9.03%
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%
$991,460
$991.5K
Cap Rate 7%
$708,186
$708.2K
Cap Rate 9%
$550,811
$550.8K
Market Conditions
NOI Build-Up for 4,400 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
$76.6K $17.40/SF
− Vacancy
−$5.7K −$1.31/SF
EGI
$70.8K $16.10/SF
− OpEx
−$21.2K −$4.83/SF
NOI
$49.6K $11.27/SF
Area
Lubbock, TX
Vacancy
7.50%
Lease Rate
$17.40 /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%
$991,460
Cap Rate 7%
$708,186
Cap Rate 9%
$550,811
Alternative Uses
Best Use
Warehouse
$859.9K
$752.4K – $1.00M
NOI $60,195 @ 7.0% cap · market cap 10.96%
Second Best
Office B
$821.7K
$719.0K – $958.7K
NOI $57,519 @ 7.0% cap · market cap 10.48%
Theoretical Best
Office A
$1.11M
$970.6K – $1.29M
NOI $77,648 @ 7.0% cap · market cap 14.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
65
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 79403, TX
15,604
Population
6,530
Households
2.4
Avg Household Size
38
Median Age
11%
College-Educated
76%
High-School Grad
131.3 sq mi
ZIP Area
119
Density / Sq Mi
$45,343
Median Household Income
$27,431
Median Earnings
$946
Median Rent
$83,100
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?
Flex space - C-1 flex space with a fenced office/stack yard and 4-bay warehouse, secured by gated access.
Where is this flex space located?
The property is located at 201 NE Loop 289 Lubbock, TX.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: 1.35‑acre flex property in C‑1 zoning; Office has 6 individual office spaces, breakroom, and 3 restrooms; Warehouse with 4 bays, large overhead doors, and automatic openers
