Renovated Medical Office
For Sale
Contact for pricing
2310 Indiana Avenue, Lubbock, TX 79410
Configured for medical use with exam rooms, patient areas, private offices, and upgraded building systems.
Property Size7,358 SF
Price / SF$237.84
Days on Market8
Property Features for 2310 Indiana Avenue
General Information
Standard status
Active
Size
7,358 SF
Class
A
Property subtype
Office
Building Details
Year Built
1986
Buildings
1
Units
1
Tenancy
Single
Listing Agency:
Williams & Company Real Estate, LLC
Listed By:
Dan Williams · License #TX-550528
(806) 777-1310
Source:
Crexi
Added: Aug 26
Changed: Sep 1
Last Checked: Sep 1 at 10:10PM
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 Williams & Company Real Estate, LLC
Investment Insights
Based on property information with market context.
Built in 1986, this 7,358-square-foot medical office property has been renovated and arranged around the needs of a clinical practice. The interior includes multiple exam rooms, a large patient reception and waiting area, private executive offices, and supporting functional spaces. Building improvements include all-new HVAC infrastructure and a new metal roof.
The property at 2310 Indiana Avenue is positioned near both major hospitals, Texas Tech University, and downtown Lubbock employment centers. On-site parking includes spaces at the front, a covered patient drop-off and pickup area, and additional covered parking along the north side. Land at the south end may support a future pad site, expansion, or additional parking, subject to applicable development requirements.
An existing lease provides current income and may allow a future owner-user time before occupancy. The property can also serve an investor pursuing an ongoing leasing strategy.
The property at 2310 Indiana Avenue is positioned near both major hospitals, Texas Tech University, and downtown Lubbock employment centers. On-site parking includes spaces at the front, a covered patient drop-off and pickup area, and additional covered parking along the north side. Land at the south end may support a future pad site, expansion, or additional parking, subject to applicable development requirements.
An existing lease provides current income and may allow a future owner-user time before occupancy. The property can also serve an investor pursuing an ongoing leasing strategy.
Key Highlights
- 7,358 SF medical office building constructed in 1986
- Multiple exam rooms, patient waiting area, executive offices, and support spaces
- All‑new HVAC infrastructure and new metal roof
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
$98,830
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
5.65%
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%
$1,976,600
$2.0M
Cap Rate 7%
$1,411,857
$1.4M
Cap Rate 9%
$1,098,111
$1.1M
Market Conditions
NOI Build-Up for 7,358 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
$181.0K $24.60/SF
− Vacancy
−$16.3K −$2.21/SF
EGI
$164.7K $22.39/SF
− OpEx
−$65.9K −$8.95/SF
NOI
$98.8K $13.43/SF
Area
Lubbock, TX
Vacancy
9.00%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
40.00%
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%
$1,976,600
Cap Rate 7%
$1,411,857
Cap Rate 9%
$1,098,111
Alternative Uses
Best Use
Healthcare Medical
$1.41M
$1.24M – $1.65M
NOI $98,830 @ 7.0% cap · market cap 5.65%
Second Best
Office B
$1.37M
$1.20M – $1.60M
NOI $96,187 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$1.85M
$1.62M – $2.16M
NOI $129,848 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,116
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 79410, TX
8,615
Population
4,736
Households
1.8
Avg Household Size
29
Median Age
47%
College-Educated
91%
High-School Grad
2.4 sq mi
ZIP Area
3,590
Density / Sq Mi
$48,350
Median Household Income
$29,637
Median Earnings
$1,315
Median Rent
$211,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Configured for medical use with exam rooms, patient areas, private offices, and upgraded building systems.
Where is this medical office space located?
The property is located at 2310 Indiana Avenue Lubbock, TX.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 7,358 SF medical office building constructed in 1986; Multiple exam rooms, patient waiting area, executive offices, and support spaces; All‑new HVAC infrastructure and new metal roof
