Renovated Medical Office
New
For Sale
$1,750,000
2310 Indiana Ave, Lubbock, TX 79410
Exam rooms, executive offices, and a covered patient drop-off support medical operations.
Property Size7,358 SF
Price / SF$237.84
Days on Market2
Property Features for 2310 Indiana Ave
General Information
Standard status
Active
Size
7,358 SF
Building Details
Year Built
1986
Listing Agency:
Williams & Company Real Estate
Listed By:
Dan Williams · License #0550528
(806) 777-1310
Source:
Raftercrossrealty
Added: Sep 28
Last Checked: Sep 29 at 11:25AM
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
Investment Insights
Based on property information with market context.
This 7,358-square-foot medical office in Lubbock has multiple exam rooms, a large waiting area, private executive offices, and updated interiors. Improvements include new HVAC infrastructure and a metal roof. The property also has covered patient drop-off space, covered parking, and additional parking; adjacent land may accommodate expansion, a future pad site, or more parking.
The property is near Lubbock’s major hospitals, Texas Tech University, and downtown employment centers. An existing lease provides interim income.
The property is near Lubbock’s major hospitals, Texas Tech University, and downtown employment centers. An existing lease provides interim income.
Key Highlights
- 7,358‑square‑foot medical office with multiple exam rooms and a large waiting area
- Private executive offices and updated interiors
- New HVAC infrastructure and 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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Exam rooms, executive offices, and a covered patient drop-off support medical operations.
Where is this medical office space located?
The property is located at 2310 Indiana Ave 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‑square‑foot medical office with multiple exam rooms and a large waiting area; Private executive offices and updated interiors; New HVAC infrastructure and metal roof
