Renovated Medical Office
New
For Sale
$1,750,000
2310 Indiana Avenue, Lubbock, TX 79410
Commercial Sale, Lubbock, TX
Property Size7,358 SF
Lot Size0.77 Acres
Price / SF$237.84
Days on Market2
Property Features for 2310 Indiana Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
AM
Rooms
Basement
Parking
49
Parking features
Parking Lot, Carport
Security features
Security
Elementary school
Overton
Middle school
Mackenzie
High school
Coronado
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Directions
At the corner of 23rd Street and Indiana. Access to building is directly west of Indiana into parking lot.
Subdivision
3
Standard status
Active
APN
R73254
Size
7,358 SF
Lot size
0.77 Acres
Taxes and HOA fees
Tax Description
Ithica Tr C
Tax Annual Amount
15763
Legal Description
Ithica Tr C
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1986
Floors in Building
1
Flooring type
Vinyl, Tile, Carpet
Building materials
Brick, Stucco
Listing Agency:
Williams & Company Real Estate
(806) 860-6945
Listed By:
Dan Williams · License #0550528
(806) 777-1310
Added: Sep 1
Last Checked: Sep 2 at 3:06PM
MLS# 202612185
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 medical office property provides 7,358 square feet of renovated space on 0.77 acres. The layout includes multiple exam rooms, a generous reception and waiting area, private executive offices, and updated interior finishes. Major building improvements include new HVAC infrastructure and a metal roof. Vinyl, tile, and carpet flooring are installed throughout, with central heating and electric central air conditioning.
The property includes a parking lot, carport, and covered patient drop-off area. Public water and sewer serve the site, and additional land is included for potential future expansion, a pad site, or added parking. An existing lease is in place, providing an interim occupancy arrangement for a purchaser.
The property includes a parking lot, carport, and covered patient drop-off area. Public water and sewer serve the site, and additional land is included for potential future expansion, a pad site, or added parking. An existing lease is in place, providing an interim occupancy arrangement for a purchaser.
Key Highlights
- 7,358 SF medical office property on 0.77 acres
- Renovated interiors with new HVAC infrastructure and metal roof
- Multiple exam rooms, large waiting area, and private executive offices
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 - Updated clinical space includes exam rooms, executive offices, patient drop-off, and covered parking.
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 property on 0.77 acres; Renovated interiors with new HVAC infrastructure and metal roof; Multiple exam rooms, large waiting area, and private executive offices
