Office Warehouse Flex
For Sale
Contact for pricing
2405 114TH ST, Lubbock, TX 79423
Move-in ready office and warehouse on one site, featuring executive offices, cubicles, and a rear warehouse with separate access.
Property Size9,950 SF
Price / SF$198.49
Days on Market193
Property Features for 2405 114TH ST
General Information
Standard status
Active
Size
9,950 SF
Class
B
Property subtype
Office, Mixed Use
Additional Details
Office Units
12
Amenities
2 Executive Offices
4 Corner Offices
6 Standard Offices
12 Cubicles
Large main Conference Room
Additional Conference/Meeting Room
Spacious open Café / Gathering Space
Building Details
Year Built
1984
Units
1
Tenancy
Single
Listing Agency:
Mcdougal Realtors
Listed By:
Mark Oatman · License #596269
(806) 543-8568
Source:
Crexi
Added: Apr 24
Changed: Oct 26
Last Checked: Nov 1 at 4:42AM
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 Mcdougal Realtors
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Investment Insights
Based on property information with market context.
This well-maintained flex-style property combines a professional office building with a separate rear warehouse. The office includes multiple private offices, an open cubicle workspace, a large main conference room, an additional conference or meeting room, and a spacious café or gathering area. The warehouse is separately positioned at the rear and is designed for flexible storage and operational use with excellent access.
The property is located at 2405 114th St in Lubbock, in a South Lubbock business corridor. The site is described as offering strong visibility and easy access to major thoroughfares, along with proximity to amenities.
Overall, the layout is set up to support a single business operation that needs both office functionality and warehouse space, with the office and warehouse configurations working together on the same property.
The property is located at 2405 114th St in Lubbock, in a South Lubbock business corridor. The site is described as offering strong visibility and easy access to major thoroughfares, along with proximity to amenities.
Overall, the layout is set up to support a single business operation that needs both office functionality and warehouse space, with the office and warehouse configurations working together on the same property.
Key Highlights
- 6,750 SF professional office building plus separate 3,200 SF rear warehouse on one site (built 1984)
- Office includes 2 executive offices, 4 corner offices, 6 standard offices, and 12 cubicles in open workspace
- Conference and collaboration space includes a large main conference room, an additional large conference/meeting room, and a spacious café/gathering area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$136,123
Cap Rate
6.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,722,460
$2.7M
Cap Rate 7%
$1,944,614
$1.9M
Cap Rate 9%
$1,512,478
$1.5M
Market Conditions
NOI Build-Up for 9,950 SF
Gross rent
$173.1K $17.40/SF
− Vacancy
−$13.0K −$1.31/SF
EGI
$160.1K $16.10/SF
− OpEx
−$24.0K −$2.41/SF
NOI
$136.1K $13.68/SF
Area
Lubbock, TX
Vacancy
7.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,722,460
Cap Rate 7%
$1,944,614
Cap Rate 9%
$1,512,478
Alternative Uses
Best Use
Warehouse
$1.94M
$1.70M – $2.27M
NOI $136,123 @ 7.0% cap · market cap 6.89%
Second Best
Office B
$1.86M
$1.63M – $2.17M
NOI $130,071 @ 7.0% cap · market cap 6.59%
Theoretical Best
Office A
$2.51M
$2.19M – $2.93M
NOI $175,590 @ 7.0% cap · market cap 8.89%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
12
Office units
Location Intelligence
Trade Area within ½ mile
159
Businesses Nearby
Balanced
Demand for This Use
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Business Placement
Demographics for 79423, TX
42,311
Population
18,463
Households
2.3
Avg Household Size
35
Median Age
38%
College-Educated
94%
High-School Grad
64.2 sq mi
ZIP Area
659
Density / Sq Mi
$82,906
Median Household Income
$45,520
Median Earnings
$1,284
Median Rent
$222,500
Median Home Value
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Flex space - Move-in ready office and warehouse on one site, featuring executive offices, cubicles, and a rear warehouse with separate access.
Where is this flex space located?
The property is located at 2405 114TH ST Lubbock, TX.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: 6,750 SF professional office building plus separate 3,200 SF rear warehouse on one site (built 1984); Office includes 2 executive offices, 4 corner offices, 6 standard offices, and 12 cubicles in open workspace; Conference and collaboration space includes a large main conference room, an additional large conference/meeting room, and a spacious café/gathering area
