Single-Story Office
New
For Sale
$900,000
2709 81st St, Lubbock, TX 79423
Partially leased office property with multiple offices, reception space, and on-site parking.
Property Size5,074 SF
Price / SF$177.37
Days on Market7
Property Features for 2709 81st St
General Information
Standard status
Active
Size
5,074 SF
Property subtype
Office
Zoning
OF
Building Details
Building Size
5,074 SF
Year Built
1998
Buildings
1
Stories
1
Listing Agency:
Coldwell Banker Commercial Capital Advisors
(806) 793-0888
Listed By:
Alex Eberhardt
(806) 793-0888
Source:
Cbcworldwide
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 14 at 3:32AM
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 Coldwell Banker Commercial Capital Advisors
Investment Insights
Based on property information with market context.
This 5,074-square-foot, single-story office building was constructed in 1998 and includes multiple private offices, a reception area, and on-site parking. A metal roof and established landscaping with mature trees and shrubs are part of the property’s physical improvements.
Located at 2709 81st St in Lubbock, the building has one occupied suite under a triple-net lease extending through October 2027. The remaining space provides an existing office configuration for an owner-user, while the occupied suite contributes ongoing rental income.
Located at 2709 81st St in Lubbock, the building has one occupied suite under a triple-net lease extending through October 2027. The remaining space provides an existing office configuration for an owner-user, while the occupied suite contributes ongoing rental income.
Key Highlights
- 5,074 SF single‑story office building constructed in 1998
- Multiple offices, reception area, and on‑site parking
- One occupied suite leased on a triple‑net basis through October 2027
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
$66,330
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
7.37%
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%
$1,326,600
$1.3M
Cap Rate 7%
$947,571
$947.6K
Cap Rate 9%
$737,000
$737.0K
Market Conditions
NOI Build-Up for 5,074 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
$106.6K $21.00/SF
− Vacancy
−$18.1K −$3.57/SF
EGI
$88.4K $17.43/SF
− OpEx
−$22.1K −$4.36/SF
NOI
$66.3K $13.07/SF
Area
Lubbock, TX
Vacancy
17.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,326,600
Cap Rate 7%
$947,571
Cap Rate 9%
$737,000
Alternative Uses
Best Use
Office B
$947.6K
$829.1K – $1.11M
NOI $66,330 @ 7.0% cap · market cap 7.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,542 @ 7.0% cap · market cap 9.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,648
Businesses Nearby
Explore this area
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
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?
Office building - Partially leased office property with multiple offices, reception space, and on-site parking.
Where is this office building located?
The property is located at 2709 81st St Lubbock, TX.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 5,074 SF single‑story office building constructed in 1998; Multiple offices, reception area, and on‑site parking; One occupied suite leased on a triple‑net basis through October 2027
