Farmhouse-Style Smart Office
For Sale
$1,103,000
3204 140th Street, Lubbock, TX 79423
Brand-new office building on a large corner lot with a fenced, covered north-facing back patio and multiple lockable offices.
Property Size3,869 SF
Price / SF$285.09
Days on Market736
Property Features for 3204 140th Street
General Information
Standard status
Active
Size
3,869 SF
Property subtype
Office
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$1,721
Amenities
Central Air, Electric
3
Parking.
25 Parking Spaces. Paved Driveway, Lot.
Landscaped. City Road, Paved Road.
Building Details
Year Built
2025
Listing Agency:
Murphy & Martin Real Estate
Listed By:
Murphy Coon · License #669982
(806) 891-3195
Source:
Xome
Added: Sep 3, 2024
Changed: Sep 2
Last Checked: Sep 7 at 5:37AM
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 Murphy & Martin Real Estate
Investment Insights
Based on property information with market context.
Brand new farmhouse-style smart garden office built with smart brick construction. The layout features a reception area, lobby space with upper wall TV plug points, and a secure office configuration that includes 11 twenty-minute fire-rated lockable executive offices. There is also a large conference room, a break area with kitchenette, an IT storage closet, and two ADA restrooms. Interior finishes include black, white, and natural wood elements and granite countertops, with Nest thermostats and Cat 6 cabling for fast internet. Solid-core twenty-minute fire-rated doors with private locks are also included, plus a north-facing fenced covered back patio. The configuration is also described as eight offices plus a multi-use conference room.
Located on a large corner lot at Indiana and 140th Street in Lubbock, Texas, the property is just south of the new Outer Loop 88. It is adjacent to the Lubbock Copper ISD administration offices and the Lubbock Police South Station, in a highly developing area.
Located on a large corner lot at Indiana and 140th Street in Lubbock, Texas, the property is just south of the new Outer Loop 88. It is adjacent to the Lubbock Copper ISD administration offices and the Lubbock Police South Station, in a highly developing area.
Key Highlights
- New 2025 office building on a large corner lot at Indiana and 140th Street
- Smart garden office with reception, lobby, and north‑facing fenced, covered back patio
- Includes 11 fire‑rated lockable executive offices plus a large conference room and lobby TV wall outlets
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
$51,967
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
4.71%
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%
$1,039,340
$1.0M
Cap Rate 7%
$742,386
$742.4K
Cap Rate 9%
$577,411
$577.4K
Market Conditions
NOI Build-Up for 3,869 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
$95.2K $24.60/SF
− Vacancy
−$8.6K −$2.21/SF
EGI
$86.6K $22.39/SF
− OpEx
−$34.6K −$8.95/SF
NOI
$52.0K $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%
$1,039,340
Cap Rate 7%
$742,386
Cap Rate 9%
$577,411
Alternative Uses
Best Use
Healthcare Medical
$742.4K
$649.6K – $866.1K
NOI $51,967 @ 7.0% cap · market cap 4.71%
Second Best
Office B
$722.5K
$632.2K – $843.0K
NOI $50,578 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$975.4K
$853.5K – $1.14M
NOI $68,277 @ 7.0% cap · market cap 6.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
80
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 - Brand-new office building on a large corner lot with a fenced, covered north-facing back patio and multiple lockable offices.
Where is this office building located?
The property is located at 3204 140th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $1,103,000.
What are key features of this property?
This property features: New 2025 office building on a large corner lot at Indiana and 140th Street; Smart garden office with reception, lobby, and north‑facing fenced, covered back patio; Includes 11 fire‑rated lockable executive offices plus a large conference room and lobby TV wall outlets
