Modern Office/Warehouse in Growing
For Sale
Contact for pricing
3205 118th St, Lubbock, TX 79423
Modern, flexible office/warehouse space in South Lubbock's Four Fields.
Property Size9,010 SF
Price / SF$138.73
Days on Market207
Property Features for 3205 118th St
General Information
Standard status
Active
Size
9,010 SF
Class
A
Property subtype
Industrial, Mixed Use, Office, Retail
Zoning
HC
Lease Type
NNN
Building Details
Year Built
2025
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
McDougal Realtors
(806) 317-0234
Listed By:
Ethan Quisenberry · License #TX
Source:
Crexi
Added: Jan 28
Changed: Aug 14
Last Checked: Aug 21 at 10:32PM
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
Investment Insights
Based on property information with market context.
Located in the expanding Four Fields Business Park in South Lubbock, 3205 118th St. is a modern office/warehouse facility available for sale. The property features 9,010 square feet of total space, including 1,797 square feet of office space and 7,213 square feet of warehouse space. The warehouse includes three 14-foot grade-level overhead doors for accessibility and is equipped with heaters.
Key Highlights
- Modern office/warehouse facility in the growing Four Fields Business Park.
- 9,010 square feet of total space, including 1,797 sq ft of office space and 7,213 sq ft of warehouse.
- Located in South Lubbock, off 118th Street and Indiana Avenue.
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
$101,511
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
8.12%
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%
$2,030,220
$2.0M
Cap Rate 7%
$1,450,157
$1.5M
Cap Rate 9%
$1,127,900
$1.1M
Market Conditions
NOI Build-Up for 9,010 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
$156.8K $17.40/SF
− Vacancy
−$11.8K −$1.31/SF
EGI
$145.0K $16.10/SF
− OpEx
−$43.5K −$4.83/SF
NOI
$101.5K $11.27/SF
Area
Lubbock, TX
Vacancy
7.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$2,030,220
Cap Rate 7%
$1,450,157
Cap Rate 9%
$1,127,900
Alternative Uses
Best Use
Industrial
$1.45M
$1.27M – $1.69M
NOI $101,511 @ 7.0% cap · market cap 8.12%
Second Best
Flex RnD
$1.43M
$1.25M – $1.67M
NOI $100,216 @ 7.0% cap · market cap 8.02%
Theoretical Best
Office A
$2.27M
$1.99M – $2.65M
NOI $159,001 @ 7.0% cap · market cap 12.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
133
Businesses Nearby
Balanced
Demand for This Use
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Modern, flexible office/warehouse space in South Lubbock's Four Fields.
Where is this flex space located?
The property is located at 3205 118th St Lubbock, TX.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Modern office/warehouse facility in the growing Four Fields Business Park.; 9,010 square feet of total space, including 1,797 sq ft of office space and 7,213 sq ft of warehouse.; Located in South Lubbock, off 118th Street and Indiana Avenue.
