Office Building with 13 Private
For Sale
$1,150,000
3214 140th St, Lubbock, TX 79423
Well-appointed office building includes reception, 13 private offices, large conference room, two restrooms, and kitchenette.
Property Size4,043 SF
Price / SF$284.44
Days on Market47
Property Features for 3214 140th St
General Information
Standard status
Active
Size
4,043 SF
Additional Details
Cap Rate
7.4%
Highway Access
Yes
Building Details
Year Built
2023
Listing Agency:
Reside Real Estate Co.
(214) 287-9631
Listed By:
Lauren Egert · License #0776312
Source:
Raftercrossrealty
Added: Jul 16
Changed: Aug 28
Last Checked: Aug 30 at 8:19PM
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 Reside Real Estate Co.
Investment Insights
Based on property information with market context.
This well-appointed office building features an efficient, functional layout with 13 private offices, a large conference room, and a welcoming reception area with a front desk. The space also includes two restrooms and a kitchenette, supporting a variety of professional and service-based configurations, including multi-tenant use if desired.
Located at 3214 140th St in Lubbock, the property sits just off 140th & Indiana and is minutes from Loop 88. The surrounding area includes new residential development, Lubbock-Cooper ISD, and key municipal services. Ample parking and convenient access are included, enhancing day-to-day operations for employees and visitors.
Located at 3214 140th St in Lubbock, the property sits just off 140th & Indiana and is minutes from Loop 88. The surrounding area includes new residential development, Lubbock-Cooper ISD, and key municipal services. Ample parking and convenient access are included, enhancing day-to-day operations for employees and visitors.
Key Highlights
- Built in 2023 modern office building with a functional layout and low‑maintenance design
- Includes welcoming reception with front desk, 13 private offices, and a large conference room
- Two restrooms and a kitchenette provide full in‑suite functionality
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
$54,304
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
4.72%
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%
$1,086,080
$1.1M
Cap Rate 7%
$775,771
$775.8K
Cap Rate 9%
$603,378
$603.4K
Market Conditions
NOI Build-Up for 4,043 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
$99.5K $24.60/SF
− Vacancy
−$9.0K −$2.21/SF
EGI
$90.5K $22.39/SF
− OpEx
−$36.2K −$8.95/SF
NOI
$54.3K $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%
$1,086,080
Cap Rate 7%
$775,771
Cap Rate 9%
$603,378
Alternative Uses
Best Use
Healthcare Medical
$775.8K
$678.8K – $905.1K
NOI $54,304 @ 7.0% cap · market cap 4.72%
Second Best
Office B
$755.0K
$660.7K – $880.9K
NOI $52,852 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$1.02M
$891.9K – $1.19M
NOI $71,348 @ 7.0% cap · market cap 6.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway 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
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Frequently Asked Questions
What type of property is this?
Office building - Well-appointed office building includes reception, 13 private offices, large conference room, two restrooms, and kitchenette.
Where is this office building located?
The property is located at 3214 140th St Lubbock, TX.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Built in 2023 modern office building with a functional layout and low‑maintenance design; Includes welcoming reception with front desk, 13 private offices, and a large conference room; Two restrooms and a kitchenette provide full in‑suite functionality
