Industrial Shop with Fenced
For Sale
$529,000
3502 County Road 1660, Lubbock, TX 79416
Brand-new 40' x 60' shop with two 16' overhead doors plus an 8' steel fenced, crushed-asphalt yard.
Property Size3,000 SF
Price / SF$176.33
Days on Market57
Property Features for 3502 County Road 1660
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Industrial
Taxes and HOA fees
Annual Taxes
$775
Amenities
County Road, Gravel Road.
Building Details
Year Built
2026
Listing Agency:
Milestone Realty Group
(806) 544-3918
Listed By:
Trey Culver · License #0763446
(806) 544-3918
Source:
Xome
Added: Jun 28
Changed: Aug 23
Last Checked: Aug 22 at 8:56AM
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 Milestone Realty Group
Investment Insights
Based on property information with market context.
A brand-new industrial shop is under development on a full 1-acre tract and designed for practical day-to-day operations. The main building is 40' x 60' with 16' sidewalls and includes two 16' automatic overhead doors. The property is fully enclosed with an 8-foot steel privacy fence and offers approximately 29,000 square feet of fenced yard finished with crushed asphalt for equipment, vehicles, or operational storage.
An attached front office measures 40' x 15' with 12' ceilings, professionally stained concrete floors, glass entry doors, and front-facing windows. Interior improvements include a 15' x 15' private office, a break room with sink and refrigerator plumbing, and a bathroom plus utility closet. Power is provided via 200A, 230V single-phase service (South Plains Electric), and industrial-grade exterior lighting is planned on all four sides.
The site also includes a water well and septic system, a 40' x 20' covered front porch, a 40' x 20' concrete driveway, and a planned irrigation system for the front yard. Located just off Milwaukee Avenue outside city limits, approximately one mile from the new outer loop, with additional lots (Lot 3 and 4) planned to match Lot 2 specifications and available to be built to suit.
An attached front office measures 40' x 15' with 12' ceilings, professionally stained concrete floors, glass entry doors, and front-facing windows. Interior improvements include a 15' x 15' private office, a break room with sink and refrigerator plumbing, and a bathroom plus utility closet. Power is provided via 200A, 230V single-phase service (South Plains Electric), and industrial-grade exterior lighting is planned on all four sides.
The site also includes a water well and septic system, a 40' x 20' covered front porch, a 40' x 20' concrete driveway, and a planned irrigation system for the front yard. Located just off Milwaukee Avenue outside city limits, approximately one mile from the new outer loop, with additional lots (Lot 3 and 4) planned to match Lot 2 specifications and available to be built to suit.
Key Highlights
- Brand‑new 40' x 60' industrial shop built with 16' sidewalls, completed with two 16' automatic overhead doors
- 1‑acre property with ~29,000 SF enclosed fenced yard finished with crushed asphalt for equipment and vehicle storage
- 200A, 230V single‑phase power service (South Plains Electric) plus industrial‑grade exterior lighting on all four sides
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
$41,042
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
7.76%
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%
$820,840
$820.8K
Cap Rate 7%
$586,314
$586.3K
Cap Rate 9%
$456,022
$456.0K
Market Conditions
NOI Build-Up for 3,000 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
$52.2K $17.40/SF
− Vacancy
−$3.9K −$1.31/SF
EGI
$48.3K $16.10/SF
− OpEx
−$7.2K −$2.41/SF
NOI
$41.0K $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 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%
$820,840
Cap Rate 7%
$586,314
Cap Rate 9%
$456,022
Alternative Uses
Best Use
Warehouse
$586.3K
$513.0K – $684.0K
NOI $41,042 @ 7.0% cap · market cap 7.76%
Second Best
Industrial
$482.8K
$422.5K – $563.3K
NOI $33,799 @ 7.0% cap · market cap 6.39%
Theoretical Best
Office A
$756.3K
$661.8K – $882.4K
NOI $52,942 @ 7.0% cap · market cap 10.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 79416, TX
36,251
Population
16,094
Households
2.3
Avg Household Size
30
Median Age
39%
College-Educated
93%
High-School Grad
32.1 sq mi
ZIP Area
1,129
Density / Sq Mi
$65,200
Median Household Income
$34,258
Median Earnings
$1,269
Median Rent
$196,900
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 - Brand-new 40' x 60' shop with two 16' overhead doors plus an 8' steel fenced, crushed-asphalt yard.
Where is this flex space located?
The property is located at 3502 County Road 1660 Lubbock, TX.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: Brand‑new 40' x 60' industrial shop built with 16' sidewalls, completed with two 16' automatic overhead doors; 1‑acre property with ~29,000 SF enclosed fenced yard finished with crushed asphalt for equipment and vehicle storage; 200A, 230V single‑phase power service (South Plains Electric) plus industrial‑grade exterior lighting on all four sides
