Building Details

Stories 1

Listing Agency: Keller Williams Commercial Lubbock Show Phone

Listed By: Daniel Stanton · License #0423463 Show Phone

Source: Moodyscre

Added: Jan 14 Changed: Oct 3 Last Checked: Oct 16 at 8:10AM

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Investment Insights

Based on property information with market context.

This single-story medical office building is well maintained and designed for a functional professional layout. The interior features a spacious reception and waiting area with abundant natural light, updated flooring, and a fireplace. The floor plan includes six offices, a large nurses’ station, a kitchenette/break room, and a storage closet.

The property offers back covered private parking and easy patient access. It is located just off 22nd Place with visibility in a central Lubbock area.

With recent updates and neutral finishes, the space is presented as turnkey for a variety of healthcare or professional uses.

Key Highlights

• Single‑story medical office in central Lubbock with a reception and waiting area for patient entry
• Layout includes 6 offices plus a large nurses’ station, kitchenette/break room, and storage closet
• Reception and waiting area features abundant natural light, updated flooring, and a fireplace

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$28,676

Cap Rate

5.97%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$573,520 $573.5K

Cap Rate 7%

$409,657 $409.7K

Cap Rate 9%

$318,622 $318.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,135 SF

Gross rent

$52.5K $24.60/SF

− Vacancy

−$4.7K −$2.21/SF

EGI

$47.8K $22.39/SF

− OpEx

−$19.1K −$8.95/SF

NOI

$28.7K $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 Rate 5%

$573,520

Cap Rate 7%

$409,657

Cap Rate 9%

$318,622

Alternative Uses

Best Use

Healthcare Medical

$409.7K

$358.5K – $477.9K (±1% cap)

NOI $28,676 @ 7.0% cap · market cap 5.97%

Second Best

Office B

$398.7K

$348.9K – $465.2K (±1% cap)

NOI $27,910 @ 7.0% cap · market cap 5.81%

Theoretical Best

Office A

$538.2K

$471.0K – $628.0K (±1% cap)

NOI $37,677 @ 7.0% cap · market cap 7.85%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Brown Cynthia R ... Physician Koteswaramma Narra MD Physician

Suggested Use

Top Pick Real Estate Agency HVAC Service Auto Parts Store Furniture & Home Goods Electrical Service (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,461

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 79410, TX

8,615

Population

4,736

Households

1.8

Avg Household Size

29

Median Age

47%

College-Educated

91%

High-School Grad

2.4 sq mi

ZIP Area

3,590

Density / Sq Mi

$48,350

Median Household Income

$29,637

Median Earnings

$1,315

Median Rent

$211,300

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Single-story medical office with a reception and waiting area, six offices, nurses’ station, and covered private parking.

Where is this medical office space located?

The property is located at 3508 22nd Pl Lubbock, TX.

What is the asking price?

The asking price for this property is $480,000.

What are key features of this property?

This property features: Single‑story medical office in central Lubbock with a reception and waiting area for patient entry; Layout includes 6 offices plus a large nurses’ station, kitchenette/break room, and storage closet; Reception and waiting area features abundant natural light, updated flooring, and a fireplace