Single-Story Medical
For Sale
$480,000
3508 22nd Place, Lubbock, TX 79410
Commercial Sale, Lubbock, TX
Property Size2,135 SF
Lot Size0.22 Acres
Price / SF$224.82
Days on Market214
Property Features for 3508 22nd Place
General Information
Property type
Commercial Sale
Property subtype
Office
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
3
Standard status
Active
APN
R25899
Size
2,135 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Description
Ridgelawn Blk 2 L 15 &E4'of 14
Tax Annual Amount
4327
Legal Description
Ridgelawn Blk 2 L 15 &E4'of 14
Amenities
fireplace
kitchenette/break room
storage closet
Building Details
Year built
1984
Listing Agency:
Keller Williams Realty
(806) 771-7710
Listed By:
Stacey Rogers · License #0588927
(806) 368-1066
Added: Jan 22
Changed: Aug 19
Last Checked: Aug 24 at 1:06AM
MLS# 202601095
Copyright © 2026 Lubbock Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,135-square-foot medical office occupies a single-story building constructed in 1984. The interior includes a reception and waiting area with natural light, updated flooring, and a fireplace, along with six offices, a large nurses’ station, kitchenette, break room, and storage closet. Neutral finishes and recent updates support medical, therapy, or professional office use.
The property includes covered private parking at the rear and patient access from the building. It is positioned just off 22nd Place in Lubbock, providing a Central Lubbock setting for an owner-user or office operation.
The property includes covered private parking at the rear and patient access from the building. It is positioned just off 22nd Place in Lubbock, providing a Central Lubbock setting for an owner-user or office operation.
Key Highlights
- 2,135‑square‑foot medical office building on 0.22 acres
- Six offices plus a large nurses’ station
- Reception and waiting area with natural light and fireplace
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
$28,676
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
5.97%
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%
$573,520
$573.5K
Cap Rate 7%
$409,657
$409.7K
Cap Rate 9%
$318,622
$318.6K
Market Conditions
NOI Build-Up for 2,135 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
$52.5K $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 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%
$573,520
Cap Rate 7%
$409,657
Cap Rate 9%
$318,622
Alternative Uses
Best Use
Healthcare Medical
$409.7K
$358.5K – $477.9K
NOI $28,676 @ 7.0% cap · market cap 5.97%
Second Best
Office B
$398.7K
$348.9K – $465.2K
NOI $27,910 @ 7.0% cap · market cap 5.81%
Theoretical Best
Office A
$538.2K
$471.0K – $628.0K
NOI $37,677 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Office units
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Updated interior features include six offices, a nurses’ station, kitchenette, storage, and covered private parking.
Where is this medical office space located?
The property is located at 3508 22nd Place 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: 2,135‑square‑foot medical office building on 0.22 acres; Six offices plus a large nurses’ station; Reception and waiting area with natural light and fireplace
