Medical Office Condo
For Sale
Contact for pricing
3713 20th St, Lubbock, TX 79410
Office condo suite includes reception, three treatment rooms, and one restroom, with rear storage and washer/dryer hookups.
Property Size1,260 SF
Price / SF$142.06
Days on Market141
Property Features for 3713 20th St
General Information
Standard status
Active
Size
1,260 SF
Property subtype
Office
Building Details
Units
1
Listing Agency:
NAI Wheelhouse
Listed By:
Shannon Powell · License #767517
(281) 788-1758
Source:
Crexi
Added: Apr 21
Changed: Aug 26
Last Checked: Sep 7 at 7:23AM
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 NAI Wheelhouse
Investment Insights
Based on property information with market context.
This office condo suite is available for sale within a three-tenant building in Lubbock’s established medical district. The suite includes a reception area and waiting room, three treatment rooms, a large private office, and one restroom. Additional back-of-suite utility space includes a rear storage room and a utility room with washer/dryer hookups.
The property is located near 19th Street and the Marsha Sharp Freeway, providing access and connectivity to major medical and commercial corridors. It is positioned in the same area that serves nearby Covenant Health System and Texas Tech University.
The layout supports a professional office flow with dedicated patient or client waiting, multiple treatment rooms, and a private office, while keeping utility and storage functions contained to the rear.
The property is located near 19th Street and the Marsha Sharp Freeway, providing access and connectivity to major medical and commercial corridors. It is positioned in the same area that serves nearby Covenant Health System and Texas Tech University.
The layout supports a professional office flow with dedicated patient or client waiting, multiple treatment rooms, and a private office, while keeping utility and storage functions contained to the rear.
Key Highlights
- Office condo suite in a three‑tenant building in Lubbock’s established medical district
- Suite layout includes a reception/waiting area plus three treatment rooms and a large private office
- One restroom in the suite
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
$16,471
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
9.20%
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%
$329,420
$329.4K
Cap Rate 7%
$235,300
$235.3K
Cap Rate 9%
$183,011
$183.0K
Market Conditions
NOI Build-Up for 1,260 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
$26.5K $21.00/SF
− Vacancy
−$4.5K −$3.57/SF
EGI
$22.0K $17.43/SF
− OpEx
−$5.5K −$4.36/SF
NOI
$16.5K $13.07/SF
Area
Lubbock, TX
Vacancy
17.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$329,420
Cap Rate 7%
$235,300
Cap Rate 9%
$183,011
Alternative Uses
Best Use
Healthcare Medical
$241.8K
$211.6K – $282.1K
NOI $16,924 @ 7.0% cap · market cap 9.45%
Second Best
Office B
$235.3K
$205.9K – $274.5K
NOI $16,471 @ 7.0% cap · market cap 9.20%
Theoretical Best
Office A
$317.6K
$277.9K – $370.6K
NOI $22,235 @ 7.0% cap · market cap 12.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,541
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Office condo suite includes reception, three treatment rooms, and one restroom, with rear storage and washer/dryer hookups.
Where is this medical office space located?
The property is located at 3713 20th St Lubbock, TX.
What is the asking price?
The asking price for this property is $179,000.
What are key features of this property?
This property features: Office condo suite in a three‑tenant building in Lubbock’s established medical district; Suite layout includes a reception/waiting area plus three treatment rooms and a large private office; One restroom in the suite
