Class A Office
For Sale
Contact for pricing
3823 84th St, Lubbock, TX 79423
Class A office building with large private offices and a professional reception area.
Property Size4,764 SF
Lot Size0.41 Acres
Price / SF$199.41
Days on Market272
Property Features for 3823 84th St
General Information
Standard status
Active
Size
4,764 SF
Class
A
Lot size
0.41 Acres
Property subtype
OFFICE
Listing Agency:
Westar Commercial Realty
Listed By:
Kevin Watt · License #461347
(806) 797-3231
Source:
Moodyscre
Added: Dec 19, 2025
Changed: Sep 4
Last Checked: Sep 16 at 5:02PM
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 Westar Commercial Realty
Investment Insights
Based on property information with market context.
This Class “A” office building offers a professional layout with large private offices featuring built-in cabinetry and a designated reception area. The improvements are geared toward an office use, providing distinct workspace for teams and client-facing reception.
The property is located in the heart of Lubbock’s business and retail district near 82nd Street and Quaker Avenue. It sits directly across from Henry Huneke Park, offering park views and visibility for office tenants or users.
With approximately 4,764 square feet of building space on an 18,000-square-foot tract, the offering presents a straightforward option for an owner-user or an investor seeking an office asset with strong presentation and accessibility.
The property is located in the heart of Lubbock’s business and retail district near 82nd Street and Quaker Avenue. It sits directly across from Henry Huneke Park, offering park views and visibility for office tenants or users.
With approximately 4,764 square feet of building space on an 18,000-square-foot tract, the offering presents a straightforward option for an owner-user or an investor seeking an office asset with strong presentation and accessibility.
Key Highlights
- Class A office space in Lubbock’s business and retail district
- 4,764 +/- SF building size on an 18,000 +/- SF tract
- Large private offices with built‑in cabinetry
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
$62,277
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
6.56%
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%
$1,245,540
$1.2M
Cap Rate 7%
$889,671
$889.7K
Cap Rate 9%
$691,967
$692.0K
Market Conditions
NOI Build-Up for 4,764 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
$100.0K $21.00/SF
− Vacancy
−$17.0K −$3.57/SF
EGI
$83.0K $17.43/SF
− OpEx
−$20.8K −$4.36/SF
NOI
$62.3K $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%
$1,245,540
Cap Rate 7%
$889,671
Cap Rate 9%
$691,967
Alternative Uses
Best Use
Office B
$889.7K
$778.5K – $1.04M
NOI $62,277 @ 7.0% cap · market cap 6.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,071 @ 7.0% cap · market cap 8.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,028
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Class A office building with large private offices and a professional reception area.
Where is this office building located?
The property is located at 3823 84th St Lubbock, TX.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Class A office space in Lubbock’s business and retail district; 4,764 +/- SF building size on an 18,000 +/- SF tract; Large private offices with built‑in cabinetry
