Listing Agency: Clear Rock Realty Show Phone

Listed By: Ruben Trujillo · License #0690204 Show Phone

Added: Aug 20, 2025 Changed: Oct 2 Last Checked: Oct 16 at 3:06AM

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MLS# 202559733

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.

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Investment Insights

Based on property information with market context.

This flex-space property includes a 484-square-foot storage building with a large garage door, along with multiple covered parking and storage structures. The improvements provide enclosed and covered areas for storing vehicles, trailers, equipment, or materials, with a layout that can accommodate workshop and small operational uses.

The property encompasses 3.41 acres at 3904 Ursuline Street in Lubbock, Texas. Its combination of a dedicated storage building, covered structures, and a sizable lot provides practical space for businesses requiring flexible storage and work areas.

Key Highlights

• 3.41‑acre property in Lubbock, TX
• 484‑square‑foot storage building
• Large garage door provides building access

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$6,621

Cap Rate

2.94%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$132,420 $132.4K

Cap Rate 7%

$94,586 $94.6K

Cap Rate 9%

$73,567 $73.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 484 SF

Gross rent

$8.4K $17.40/SF

− Vacancy

−$632 −$1.31/SF

EGI

$7.8K $16.10/SF

− OpEx

−$1.2K −$2.41/SF

NOI

$6.6K $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 Rate 5%

$132,420

Cap Rate 7%

$94,586

Cap Rate 9%

$73,567

Alternative Uses

Best Use

Warehouse

$94.6K

$82.8K – $110.4K (±1% cap)

NOI $6,621 @ 7.0% cap · market cap 2.94%

Second Best

Industrial

$77.9K

$68.2K – $90.9K (±1% cap)

NOI $5,453 @ 7.0% cap · market cap 2.42%

Theoretical Best

Office A

$122.0K

$106.8K – $142.4K (±1% cap)

NOI $8,541 @ 7.0% cap · market cap 3.80%

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

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Auto Repair Shop Auto Parts Store Garden Center Plumbing Service

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

100

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 79415, TX

17,499

Population

7,225

Households

2.4

Avg Household Size

30

Median Age

26%

College-Educated

77%

High-School Grad

67.8 sq mi

ZIP Area

258

Density / Sq Mi

$37,101

Median Household Income

$25,506

Median Earnings

$956

Median Rent

$94,000

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Multiple covered structures provide room for vehicles, trailers, and equipment.

Where is this flex space located?

The property is located at 3904 Ursuline Street Lubbock, TX.

What is the asking price?

The asking price for this property is $225,000.

What are key features of this property?

This property features: 3.41‑acre property in Lubbock, TX; 484‑square‑foot storage building; Large garage door provides building access