80-Unit Hotel with Hilton
For Sale
$6,400,000
4003 S Loop 289, Lubbock, TX 79423
Renovated limited-service lodging property approved for conversion to a Spark flag.
Property Size37,368 SF
Price / SF$171.27
Days on Market29
Property Features for 4003 S Loop 289
General Information
Standard status
Active
Size
37,368 SF
Property subtype
Hotel
Building Details
Building Size
37,368 SF
Year Built
1996
Year Renovated
2013
Buildings
1
Listing Agency:
Tabani Realty
Listed By:
Salman (Sam) Tabani · License #TX #0546558
(214) 226-7500
Source:
Tabanirealty
Added: Sep 9
Changed: Sep 15
Last Checked: Oct 7 at 10:51AM
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 Tabani Realty
Investment Insights
Based on property information with market context.
The hotel includes a 37,368 SF building with 80 units and a limited-service operating profile. Improvements include a full renovation completed in 2013 and partial updates in 2016. The property is part of the Hilton Hotel family, with Hilton brand support, and has received approval for conversion to a Spark flag.
Located at 4003 S Loop 289 in Lubbock, the hotel is positioned 1.50 miles from Science Spectrum and 2 miles from South Plains Mall. United Spirit Arena is 4.50 miles away, while Texas Tech University is 6 miles from the property. The Depot District and West Texas Walk of Fame are each 7 miles away.
Located at 4003 S Loop 289 in Lubbock, the hotel is positioned 1.50 miles from Science Spectrum and 2 miles from South Plains Mall. United Spirit Arena is 4.50 miles away, while Texas Tech University is 6 miles from the property. The Depot District and West Texas Walk of Fame are each 7 miles away.
Key Highlights
- 37,368 SF hotel building with 80 units
- Full renovation completed in 2013
- Partial property updates completed in 2016
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$309,273
Cap Rate
4.83%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,185,460
$6.2M
Cap Rate 7%
$4,418,186
$4.4M
Cap Rate 9%
$3,436,367
$3.4M
Market Conditions
NOI Build-Up for 37,368 SF
Gross rent
$739.9K $19.80/SF
− Vacancy
−$88.8K −$2.38/SF
EGI
$651.1K $17.42/SF
− OpEx
−$341.8K −$9.15/SF
NOI
$309.3K $8.28/SF
Area
Lubbock, TX
Vacancy
12.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,185,460
Cap Rate 7%
$4,418,186
Cap Rate 9%
$3,436,367
Alternative Uses
Best Use
Hotel Hospitality
$4.42M
$3.87M – $5.15M
NOI $309,273 @ 7.0% cap · market cap 4.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.42M
$8.24M – $10.99M
NOI $659,441 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,006
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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Frequently Asked Questions
What type of property is this?
Hotel - Renovated limited-service lodging property approved for conversion to a Spark flag.
Where is this hotel located?
The property is located at 4003 S Loop 289 Lubbock, TX.
What is the asking price?
The asking price for this property is $6,400,000.
What are key features of this property?
This property features: 37,368 SF hotel building with 80 units; Full renovation completed in 2013; Partial property updates completed in 2016
