424 North Utica Drive, Lubbock, TX 79416

Building Details

Year Built 2009 More

Listing Agency: Egenbacher Commercial Properties

Listed By: Randy Egenbacher, CCIM · License TX #9008638 Show Phone

Source: Crexi

Added: Oct 19 Changed: Nov 10 Last Checked: Nov 12 at 4:17AM

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Investment Insights

Based on property information with market context.

Located at 424 North Utica Drive in Lubbock, this 9,788-square-foot medical office property was developed in 2009. Its prior operation brought medical oncology, radiation therapy, and diagnostic imaging together within a single facility.

Key Highlights

• 9,788 SF medical facility
• Developed in 2009
• Previously housed medical oncology, radiation therapy, and diagnostic imaging services

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$131,469

Cap Rate

4.78%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,629,380 $2.6M

Cap Rate 7%

$1,878,129 $1.9M

Cap Rate 9%

$1,460,767 $1.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 9,788 SF

Gross rent

$240.8K $24.60/SF

− Vacancy

−$21.7K −$2.21/SF

EGI

$219.1K $22.39/SF

− OpEx

−$87.6K −$8.95/SF

NOI

$131.5K $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 Rate 5%

$2,629,380

Cap Rate 7%

$1,878,129

Cap Rate 9%

$1,460,767

Alternative Uses

Best Use

Healthcare Medical

$1.88M

$1.64M – $2.19M (±1% cap)

NOI $131,469 @ 7.0% cap · market cap 4.78%

Second Best

Office B

$1.83M

$1.60M – $2.13M (±1% cap)

NOI $127,954 @ 7.0% cap · market cap 4.65%

Theoretical Best

Office A

$2.47M

$2.16M – $2.88M (±1% cap)

NOI $172,731 @ 7.0% cap · market cap 6.28%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Medical Office Space

Suggested Use

Top Pick Real Estate Agency Restaurant Law Firm Auto Parts Store Pharmacy Kitchen & Bath Showroom

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

372

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 79416, TX

36,251

Population

16,094

Households

2.3

Avg Household Size

30

Median Age

39%

College-Educated

93%

High-School Grad

32.1 sq mi

ZIP Area

1,129

Density / Sq Mi

$65,200

Median Household Income

$34,258

Median Earnings

$1,269

Median Rent

$196,900

Median Home Value

Market

Average Price Trend$/SF for Medical Office Space in Lubbock, TX

$256 Jul

$252 Aug

$261 Sep

$285 Oct

Properties on Market for Medical Office Space in Lubbock

Jul

Aug

Sep

Oct

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - The facility previously brought oncology, radiation therapy, and diagnostic imaging services together in one location.

Where is this medical office space located?

The property is located at 424 North Utica Drive Lubbock, TX.

What is the asking price?

The asking price for this property is $2,750,000.

What are key features of this property?

This property features: 9,788 SF medical facility; Developed in 2009; Previously housed medical oncology, radiation therapy, and diagnostic imaging services