Class A Executive Office
For Sale
$3,900,000
5241 98th Street, Lubbock, TX 79424
Built in 2016, this fully leased executive office includes private offices, reception, conference space, and a separately accessed suite.
Property Size15,436 SF
Price / SF$252.66
Days on Market11
Property Features for 5241 98th Street
General Information
Standard status
Active
Size
15,436 SF
Class
A
Property subtype
Office
Occupancy
100%
Site & Location
Traffic Count
16,000 vehicles/day
Road Access
Yes
Amenities
private offices
executive offices
reception lobby
executive conference room
training facility
open collaborative workspace
kitchen
break areas
enclosed courtyard
3
Parking.
78 Parking Spaces. Lot.
Landscaped. City Road, Paved Road.
Building Details
Year Built
2016
Tenancy
Multi
Listing Agency:
Kim & Company, REALTORS
(806) 790-7142
Listed By:
Kim Flenniken · License #0448062
(806) 790-7142
Source:
Xome
Added: Jul 20
Changed: Jul 26
Last Checked: Jul 30 at 3:57AM
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 Kim & Company, REALTORS
Investment Insights
Based on property information with market context.
Completed in 2016, this Class A executive office building offers a headquarters-style layout with more than twenty private offices, four executive offices, a dramatic reception lobby, an executive conference room, and a large training facility. The interior also includes an open collaborative workspace, kitchen and break areas, and an enclosed courtyard.
A separately leased office suite is accessed independently and provides additional rental income. The main building is fully leased through December 2030 under a modified gross lease structure.
Positioned on 98th Street in Southwest Lubbock, the property is located within a growing commercial corridor with reported traffic counts of approximately 13,000–16,000 vehicles per day on 98th Street and more than 41,000 vehicles per day near the Milwaukee Avenue corridor.
A separately leased office suite is accessed independently and provides additional rental income. The main building is fully leased through December 2030 under a modified gross lease structure.
Positioned on 98th Street in Southwest Lubbock, the property is located within a growing commercial corridor with reported traffic counts of approximately 13,000–16,000 vehicles per day on 98th Street and more than 41,000 vehicles per day near the Milwaukee Avenue corridor.
Key Highlights
- 15,436 SF executive office building completed in 2016, fully leased through December 2030 under a modified gross lease structure.
- Includes a separately leased 1,343 SF office suite for added revenue and future flexibility.
- More than twenty private offices, 4 executive offices, dramatic reception lobby, executive conference room, and large training facility.
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $324.2k | $21.00 |
| − Vacancy | −$55.1k | −$3.57 |
| EGI | $269.0k | $17.43 |
| − OpEx | −$67.3k | −$4.36 |
| NOI | $201.8k | $13.07 |
15,436 SF · lease $21.00/SF/yr · vacancy 17.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$2.88M
$2.52M – $3.36M
NOI $201,787 @ 7.0% cap · market cap 5.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.89M
$3.41M – $4.54M
NOI $272,402 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16,000 VPD
Traffic count
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
130
Businesses Nearby
Explore this area
Business Placement
Demographics for 79424, TX
53,479
Population
22,800
Households
2.3
Avg Household Size
38
Median Age
47%
College-Educated
95%
High-School Grad
41.6 sq mi
ZIP Area
1,286
Density / Sq Mi
$94,703
Median Household Income
$52,417
Median Earnings
$1,151
Median Rent
$279,600
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?
Office building - Built in 2016, this fully leased executive office includes private offices, reception, conference space, and a separately accessed suite.
Where is this office building located?
The property is located at 5241 98th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: 15,436 SF executive office building completed in 2016, fully leased through December 2030 under a modified gross lease structure.; Includes a separately leased 1,343 SF office suite for added revenue and future flexibility.; More than twenty private offices, 4 executive offices, dramatic reception lobby, executive conference room, and large training facility.
