Headquarters-Style Office
New
For Sale
$3,900,000
5241 98th Street, Lubbock, TX 79424
A fully leased, 2016-built property combines private offices, collaborative areas, and a separately accessed suite.
Property Size15,436 SF
Price / SF$252.66
Days on Market6
Property Features for 5241 98th Street
General Information
Standard status
Active
Size
15,436 SF
Class
A
Occupancy
100%
Additional Details
Road Access
Yes
Office Units
2
Tenant in Place
Yes
Property Use
Office
Taxes and HOA fees
Annual Taxes
$69,320
Amenities
1
No
15436.0
Other
Landscaped
Public
1.95
78.0
Public Records
Parking Lot
Paved
Slab
City Street
Building Details
Building Size
15,436 SF
Year Built
2016
Buildings
1
Stories
1
Tenancy
Multi
Abandoned
No
Listing Agency:
Clear Rock Realty
(806) 319-5090
Listed By:
Melissa Shelton · License #0849529
(254) 449-4810
Source:
Clearrockrealty
Added: Oct 30
Changed: Nov 3
Last Checked: Nov 3 at 6:19AM
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 Clear Rock Realty
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Investment Insights
Based on property information with market context.
Completed in 2016, this 15,436-square-foot Class A office building is configured for headquarters use. Its interior includes more than twenty private offices, four executive offices, a reception lobby, an executive conference room, a training facility, collaborative workspace, kitchen and break areas, and an enclosed courtyard. A separately accessed 1,343-square-foot office suite is also part of the property.
The building is fully leased through December 2030 under a modified gross lease structure. The property is on 98th Street in Southwest Lubbock. Reported traffic is approximately 13,000–16,000 vehicles per day on 98th Street and more than 41,000 vehicles per day near the Milwaukee Avenue corridor. Nearby uses include medical facilities, banks, restaurants, retail centers, hotels, professional offices, and a golf course, with residential development in the surrounding area.
The building is fully leased through December 2030 under a modified gross lease structure. The property is on 98th Street in Southwest Lubbock. Reported traffic is approximately 13,000–16,000 vehicles per day on 98th Street and more than 41,000 vehicles per day near the Milwaukee Avenue corridor. Nearby uses include medical facilities, banks, restaurants, retail centers, hotels, professional offices, and a golf course, with residential development in the surrounding area.
Key Highlights
- 15,436‑square‑foot office building completed in 2016
- Fully leased through December 2030 under a modified gross lease
- Separately accessed office suite measures 1,343 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$201,787
Cap Rate
5.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,035,740
$4.0M
Cap Rate 7%
$2,882,671
$2.9M
Cap Rate 9%
$2,242,078
$2.2M
Market Conditions
NOI Build-Up for 15,436 SF
Gross rent
$324.2K $21.00/SF
− Vacancy
−$55.1K −$3.57/SF
EGI
$269.0K $17.43/SF
− OpEx
−$67.3K −$4.36/SF
NOI
$201.8K $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 Rate 5%
$4,035,740
Cap Rate 7%
$2,882,671
Cap Rate 9%
$2,242,078
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.
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Property Analytics
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Open Analytics
Current Use
Lease Details
2
Office units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
275
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - A fully leased, 2016-built property combines private offices, collaborative areas, 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‑square‑foot office building completed in 2016; Fully leased through December 2030 under a modified gross lease; Separately accessed office suite measures 1,343 square feet
