Modern Single-Tenant Office
For Sale
$940,000
5312 114th Street, Lubbock, TX 79424
Completed in 2021, this single-tenant office building is fully leased under a recently renewed two-year term.
Property Size4,179 SF
Price / SF$224.93
Days on Market49
Property Features for 5312 114th Street
General Information
Standard status
Active
Size
4,179 SF
Class
A
Property subtype
Office
Occupancy
100%
Net Operating Income
$73,132
Building Details
Building Size
4,179 SF
Year Built
2019
Tenancy
Single
Listing Agency:
WestMark Commercial | TCN Worldwide
Listed By:
Karen Higgins, CCIM · License #TX #0331521-B
(806) 776-2833
Source:
Westmarkcommercial
Added: Jul 24
Changed: Sep 1
Last Checked: Sep 10 at 7:16AM
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 WestMark Commercial | TCN Worldwide
Investment Insights
Based on property information with market context.
Completed in 2021, this Class A, single-tenant office building totals 4,179 square feet and is fully leased. The property includes a recently renewed two-year lease and built-in rental escalations designed to support income growth.
Located on 114th Street just west of Slide Road, the building is positioned within a surrounding mix of professional offices, retail, restaurants, and rapidly growing residential development.
With its completed modern design and current occupancy, the asset presents a straightforward, leased office investment opportunity centered on one tenant.
Located on 114th Street just west of Slide Road, the building is positioned within a surrounding mix of professional offices, retail, restaurants, and rapidly growing residential development.
With its completed modern design and current occupancy, the asset presents a straightforward, leased office investment opportunity centered on one tenant.
Key Highlights
- 4,179 SF single‑tenant Class A office building completed in 2021
- 100% leased; recently renewed two‑year lease in place
- Built‑in rental escalations provide income growth
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$54,630
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.81%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,092,600
$1.1M
Cap Rate 7%
$780,429
$780.4K
Cap Rate 9%
$607,000
$607.0K
Market Conditions
NOI Build-Up for 4,179 SF
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.
Gross rent
$87.8K $21.00/SF
− Vacancy
−$14.9K −$3.57/SF
EGI
$72.8K $17.43/SF
− OpEx
−$18.2K −$4.36/SF
NOI
$54.6K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,092,600
Cap Rate 7%
$780,429
Cap Rate 9%
$607,000
Alternative Uses
Best Use
Office B
$780.4K
$682.9K – $910.5K
NOI $54,630 @ 7.0% cap · market cap 5.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$921.9K – $1.23M
NOI $73,748 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
294
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Completed in 2021, this single-tenant office building is fully leased under a recently renewed two-year term.
Where is this office building located?
The property is located at 5312 114th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $940,000.
What are key features of this property?
This property features: 4,179 SF single‑tenant Class A office building completed in 2021; 100% leased; recently renewed two‑year lease in place; Built‑in rental escalations provide income growth
