Conditioned Flex Space with
For Sale
$4,999,999
5505 132nd St, Lubbock, TX 79424
Two connected buildings offer conditioned warehouse space, finished offices, and a built-out kitchen and restaurant area.
Property Size39,970 SF
Price / SF$125.09
Days on Market194
Property Features for 5505 132nd St
General Information
Standard status
Active
Size
39,970 SF
Class
A
Property subtype
Multi Tenant Office
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Conditioned Warehouse
Yes
Building Details
Building Size
39,970 SF
Year Built
2017
Buildings
2
Tenancy
Single
Owner Occupied
No
Abandoned
No
Listing Agency:
Coldwell Banker Commercial | Lubbock
(806) 787-4779
Listed By:
Jef Conn
(806) 787-4779
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 4:36AM
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 Coldwell Banker Commercial | Lubbock
Investment Insights
Based on property information with market context.
This flex property comprises two connected facilities totaling 39,970 square feet. The primary building, completed in 2017, contains 24,980 square feet, while the attached 14,990-square-foot addition was completed in 2022. The improvements include a fully conditioned warehouse, finished office areas, a kitchen and restaurant, an upstairs viewing area, and additional recreational space. The existing layout can accommodate office and warehouse functions within the same property.
The site is positioned at 132nd Street and Chicago Avenue in southwest Lubbock, just south of FM 1585 and Outer Loop 88. This access point connects the property with surrounding areas of Lubbock. The facility remains occupied by TexStar Athletics, and advance scheduling is required for tours, which are conducted Monday through Friday from 8 a.m. to 2 p.m.
The site is positioned at 132nd Street and Chicago Avenue in southwest Lubbock, just south of FM 1585 and Outer Loop 88. This access point connects the property with surrounding areas of Lubbock. The facility remains occupied by TexStar Athletics, and advance scheduling is required for tours, which are conducted Monday through Friday from 8 a.m. to 2 p.m.
Key Highlights
- 39,970 sq ft office/warehouse across two connected buildings
- 24,980 sq ft main building built in 2017
- 14,990 sq ft attached building added in 2022
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
$450,322
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
9.01%
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%
$9,006,440
$9.0M
Cap Rate 7%
$6,433,171
$6.4M
Cap Rate 9%
$5,003,578
$5.0M
Market Conditions
NOI Build-Up for 39,970 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
$695.5K $17.40/SF
− Vacancy
−$52.2K −$1.31/SF
EGI
$643.3K $16.10/SF
− OpEx
−$193.0K −$4.83/SF
NOI
$450.3K $11.27/SF
Area
Lubbock, TX
Vacancy
7.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$9,006,440
Cap Rate 7%
$6,433,171
Cap Rate 9%
$5,003,578
Alternative Uses
Best Use
Warehouse
$7.81M
$6.84M – $9.11M
NOI $546,820 @ 7.0% cap · market cap 10.94%
Second Best
Office B
$7.46M
$6.53M – $8.71M
NOI $522,508 @ 7.0% cap · market cap 10.45%
Theoretical Best
Office A
$10.08M
$8.82M – $11.76M
NOI $705,359 @ 7.0% cap · market cap 14.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
253
Businesses Nearby
Well-served
Demand for This Use
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?
Flex space - Two connected buildings offer conditioned warehouse space, finished offices, and a built-out kitchen and restaurant area.
Where is this flex space located?
The property is located at 5505 132nd St Lubbock, TX.
What is the asking price?
The asking price for this property is $4,999,999.
What are key features of this property?
This property features: 39,970 sq ft office/warehouse across two connected buildings; 24,980 sq ft main building built in 2017; 14,990 sq ft attached building added in 2022
