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    Office Suites in Lubbock Development Title is generated by Realmo AI

    6402 98th St, Lubbock, TX 79424

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    For Lease
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    Office suites for lease in a growing Lubbock area.

    Type:Office
    Property size:
    1,511 SF
    Added:
    Mar 10, 2022
    Days on Market:
    1523
    Last Refresh:
    Mar 17 at 1:18 pm

    Property Features for 6402 98th St

    General Information

    Standard status
    Active
    Size
    1,511 SF
    Property subtype
    Office

    Building Details

    Year Built
    2022

    Spaces For Lease

    at 6402 98th St Contact us

    6430-200 $22 /Mo

    Size
    730 SF
    Type
    Office
    Reception area with vaulted ceiling, four offices, ADA-compliant restroom, and storage...
    show more
    Contact us

    6434-100 $22 /Mo

    Size
    1,798 SF
    Type
    Office
    Reception area, seven offices (can be configured with eight offices), conference...
    show more
    Contact us

    6442-300 $22 /Mo

    Size
    1,000 SF
    Type
    Office
    Lobby and reception area with coffee bar, five offices, and private restroom. Lease...
    show more
    Contact us

    We can help!

    Listing Contact
    Scott Womack

    Listing agent Scott Womack License #TX 437816

    Listing office Coldwell Banker Commercial Capital Advisors

    Listing date Mar 10, 2022

    Source Crexi

    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 Capital Advisors

    HighLights

    • New office suites available in Lubbock's newest garden office development.
    • Located in a rapidly growing area of Lubbock at 98th Street and Milwaukee Avenue.
    • Office spaces range from 965 sq. ft. to 1,511 sq. ft.
    • Part of a carefully planned office community designed for a relaxed work environment.
    • Conference area available to tenants via online reservation.
    • Built in 2022.

    Overview

    Office suites are available for lease in a garden office development located in Lubbock. The Sonterra office community is designed to create a relaxed work environment. The second phase of development includes six buildings and 17,940 square feet of office space. Suites range in size from 965 square feet to 1,511 square feet. A conference area is available to tenants on a reservation basis through an online platform. The property is located on the northeast corner of 98th Street and Milwaukee Avenue, in a rapidly growing area of Lubbock.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    RFS Financial Services Financial Advisor Coffee Talk Counseling Counselor Brewer Counseling, LLC Counselor Armour Counseling, PLLC Crisis Center Menasco Therapy Services Medical Clinic

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.93959
    Latitude
    33.505207

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    FAQs

    What type of property is this?
    Office units - Office suites for lease in a growing Lubbock area.
    Where is this office units located?
    The property is located at 6402 98th St Lubbock, TX.
    What are key features of this property?
    This property features: New office suites available in Lubbock's newest garden office development.; Located in a rapidly growing area of Lubbock at 98th Street and Milwaukee Avenue.; Office spaces range from 965 sq. ft. to 1,511 sq. ft.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Scott Womack
    Real Estate License ID: TX 437816
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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