Building Details

Year Built 2021

Building Size 7,200 SF

Tenancy Single

Listing Agency: Real Broker, LLC

Listed By: Matt Moreland · License #TX 0699529 Show Phone

Source: Crexi

Added: Sep 8 Changed: Oct 25 Last Checked: Nov 1 at 4:32AM

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Investment Insights

Based on property information with market context.

Constructed in 2021, this 7,200-square-foot flex property combines office and warehouse space in a single-tenant configuration. Resound Networks occupies the building under a triple-net lease, with responsibility for property taxes, insurance, utilities, and routine maintenance.

The asset is located at 6609 Xenia Avenue within West Business Park, an established industrial submarket in Lubbock, Texas. Its office-and-warehouse format provides a practical fit for an industrial user seeking combined administrative and operational space.

Key Highlights

• 7,200 SF office/warehouse building completed in 2021
• Single‑tenant occupancy by Resound Networks
• Triple‑net lease structure

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$81,119

Cap Rate

9.01%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,622,380 $1.6M

Cap Rate 7%

$1,158,843 $1.2M

Cap Rate 9%

$901,322 $901.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,200 SF

Gross rent

$125.3K $17.40/SF

− Vacancy

−$9.4K −$1.31/SF

EGI

$115.9K $16.10/SF

− OpEx

−$34.8K −$4.83/SF

NOI

$81.1K $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 Rate 5%

$1,622,380

Cap Rate 7%

$1,158,843

Cap Rate 9%

$901,322

Alternative Uses

Best Use

Warehouse

$1.41M

$1.23M – $1.64M (±1% cap)

NOI $98,501 @ 7.0% cap · market cap 10.94%

Second Best

Industrial

$1.16M

$1.01M – $1.35M (±1% cap)

NOI $81,119 @ 7.0% cap · market cap 9.01%

Theoretical Best

Office A

$1.82M

$1.59M – $2.12M (±1% cap)

NOI $127,060 @ 7.0% cap · market cap 14.12%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

AMRR Property Services Landscaping AMRR Property Management Property Management Company Citywide Property Management Property Management Company

Suggested Use

Top Pick Real Estate Agency Restaurant Nail Salon Grocery & Convenience Store (Bike/Boat/Book/etc) Store Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

11

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 79407, TX

23,208

Population

11,817

Households

2

Avg Household Size

32

Median Age

41%

College-Educated

92%

High-School Grad

75.9 sq mi

ZIP Area

306

Density / Sq Mi

$64,778

Median Household Income

$38,212

Median Earnings

$1,131

Median Rent

$200,700

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Recently built office and warehouse property leased on a triple-net basis to Resound Networks.

Where is this flex space located?

The property is located at 6609 Xenia Avenue Lubbock, TX.

What is the asking price?

The asking price for this property is $900,000.

What are key features of this property?

This property features: 7,200 SF office/warehouse building completed in 2021; Single‑tenant occupancy by Resound Networks; Triple‑net lease structure