Single-Tenant Flex
For Sale
Contact for pricing
6609 Xenia Avenue, Lubbock, TX 79407
Recently built office and warehouse property leased on a triple-net basis to Resound Networks.
Property Size7,200 SF
Price / SF$125
Days on Market10
Property Features for 6609 Xenia Avenue
General Information
Standard status
Active
Size
7,200 SF
Property subtype
Industrial, Office
Occupancy
100%
Building Details
Year Built
2021
Building Size
7,200 SF
Tenancy
Single
Listing Agency:
Real Broker, LLC
Listed By:
Matt Moreland · License #TX 0699529
(469) 744-3610
Source:
Crexi
Added: Sep 8
Changed: Sep 17
Last Checked: Sep 16 at 2:43PM
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 Real Broker, LLC
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.
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 = 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
$81,119
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%
$1,622,380
$1.6M
Cap Rate 7%
$1,158,843
$1.2M
Cap Rate 9%
$901,322
$901.3K
Market Conditions
NOI Build-Up for 7,200 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
$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 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%
$1,622,380
Cap Rate 7%
$1,158,843
Cap Rate 9%
$901,322
Alternative Uses
Best Use
Warehouse
$1.41M
$1.23M – $1.64M
NOI $98,501 @ 7.0% cap · market cap 10.94%
Second Best
Industrial
$1.16M
$1.01M – $1.35M
NOI $81,119 @ 7.0% cap · market cap 9.01%
Theoretical Best
Office A
$1.82M
$1.59M – $2.12M
NOI $127,060 @ 7.0% cap · market cap 14.12%
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
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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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
