Single-Story Office
For Sale
Contact for pricing
6615 Monticello Ave, Lubbock, TX 79424
Professional office suite with private access, dedicated parking, flexible layouts, and exterior signage opportunities.
Property Size2,085 SF
Price / SF$305
Days on Market11
Property Features for 6615 Monticello Ave
General Information
Standard status
Active
Size
2,085 SF
Property subtype
OFFICE
Building Details
Stories
1
Listing Agency:
Keller Williams Commercial Lubbock
(806) 771-7710
Listed By:
Jeremy Steen · License #685530
(806) 392-0578
Source:
Moodyscre
Added: Sep 9
Changed: Sep 14
Last Checked: Sep 18 at 10:46AM
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 Keller Williams Commercial Lubbock
Investment Insights
Based on property information with market context.
This 2,085-square-foot single-story office unit at 6615 Monticello Ave offers a professional setting for medical, healthcare, legal, accounting, financial advisory, and other office users. The suite includes a private exterior entrance, dedicated parking, flexible floor-plan options, and exterior signage opportunities. Its layout is suited to practices and service businesses that need a client-facing workplace with independent access.
The property is located in Lubbock, Texas, with convenient access described for major thoroughfares, medical networks, and nearby residential areas. The garden-office format provides a low-rise alternative to conventional high-rise office space, while the source information also identifies modern finishes, high ceilings, natural light, and efficient layouts as part of the offering.
The property is located in Lubbock, Texas, with convenient access described for major thoroughfares, medical networks, and nearby residential areas. The garden-office format provides a low-rise alternative to conventional high-rise office space, while the source information also identifies modern finishes, high ceilings, natural light, and efficient layouts as part of the offering.
Key Highlights
- 2,085 square feet of single‑story professional office space
- Private exterior entrance with direct access to dedicated parking
- Flexible layouts for medical, healthcare, legal, accounting, and financial services
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
$28,005
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
4.40%
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%
$560,100
$560.1K
Cap Rate 7%
$400,071
$400.1K
Cap Rate 9%
$311,167
$311.2K
Market Conditions
NOI Build-Up for 2,085 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
$51.3K $24.60/SF
− Vacancy
−$4.6K −$2.21/SF
EGI
$46.7K $22.39/SF
− OpEx
−$18.7K −$8.95/SF
NOI
$28.0K $13.43/SF
Area
Lubbock, TX
Vacancy
9.00%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
40.00%
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%
$560,100
Cap Rate 7%
$400,071
Cap Rate 9%
$311,167
Alternative Uses
Best Use
Healthcare Medical
$400.1K
$350.1K – $466.8K
NOI $28,005 @ 7.0% cap · market cap 4.40%
Second Best
Office B
$389.4K
$340.7K – $454.3K
NOI $27,256 @ 7.0% cap · market cap 4.29%
Theoretical Best
Office A
$525.6K
$459.9K – $613.2K
NOI $36,794 @ 7.0% cap · market cap 5.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
182
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Professional office suite with private access, dedicated parking, flexible layouts, and exterior signage opportunities.
Where is this office units located?
The property is located at 6615 Monticello Ave Lubbock, TX.
What is the asking price?
The asking price for this property is $635,925.
What are key features of this property?
This property features: 2,085 square feet of single‑story professional office space; Private exterior entrance with direct access to dedicated parking; Flexible layouts for medical, healthcare, legal, accounting, and financial services
