Flex Space with Office and
For Sale
$298,000
6811 Martin L King Blvd, Lubbock, TX 79404
Adaptable commercial property combines conditioned offices, a service shop, warehouse storage, and covered material storage.
Property Size2,448 SF
Price / SF$121.73
Days on Market263
Property Features for 6811 Martin L King Blvd
General Information
Standard status
Active
Size
2,448 SF
Warehouse & Industrial
Warehouse Space
630 SF
Office Build-Out
2,448 SF
Drive-In Doors
1
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$1,214
Amenities
kitchenette
shower room
half bath
Listing Agency:
Keller Williams Realty
(806) 392-6839
Listed By:
Rachel Smith · License #0779879
(806) 392-6839
Source:
Exprealty
Added: Dec 10, 2025
Changed: Aug 29
Last Checked: Aug 29 at 5:44PM
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 Realty
Investment Insights
Based on property information with market context.
This flex property combines several functional areas within one commercial setup. The 2,448-square-foot office component is fully conditioned and includes an open work area, private office, kitchenette, shower room, half bath, and newer windows. A 1,122-square-foot shop provides open workspace and a 10-foot manual double garage door. The 630-square-foot warehouse adds a 14-foot overhead door, pipe racks, shelving, and loft storage, while a 777-square-foot lean-to supplies additional covered storage.
Located at 6811 Martin L King Blvd in Lubbock, the property is configured for operations that require a mix of administrative, service, equipment, and storage areas. Metal roofs cover all structures; the roofs were installed in 2009 and carry a 25-year manufacturer’s warranty.
Located at 6811 Martin L King Blvd in Lubbock, the property is configured for operations that require a mix of administrative, service, equipment, and storage areas. Metal roofs cover all structures; the roofs were installed in 2009 and carry a 25-year manufacturer’s warranty.
Key Highlights
- 2,448 sq ft of fully conditioned office space with private office, kitchenette, shower room, and half bath
- 1,122 sq ft shop with a 10' manual double garage door
- 630 sq ft warehouse with 14' overhead door, pipe racks, shelving, and loft storage
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
$27,229
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
9.14%
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%
$544,580
$544.6K
Cap Rate 7%
$388,986
$389.0K
Cap Rate 9%
$302,544
$302.5K
Market Conditions
NOI Build-Up for 2,448 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
$45.5K $18.60/SF
− Vacancy
−$3.6K −$1.49/SF
EGI
$41.9K $17.11/SF
− OpEx
−$14.7K −$5.99/SF
NOI
$27.2K $11.12/SF
Area
Lubbock, TX
Vacancy
8.00%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
35.00%
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%
$544,580
Cap Rate 7%
$388,986
Cap Rate 9%
$302,544
Alternative Uses
Best Use
Warehouse
$478.4K
$418.6K – $558.2K
NOI $33,490 @ 7.0% cap · market cap 11.24%
Second Best
Office B
$457.2K
$400.0K – $533.4K
NOI $32,001 @ 7.0% cap · market cap 10.74%
Theoretical Best
Office A
$617.1K
$540.0K – $720.0K
NOI $43,200 @ 7.0% cap · market cap 14.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
143
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 79404, TX
9,956
Population
4,289
Households
2.3
Avg Household Size
38
Median Age
13%
College-Educated
73%
High-School Grad
28.5 sq mi
ZIP Area
349
Density / Sq Mi
$48,642
Median Household Income
$30,654
Median Earnings
$958
Median Rent
$86,300
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 - Adaptable commercial property combines conditioned offices, a service shop, warehouse storage, and covered material storage.
Where is this flex space located?
The property is located at 6811 Martin L King Blvd Lubbock, TX.
What is the asking price?
The asking price for this property is $298,000.
What are key features of this property?
This property features: 2,448 sq ft of fully conditioned office space with private office, kitchenette, shower room, and half bath; 1,122 sq ft shop with a 10' manual double garage door; 630 sq ft warehouse with 14' overhead door, pipe racks, shelving, and loft storage
