Flex Space with Covered
For Sale
$298,000
6811 Martin Luther King Junior Boulevard, Lubbock, TX 79404
COMMERCIAL - Lubbock, TX
Property Size2,448 SF
Lot Size0.34 Acres
Price / SF$121.73
Days on Market241
Property Features for 6811 Martin Luther King Junior Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Fencing
Chain Link
Lot features
Level
Subdivision
2
Standard status
Active
APN
R28777
Size
2,448 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Description
BARTOS N100'OF L 3 & BLK E SEC 6 TR 8H
Tax Annual Amount
1214
Legal Description
BARTOS N100'OF L 3 & BLK E SEC 6 TR 8H
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1966
Building materials
Brick, Metal Siding, Steel Frame
Roof type
Metal
Listing Agency:
Keller Williams Realty
(806) 771-7710
Listed By:
Rachel Smith · License #0779879
(806) 392-6839
Added: Dec 10, 2025
Changed: Aug 4
Last Checked: Aug 8 at 4:06AM
MLS# 202563990
Copyright © 2026 Lubbock Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex space combines office, shop, warehouse, and covered storage in one functional layout. The property includes 2,448 sq ft of upgraded, fully conditioned office space with a large main work area, private office, kitchenette, shower room, and half bath. Updated windows support efficiency and natural light. The 1,122 sq ft shop area features a 10' manual double garage door and open workspace suitable for equipment, fabrication, or light industrial use. The 630 sq ft warehouse is equipped with a 14' overhead door, pipe racks, shelving, and loft storage, plus a 777 sq ft lean-to that adds covered storage or materials handling.
All structures have durable metal roofs installed in 2009 with a 25-year manufacturer’s warranty. Construction includes brick with metal siding and a steel frame, and the site is fenced with chain link. Utilities include natural gas available, with public water and public sewer services. Heating includes electric heating, heat pump, and central, with central air and electric cooling.
With office, shop, and warehouse areas supported by multiple door openings and additional covered storage, this property is designed for a range of commercial and service-based operations requiring adaptable industrial space.
All structures have durable metal roofs installed in 2009 with a 25-year manufacturer’s warranty. Construction includes brick with metal siding and a steel frame, and the site is fenced with chain link. Utilities include natural gas available, with public water and public sewer services. Heating includes electric heating, heat pump, and central, with central air and electric cooling.
With office, shop, and warehouse areas supported by multiple door openings and additional covered storage, this property is designed for a range of commercial and service-based operations requiring adaptable industrial space.
Key Highlights
- 0.34‑acre flex property with office, shop, warehouse, and 777 sq ft lean‑to
- 2,448 sq ft fully conditioned office with kitchenette, shower room, and half bath
- 1,122 sq ft shop with 10' manual double garage door and open workspace
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
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
26
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 - Flex space with conditioned office, shop, warehouse, and a lean-to for covered storage and materials handling.
Where is this flex space located?
The property is located at 6811 Martin Luther King Junior Boulevard 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: 0.34‑acre flex property with office, shop, warehouse, and 777 sq ft lean‑to; 2,448 sq ft fully conditioned office with kitchenette, shower room, and half bath; 1,122 sq ft shop with 10' manual double garage door and open workspace
