Church Facility with Flex
For Sale
Contact for pricing
7201 MARSHA SHARP FWY, Lubbock, TX 79407
Two buildings combine worship, classroom, office, and open-plan space with surrounding parking.
Property Size18,122 SF
Price / SF$135.19
Days on Market124
Property Features for 7201 MARSHA SHARP FWY
General Information
Standard status
Active
Size
18,122 SF
Class
B
Property subtype
Retail, Office, Special Purpose
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
2000
Buildings
2
Units
31
Building Size
18,122 SF
Listing Agency:
McDougal Realtors
(806) 317-0234
Listed By:
Ethan Quisenberry · License #TX
Source:
Crexi
Added: May 1
Changed: Aug 31
Last Checked: Aug 31 at 5:15PM
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 McDougal Realtors
Investment Insights
Based on property information with market context.
This church facility includes two heated and cooled buildings totaling 18,122 SF. The 14,097 SF main building contains offices, classrooms, and an auditorium, while the 4,025 SF secondary building provides an open interior currently used for youth activities. The configuration supports continued religious use along with educational or office applications.
The property is located at 7201 Marsha Sharp Fwy in Lubbock, along the freeway frontage road. Parking surrounds the primary improvements, and the sale includes an adjacent 0.4-acre paved tract. That parcel also contains a 7-unit storage building, adding separate storage capacity or owner-use space. The improvements were built in 2000.
The property is located at 7201 Marsha Sharp Fwy in Lubbock, along the freeway frontage road. Parking surrounds the primary improvements, and the sale includes an adjacent 0.4-acre paved tract. That parcel also contains a 7-unit storage building, adding separate storage capacity or owner-use space. The improvements were built in 2000.
Key Highlights
- 18,122 SF across two heated and cooled buildings
- 14,097 SF main building with offices, classrooms, and auditorium
- 4,025 SF secondary building with open‑plan interior
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
$204,172
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
8.33%
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%
$4,083,440
$4.1M
Cap Rate 7%
$2,916,743
$2.9M
Cap Rate 9%
$2,268,578
$2.3M
Market Conditions
NOI Build-Up for 18,122 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
$315.3K $17.40/SF
− Vacancy
−$23.6K −$1.31/SF
EGI
$291.7K $16.10/SF
− OpEx
−$87.5K −$4.83/SF
NOI
$204.2K $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%
$4,083,440
Cap Rate 7%
$2,916,743
Cap Rate 9%
$2,268,578
Alternative Uses
Best Use
Industrial
$2.92M
$2.55M – $3.40M
NOI $204,172 @ 7.0% cap · market cap 8.33%
Second Best
Flex RnD
$2.88M
$2.52M – $3.36M
NOI $201,567 @ 7.0% cap · market cap 8.23%
Theoretical Best
Office A
$4.57M
$4.00M – $5.33M
NOI $319,803 @ 7.0% cap · market cap 13.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
136
Businesses Nearby
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Church & religious facility - Two buildings combine worship, classroom, office, and open-plan space with surrounding parking.
Where is this church & religious facility located?
The property is located at 7201 MARSHA SHARP FWY Lubbock, TX.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: 18,122 SF across two heated and cooled buildings; 14,097 SF main building with offices, classrooms, and auditorium; 4,025 SF secondary building with open‑plan interior
