Development Land with
For Sale
Contact for pricing
7421 66th St, Lubbock, TX 79407
Over 25 acres zoned SF-2 with utilities to site, plus a 5,250 SF warehouse with living quarters.
Property Size5,250 SF
Lot Size25.49 Acres
Price / SF$484.76
Days on Market50
Property Features for 7421 66th St
General Information
Standard status
Active
Size
5,250 SF
Lot size
25.49 Acres
Property subtype
LAND
Zoning
SF-2
Site & Location
Road Access
Yes
Utilities to Site
Yes
Amenities
solar panels
Listing Agency:
Westar Commercial Realty
(806) 787-4947
Listed By:
Blake H Truett · License #0569964
(806) 787-4947
Source:
Moodyscre
Added: Jul 6
Changed: Aug 8
Last Checked: Jul 27 at 10:11AM
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 Westar Commercial Realty
Investment Insights
Based on property information with market context.
This for-sale tract offers more than 25 acres zoned SF-2, with utilities marked as “to site.” The property includes a 5,250-square-foot warehouse with living quarters, and the building is described as all-electric. The offering also includes 45 solar panels that convey with the purchase.
A portion of the land is located in a flood plain, and the property’s frontage and visibility are noted along 66th Street. Public remarks also indicate a 66th Street widening expected to start in 2027.
The property is described as being on well and septic. Overall, the site combines development acreage with an existing warehouse and residential-style living quarters under one ownership.
A portion of the land is located in a flood plain, and the property’s frontage and visibility are noted along 66th Street. Public remarks also indicate a 66th Street widening expected to start in 2027.
The property is described as being on well and septic. Overall, the site combines development acreage with an existing warehouse and residential-style living quarters under one ownership.
Key Highlights
- Over 25 acres development land in Frenship ISD, zoned SF‑2
- Includes a 5,250 SF warehouse with living quarters
- Utilities: to site; property served by well/septic and building is all electric
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
$71,824
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
2.82%
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%
$1,436,480
$1.4M
Cap Rate 7%
$1,026,057
$1.0M
Cap Rate 9%
$798,044
$798.0K
Market Conditions
NOI Build-Up for 5,250 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
$91.3K $17.40/SF
− Vacancy
−$6.9K −$1.31/SF
EGI
$84.5K $16.10/SF
− OpEx
−$12.7K −$2.41/SF
NOI
$71.8K $13.68/SF
Area
Lubbock, TX
Vacancy
7.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
15.00%
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%
$1,436,480
Cap Rate 7%
$1,026,057
Cap Rate 9%
$798,044
Alternative Uses
Best Use
Warehouse
$1.03M
$897.8K – $1.20M
NOI $71,824 @ 7.0% cap · market cap 2.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,648 @ 7.0% cap · market cap 3.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
129
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential land & home lot - Over 25 acres zoned SF-2 with utilities to site, plus a 5,250 SF warehouse with living quarters.
Where is this residential land & home lot located?
The property is located at 7421 66th St Lubbock, TX.
What is the asking price?
The asking price for this property is $2,545,000.
What are key features of this property?
This property features: Over 25 acres development land in Frenship ISD, zoned SF‑2; Includes a 5,250 SF warehouse with living quarters; Utilities: to site; property served by well/septic and building is all electric
