Fully Leased Office Investment
For Sale
$1,100,000
7710 Milwaukee Ave #700 Lubbock, Lubbock, TX 79424
Fully leased office space in a prime location for sale.
Property Size4,049 SF
Price / SF$271.67
Days on Market333
Property Features for 7710 Milwaukee Ave #700 Lubbock
General Information
Standard status
Active
Size
4,049 SF
Class
A
Property subtype
Office
Building Details
Building Size
4,049 SF
Listing Agency:
WestMark Commercial
(806) 776-2833
Listed By:
Karen Higgins, CCIM · License #TX #0331521-B
Source:
Tcnworldwide
Added: Sep 25, 2025
Changed: Aug 8
Last Checked: Aug 8 at 12:05PM
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 WestMark Commercial
Investment Insights
Based on property information with market context.
This 4,049-square-foot office space is available for sale as an investment opportunity. The property features 10 private offices, a spacious reception area, a conference room, two workrooms, two restrooms, and a break room. It is located in a prestigious office park just west of Milwaukee Avenue, specifically behind Popeyes Kitchen & Wing Daddy's on Milwaukee Avenue. The property is currently under a NNN lease with 2+ years remaining on a 5-year term, and has a 7.32% cap rate.
Key Highlights
- Fully Leased Investment Property offering immediate returns.
- Enjoy a solid 7.32% Cap Rate.
- Benefit from a NNN Lease structure.
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
$52,931
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
4.81%
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%
$1,058,620
$1.1M
Cap Rate 7%
$756,157
$756.2K
Cap Rate 9%
$588,122
$588.1K
Market Conditions
NOI Build-Up for 4,049 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
$85.0K $21.00/SF
− Vacancy
−$14.5K −$3.57/SF
EGI
$70.6K $17.43/SF
− OpEx
−$17.6K −$4.36/SF
NOI
$52.9K $13.07/SF
Area
Lubbock, TX
Vacancy
17.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,058,620
Cap Rate 7%
$756,157
Cap Rate 9%
$588,122
Alternative Uses
Best Use
Office B
$756.2K
$661.6K – $882.2K
NOI $52,931 @ 7.0% cap · market cap 4.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.02M
$893.2K – $1.19M
NOI $71,454 @ 7.0% cap · market cap 6.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
653
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 - Fully leased office space in a prime location for sale.
Where is this office units located?
The property is located at 7710 Milwaukee Ave #700 Lubbock Lubbock, TX.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Fully Leased Investment Property offering immediate returns.; Enjoy a solid 7.32% Cap Rate.; Benefit from a NNN Lease structure.
