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    3223 Loop 289 Lubbock, TX 79423

    Sponsored
    For Lease
    $20 SF/Yr

    Lubbock, TX Office Space Available

    Lot size:
    96,404 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    415
    Pyramid Plaza, a six-story, 96,404 square foot office building in Lubbock, Texas, offers executive and traditional office spaces ranging from 893 to 9,869 square feet. Currently undergoing a multi-million dollar renovation, including elevator modernization, lighting upgrades, and common area improvements, this iconic Lubbock landmark boasts a stunning atrium with a waterfall and multiple seating areas. The building provides 532 off-street parking spaces (6+ spaces per 1,000 sq ft of leasable area), 24-hour access with controlled card access and security cameras, and fiber connectivity through AT&T, Vexus Fiber, and Suddenlink. Full-service rates include utilities, custodial service, and full-time maintenance. Located at 3223 S Loop 289, Lubbock, TX 79423, this prime location offers easy access to Texas Tech University, Lubbock Christian University, the medical district, the central business district, and South Plains Mall. Numerous restaurants are within a short drive. The building is ideal for businesses of all sizes, from small offices to large corporate headquarters, with 19 spaces currently available. Built in 1981, this property offers a blend of modern amenities and classic design.

    Property Features for 3223 Loop 289

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    96,404 SF
    Total Rate
    160673.33

    Building Details

    Year Built
    1981
    Stories
    6

    Unit(s) available at that property

    Space
    Suite 460
    Size
    4,237 SF
    Rate per SF
    $20
    Space
    Suite 140-240
    Size
    5,925 SF
    Rate per SF
    $20

    We can help!

    Listing Contact
    Scott Womack
    Scott Womack

    Learn more

    Property Insight Report

    HighLights

    • Locally Owned & Operated
    • Landmark Building on South Loop 289
    • Full‑Service Leases with Utilities & Janitorial Included
    • On‑Site Maintenance Staff
    • High‑Speed Fiber Internet from Multiple Providers
    • Professionally Managed by Coldwell Banker Commercial
    Property Profile Location Intelligence

    Current Use by Public Records

    Stephen Butts - Private ... Financial Planner Agnew Associates Inc: ... Mechanical Engineer Lynnette Greak, M.Ed.,LPC Counselor Liesl L. Olson, ... Physical Therapist Bankers Life Insurance Agency

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.8844177
    Latitude
    33.5281327

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    FAQs

    What type of property is this?
    Office Property / Space - Lubbock, TX Office Space Available
    Where is this office property / space located?
    The property is located at 3223 Loop 289 Lubbock, TX.
    What is the lease rate?
    The lease rate is $20 SF/Yr.
    What are key features of this property?
    This property features: Locally Owned & Operated; Landmark Building on South Loop 289; Full-Service Leases with Utilities & Janitorial Included
    Request Owner's contact information
    3223 Loop 289 Lubbock, TX 79423
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    Lubbock, TX 79423
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3223 Loop 289 Lubbock, TX 79423
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    We can help!
    Listing Contact
    Scott Womack
    Scott Womack
    Real Estate License ID: TX 437816
    Learn more
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