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    The Largest CRE Database in the US with Over 1 Million Listings

    5009 University Ave Lubbock, TX 79413

    Sponsored
    For Sale
    $790,000

    Lubbock Office Building, Redevelopment Opportunity

    Property size:
    11,668 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    425
    This exceptional Lubbock, Texas commercial property at 5009 University Avenue presents a compelling redevelopment opportunity. The 11,668 square foot office building, constructed in 1959, sits on a substantial 37,407 square foot lot zoned for Neighborhood Commercial use. Currently configured as a single-story structure, the building offers versatile space suitable for various uses, including executive, medical, or traditional office spaces, as well as potential for retail or other commercial applications. The property boasts high visibility and traffic counts due to its central location near the intersection of 50th Street and University Avenue. Ample on-site parking accommodates 23 vehicles. Its proximity to Texas Tech University and major freeways enhances accessibility and appeal. The asking price of $790,000 represents a significant value, potentially below land value alone, making this a prime investment for discerning buyers seeking a high-return opportunity in a thriving Lubbock market. The property's existing infrastructure provides a solid foundation for immediate occupancy or extensive renovation, catering to a wide range of business needs.

    Property Features for 5009 University Ave

    General Information

    Property type
    Medical offices
    Square Feet
    11,668 SF

    Building Details

    Year Built
    1959
    Buildings
    1
    Stories
    1

    We can help!

    Listing Contact
    David Powell
    David Powell

    Learn more

    Property Insight Report

    HighLights

    • Excellent street visibility.
    • High vehicular traffic counts.
    Property Profile Location Intelligence

    Current Use by Public Records

    Digital Impact Designs Marketing & Advertising Dr. Gaylon B. ... Physician Plains Diagnostics Physician Michael Shobe Physician

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.87003595201
    Latitude
    33.548325309087

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    FAQs

    What type of property is this?
    Medical office - Lubbock Office Building, Redevelopment Opportunity
    Where is this medical office located?
    The property is located at 5009 University Ave Lubbock, TX.
    What is the asking price?
    The asking price for this property is $790,000.
    What are key features of this property?
    This property features: Excellent street visibility.; High vehicular traffic counts.;
    (806) 239-0804
    Request Owner's contact information
    5009 University Ave Lubbock, TX 79413
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    Lubbock, TX 79413
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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
    5009 University Ave Lubbock, TX 79413
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    We can help!
    Listing Contact
    David Powell
    David Powell
    Real Estate License ID: 257988
    (806) 239-0804
    Learn more
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