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    1824 Parkway Dr Lubbock, TX 79403

    Sponsored
    For Sale
    $3,000,000

    Lubbock, TX Retail Investment Opportunity

    Property size:
    19,416 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional Lubbock, Texas shopping center presents a compelling investment opportunity. The property, encompassing 19,416 square feet across two single-story buildings, sits on a 3.81-acre lot with 94 parking spaces. Built in 2009, the Class B property boasts a strong 86% occupancy rate and features a diverse tenant mix including Pizza Hut, Cricket Wireless, Community Health Center of Lubbock, Renal Care, and Health Mart Pharmacy. The center benefits from a prominent location on US Highway 82 (Parkway Drive), providing excellent visibility and high traffic exposure. The property is zoned for retail use and operates under a triple-net lease (NNN) structure with a remaining lease term of 10 years. The asking price is $3,000,000, representing a compelling 6.42% cap rate. This investment opportunity is further enhanced by its designation as an opportunity zone. The property's diverse tenant mix, long-term leases, and prime location make it an attractive addition to any investment portfolio. The 287 feet of frontage on Parkway Drive ensures high visibility for all tenants. This is a rare opportunity to acquire a well-established, high-performing retail center in a thriving Texas market. The property's diverse subtypes include retail, office, medical, mixed-use, flex space, and net-leased properties.

    Property Features for 1824 Parkway Dr

    General Information

    Property type
    NNN properties
    Square Feet
    19,416 SF
    Class
    B
    Lot Size
    165,964 SF

    Building Details

    Year Built
    2009
    Buildings
    2
    Stories
    1

    HighLights

    • Retail, office, medical, mixed‑use, flex, net‑leased, and other property types available.
    • Net‑leased (NNN) investment opportunity.
    • 19,416‑square‑foot building.
    • 3.81‑acre land parcel.
    • Class B building.
    • Retail zoning.
    Property Profile Location Intelligence

    Current Use by Public Records

    Parkway Pharmacy Pharmacy Pizza Hut Pizza Restaurant

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.81473617805
    Latitude
    33.594465146556

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    FAQs

    What type of property is this?
    NNN property - Lubbock, TX Retail Investment Opportunity
    Where is this nnn property located?
    The property is located at 1824 Parkway Dr Lubbock, TX.
    What is the asking price?
    The asking price for this property is $3,000,000.
    What are key features of this property?
    This property features: Retail, office, medical, mixed-use, flex, net-leased, and other property types available.; Net-leased (NNN) investment opportunity.; 19,416-square-foot building.
    Request Owner's contact information
    1824 Parkway Dr Lubbock, TX 79403
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    Realmo Value Estimation

    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.

    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.

    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
    1824 Parkway Dr Lubbock, TX 79403
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