Medical Office Space For
For Sale
Contact for pricing
4002 22nd St, Lubbock, TX 79410
Located in the heart of the medical district.
Property Size2,587 SF
Price / SF$164.28
Days on Market869
Property Features for 4002 22nd St
General Information
Standard status
Active
Size
2,587 SF
Class
A
Property subtype
Office
Zoning
HDR
Building Details
Year Built
1972
Listing Agency:
WestMark Commercial
(806) 777-8114
Listed By:
Kelsey Zickefoose · License #TX 0724914
Source:
Crexi
Added: Apr 8, 2024
Changed: Aug 24
Last Checked: May 13 at 8:22PM
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.
Located in the heart of the medical district, this property offers visibility and accessibility. The functional layout was designed with a focus on practicality and workflow optimization, enabling seamless operations for medical professionals. The property is suitable for medical office space, general office use, and other commercial real estate purposes. The property has a size of 2587 square feet.
Key Highlights
- Prime location in the heart of the medical district.
- Unparalleled visibility.
- Accessibility for patients and practitioners.
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
$34,748
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
8.18%
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%
$694,960
$695.0K
Cap Rate 7%
$496,400
$496.4K
Cap Rate 9%
$386,089
$386.1K
Market Conditions
NOI Build-Up for 2,587 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
$63.6K $24.60/SF
− Vacancy
−$5.7K −$2.21/SF
EGI
$57.9K $22.39/SF
− OpEx
−$23.2K −$8.95/SF
NOI
$34.7K $13.43/SF
Area
Lubbock, TX
Vacancy
9.00%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
40.00%
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%
$694,960
Cap Rate 7%
$496,400
Cap Rate 9%
$386,089
Alternative Uses
Best Use
Healthcare Medical
$496.4K
$434.4K – $579.1K
NOI $34,748 @ 7.0% cap · market cap 8.18%
Second Best
Office B
$483.1K
$422.7K – $563.7K
NOI $33,819 @ 7.0% cap · market cap 7.96%
Theoretical Best
Office A
$652.2K
$570.7K – $760.9K
NOI $45,653 @ 7.0% cap · market cap 10.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,732
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 79410, TX
8,615
Population
4,736
Households
1.8
Avg Household Size
29
Median Age
47%
College-Educated
91%
High-School Grad
2.4 sq mi
ZIP Area
3,590
Density / Sq Mi
$48,350
Median Household Income
$29,637
Median Earnings
$1,315
Median Rent
$211,300
Median Home Value
Market
Vacancy Rate% for Office 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?
Medical Office Space - Located in the heart of the medical district.
Where is this medical office space located?
The property is located at 4002 22nd St Lubbock, TX.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Prime location in the heart of the medical district.; Unparalleled visibility.; Accessibility for patients and practitioners.
