Wolfforth Garden Offices For
For Sale
Contact for pricing
6905 Alcove Ave, Wolfforth, TX 79382
Garden offices in growing Wolfforth, TX with investment upside.
Property Size4,550 SF
Price / SF$249.89
Days on Market913
Property Features for 6905 Alcove Ave
General Information
Standard status
Active
Size
4,550 SF
Class
A
Property subtype
Office, Mixed Use
Lease Type
NNN
Building Details
Year Built
2024
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
NAI Wheelhouse
(806) 200-3244
Listed By:
Joe Magby
Source:
Crexi
Added: Feb 28, 2024
Changed: Aug 20
Last Checked: Aug 29 at 4:16PM
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 NAI Wheelhouse
Investment Insights
Based on property information with market context.
Located on the edge of Lubbock in rapidly growing Wolfforth, these garden offices are part of the new West Business Park Development. The property offers convenient access to and from Marsha Sharp Freeway and is situated near several new residential developments. The offices feature modern finishes, abundant natural light, and a flexible layout, creating a professional environment suitable for various businesses. The property size is 4,550 square feet. Suite 200 is currently leased, generating $39,600 net operating income. Suite 100 is vacant, presenting a value-add or owner-user opportunity.
Key Highlights
- Value‑add opportunity with vacant Suite 100, perfect for owner‑user.
- $39,600 Net Operating Income (NOI) from leased Suite 200.
- Located in the brand new West Business Park Development.
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
$59,480
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
5.23%
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%
$1,189,600
$1.2M
Cap Rate 7%
$849,714
$849.7K
Cap Rate 9%
$660,889
$660.9K
Market Conditions
NOI Build-Up for 4,550 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
$95.6K $21.00/SF
− Vacancy
−$16.2K −$3.57/SF
EGI
$79.3K $17.43/SF
− OpEx
−$19.8K −$4.36/SF
NOI
$59.5K $13.07/SF
Area
Lubbock County, 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%
$1,189,600
Cap Rate 7%
$849,714
Cap Rate 9%
$660,889
Alternative Uses
Best Use
Office B
$849.7K
$743.5K – $991.3K
NOI $59,480 @ 7.0% cap · market cap 5.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.15M
$1.00M – $1.34M
NOI $80,295 @ 7.0% cap · market cap 7.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
200
Businesses Nearby
Explore this area
Business Placement
Demographics for 79382, TX
8,449
Population
3,649
Households
2.3
Avg Household Size
36
Median Age
28%
College-Educated
92%
High-School Grad
51.1 sq mi
ZIP Area
165
Density / Sq Mi
$80,625
Median Household Income
$47,419
Median Earnings
$1,349
Median Rent
$245,100
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 building - Garden offices in growing Wolfforth, TX with investment upside.
Where is this office building located?
The property is located at 6905 Alcove Ave Wolfforth, TX.
What is the asking price?
The asking price for this property is $1,137,000.
What are key features of this property?
This property features: Value‑add opportunity with vacant Suite 100, perfect for owner‑user.; $39,600 Net Operating Income (NOI) from leased Suite 200.; Located in the brand new West Business Park Development.
