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    2002 Avenue Lubbock, TX 79403

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    For Lease
    Contact for pricing

    Class A warehouse, rail access, flexible space.

    Lot size:
    181,800 SF

    Property Features for 2002 Avenue

    General Information

    Property type
    Distribution properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    181,800 SF
    Class
    A
    Total Rate
    53025

    Building Details

    Year Built/Renovated
    1993/2000
    Buildings
    3
    Stories
    1

    Spaces For Lease

    at 2002 Avenue, Lubbock, TX 79403 Contact us
    Unit 2002 North Avenue N

    $3 /Mo

    Size
    145,000 SF
    Contact us

    We can help!

    Listing Contact
    David Haymes, Ccim
    David Haymes, Ccim

    Listing Agency: WestMark Commercial Listing Agent: David Haymes, Ccim

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional Lubbock, Texas industrial property offers 181,800 square feet of Class A warehouse space across three buildings on a 30-acre lot. Built in 1993 with renovations in 2000, the property features 14'-16' ceiling heights, six dock-high doors, and approximately 7,090 square feet of office space. The space is divisible from 25,000 to 145,000 contiguous square feet, ideal for various industrial and manufacturing uses. Amenities include three-phase power with separate metering capabilities, a five-acre paved and lighted stackyard, and swamp coolers in some warehouse areas. The property is zoned LI (Light Industrial) and benefits from its location in an opportunity zone. The buildings are connected by a corridor, allowing for easy separation of spaces. This well-maintained property offers a unique opportunity for businesses seeking flexible and functional warehouse space in Lubbock County. The property is located at 2002 N Ave N, Lubbock, TX 79403.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    OHair warehouse Warehouse & Storage Smart Drop Self ... Storage Facility

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.8493539
    Latitude
    33.6187903

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    FAQs

    What type of property is this?
    Distribution property - Class A warehouse, rail access, flexible space.
    Where is this distribution property located?
    The property is located at 2002 Avenue Lubbock, TX.
    What is the lease rate?
    The lease rate is $3 SF/Yr.
    (806) 789-7653 Call to check price and availability
    Request Owner's contact information
    2002 Avenue Lubbock, TX 79403
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    Lubbock, TX 79403
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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
    2002 Avenue Lubbock, TX 79403
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing David Haymes, Ccim
    David Haymes, Ccim
    Real Estate License ID: 9000344
    (806) 789-7653 (806) 794-3300 (806) 776-2831
    Learn more
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