1824 Parkway Dr Lubbock, TX 79403
- Lifestyle centers
- 19,416 SF
- 3.81 lot acres
Current Use by Public Records
- Parkway Pharmacy / Pharmacy / Drug Store
- Pizza Hut / Pizza Restaurant / Chicken Wings Restaurant
Property Details for 1824 Parkway Dr
- Year built
- 2009
- Lot size
- 3.81 lot acres
- Property size
- 19,416 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lubbock
- County
- Lubbock
- State
- Texas
- Longitude
- -101.815
- Latitude
- 33.5945
