50Th St Lubbock, TX 79413
Property profile & analytics
Location Intelligence
Current Use by Public Records
- Office Spaces
Property Details for 0 50Th St
- Lot size
- 0.98 lot acres
- Property size
- 6,034 SF
- Property type
- Office Spaces
- Property subtype
- Medical Office Space
Description
This exceptional investment opportunity presents a 6,034 square foot medical office building in Lubbock, Texas, currently leased to West TX Eye Clinic, a stable tenant operating since 1998 and part of AVP Texas Vision Management, LLC, a larger medical practice group. The property boasts a strong net lease (NN) structure with 7.6 years remaining on a 9.9-year lease, featuring a 7.00% cap rate and a current NOI of $171,076. The lease includes annual rent increases of 2%, providing consistent income growth. Two five-year renewal options, also with 2% annual increases, further enhance the long-term value. Situated on a 0.98-acre lot, the building enjoys a prime location on a major traffic corridor inside Loop 289, experiencing over 28,000 vehicles per day. Its proximity to Lubbock's Medical District (2 miles) and Texas Tech University (3 miles) adds to its strategic appeal. The surrounding area demonstrates high household incomes, exceeding $98,800 annually within a one-mile radius, and includes numerous national and regional retailers. The asking price is $2,443,943, translating to $405.03 per square foot. This property offers a compelling combination of strong tenant occupancy, favorable lease terms, and a desirable location, making it an attractive addition to any investment portfolio.
Value Estimations
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Alternative Use
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Location Insight
- Map
- Local Demand
- City
- Lubbock
- County
- Lubbock
- State
- Texas
- Longitude
- -101.889
- Latitude
- 33.5489
