3402 Slide Rd Lubbock, TX 79414-2542

Property Details for 3402 Slide Rd

Year built

2006

Lot size

2.18 lot acres

Property size

12,935 SF

Zone code

38

Property type

Commercial real estate

APN

R94004

APU

R94004

Description

This exceptional investment opportunity presents a fee-simple ownership of a 12,955 square foot CVS Pharmacy in Lubbock, Texas. The property boasts a 20-year absolute NNN lease with CVS, commencing October 7, 2020, and expiring October 6, 2040, leaving approximately 15.9 years remaining. The lease includes attractive 5% rent bumps between each five-year renewal option, minimizing landlord responsibilities. The property, built in 2006, sits on a 2.18-acre lot at a high-traffic intersection of Slide Road and 34th Street, providing excellent visibility and accessibility. Its strategic location near Texas Tech University, Lubbock's medical district, and major retail centers like the West End Regional Mall and South Plains Mall, ensures consistent high traffic volume. The 24-hour store generates a substantial net operating income (NOI) of $245,150, representing a 5.50% cap rate on the $4,457,273 asking price. The property's strong performance is evidenced by its ranking in the 87th percentile nationally and 94th percentile in Texas. With a densely populated area and a robust local economy, this CVS Pharmacy presents a secure and lucrative investment opportunity with significant long-term growth potential. The property's location provides easy access via Marsha Sharp Freeway (US-62/US-82), a major east-west artery. The surrounding area's strong retail presence and significant residential population further enhance the property's value and investment appeal. The property's high occupancy rate and strong tenant history solidify its position as a premier retail investment.

Location Insight

City

Lubbock

County

Lubbock

State

Texas

Longitude

-101.923

Latitude

33.5627

CBSA code

31180

CBSA name

LUBBOCK, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments