3611 50th St Lubbock, TX 79413-3911

Property Details for 3611 50th St

Year built

1978

Lot size

0.98 lot acres

Property size

7,910 SF

Zone code

38

Property type

Commercial real estate

APN

R60954

APU

R60954

Description

This exceptional investment opportunity presents a portfolio of two medical office buildings totaling 24,052 square feet, situated on a 2.53-acre lot in Lubbock, Texas. The property is currently under a net lease with a remaining term of 7.6 years, expiring July 1, 2032, and includes two 5-year lease options. The lease commenced August 1, 2022, and features a 2% annual rent increase. The asking price is $9,767,314, representing a price per square foot of $406.09 and a 7.00% cap rate. The current Net Operating Income (NOI) stands at $683,712. The buildings are strategically located near the south of Loop 289, an area with high traffic volume (42,500+ vehicles per day), and are surrounded by major national and regional retailers, including Walmart, CVS, Home Depot, Starbucks, Chick-fil-A, and H-E-B. The properties benefit from their proximity to the South Plains Mall (less than five miles) and the Lubbock Medical District (within seven miles). The area boasts high average household incomes, ranging from $98,800 to over $184,000, indicating a strong and growing market. This portfolio offers a stable, long-term investment with built-in rent growth.

Location Insight

City

Lubbock

County

Lubbock

State

Texas

Longitude

-101.894

Latitude

33.5482

CBSA code

31180

CBSA name

LUBBOCK, TX METROPOLITAN STATISTICAL AREA

Property Tax & Assessments