Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    6402 98Th St Lubbock, TX 79424

    • Retail space
    • 3,066 SF
    • 0.13 lot acres
    For Lease
    View listing
    $22 SF/Yr
    Value Estimations
    $355,000
    Cap Rate Potential
    8.6%
    Retail space
    Location Intelligence
    Property ID
    US82-1781503
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • RFS Financial Services / Life Insurance Agency / Financial Planner
    • Coffee Talk Counseling / Counselor
    • Brewer Counseling, LLC / Counselor / Mental Health Service
    • Armour Counseling, PLLC / Mental Health Service
    • Menasco Therapy Services / Mental Health Clinic

    Property Details for 6402 98Th St

    Year built
    2022
    Lot size
    0.13 lot acres
    Property size
    3,066 SF
    Property type
    Retail space
    APN
    R337917
    APU
    R337917

    Description

    Sonterra, a brand-new (2022) office development in Lubbock, Texas, offers a variety of executive and traditional office suites for lease. Located at 6402 98th St, 79424, this meticulously planned community provides a tranquil and productive work environment. The property boasts a total of 43,968 square feet across 31 suites, with currently available spaces ranging from 1,497 to 1,798 square feet. Sonterra's design prioritizes a relaxed atmosphere, ideal for professionals seeking a comfortable and efficient workspace. The development is situated in a rapidly expanding area of Lubbock, at the northeast corner of 98th Street and Milwaukee Avenue. A significant expansion, adding six buildings and 17,940 square feet of office space (ranging from 965 to 1,511 square feet), has recently been completed. Tenants enjoy access to a convenient conference area, easily reservable via an online system. This is a prime opportunity to secure office space in a modern, well-designed, and strategically located building within a thriving Lubbock community. Contact us today to learn more about available suites and lease terms.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $345,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $495,000
      6.5%
      $455,000
      7%
      $425,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.955
    Latitude
    33.5068
    CBSA code
    31180
    CBSA name
    LUBBOCK, TX METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $7,457
    $28,473
    $461,527
    $490,000
    -
    $28,473
    $461,527
    $490,000

    Comparable in this City

    • Value Estimation
      $595,000
      24,530 SF

      5906 Spur 327

      RETAIL STORES (PERSONAL SERVICES) • 24,530 SF
      5906 Spur 327, Lubbock, TX 79424
      View Details
    • Value Estimation
      $455,000
      7,940 SF

      11217 Quaker Ave

      RETAIL STORES (PERSONAL SERVICES) • 7,940 SF
      11217 Quaker Ave, Lubbock, TX 79424-7542
      View Details
    • Value Estimation
      $425,000
      10,000 SF

      6802 Slide Rd

      RETAIL STORES (PERSONAL SERVICES) • 10,000 SF
      6802 Slide Rd, Lubbock, TX 79424-1506
      View Details
    • Value Estimation
      $505,000
      14,099 SF

      7705 Quaker Ave

      RETAIL STORES (PERSONAL SERVICES) • 14,099 SF
      7705 Quaker Ave, Lubbock, TX 79424-3361
      View Details
    • Value Estimation by Request
      138,202 SF

      6816 Slide Rd

      Individual retail properties • 138,202 SF
      6816 Slide Rd, Lubbock, TX 79424
      View Details
    • Value Estimation
      $620,000
      41,024 SF

      7401 Quaker Ave

      RETAIL STORES (PERSONAL SERVICES) • 41,024 SF
      7401 Quaker Ave, Lubbock, TX 79424-2317
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      5,625 SF

      Retail Space with Drive-Thru

      High-traffic location in South Lubbock with retail and restaurant potential.
      4410 114Th St, Lubbock, TX 79424
      View Details
    • Contact for pricing
      30,315 SF

      Former Best Buy Retail Space

      Versatile retail space with high visibility and access.
      5916 Access Rd, Lubbock, TX 79424
      View Details
    • Contact for pricing
      4,311 SF

      High-Traffic Corner Commercial Property

      Prime location with flexible options in a high-traffic area.
      7902 Slide Rd, Lubbock, TX 79424
      View Details
    • $255,000
      1 SF

      Salon/Office Space in South Lubbock

      1,800 SF salon/office space with great access for customers.
      5147 69Th St, Lubbock, TX 79424
      View Details
    • Contact for pricing
      30,521 SF

      Retail Center Near Walmart

      30,000 SF retail center in booming southwest Lubbock.
      6301 82Nd St, Lubbock, TX 79424
      View Details
    • $1,900,300
      3.49 Acres

      Prime Lubbock Land - Slide Rd

      3.49 Acres, C-2 Zoning, High Growth Area
      12411 Slide Rd, Lubbock, TX 79424
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr
      15,669 SF

      River Crossing Retail Space Available

      Prime Lubbock location, 15,669 SF available.
      6023 82Nd St, Lubbock, TX 79424
      View Details
    • $1,950 /Mo
      1,950 SF

      Retail Space on 69th Street

      Retail space for rent in a high-traffic area.
      5135 69Th St, Lubbock, TX 79424
      View Details
    • $32 SF/Yr
      1,280 SF

      Retail and Restaurant Space Available

      Retail and restaurant space for lease with high traffic volume.
      8201 Quaker Ave, Lubbock, TX 79424
      View Details
    • $20 SF/Yr
      138,202 SF

      South Plains Crossing Retail Center

      High-traffic retail space available.
      6816 Slide Rd, Lubbock, TX 79424
      View Details
    • $21 SF/Yr
      1,610 SF

      Retail Space For Lease

      Retail space available in a busy Lubbock location.
      5815 82Nd St, Lubbock, TX 79424
      View Details
    • $1.00 SF/Yr
      3,650 SF

      Affordable Shops: Lubbock County

      Prime Retail Space, New Construction
      4321 Woodrow Rd, Lubbock, TX 79424
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    6402 98Th St
    Lubbock, TX 79424
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.