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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    6704 Milwaukee Ave Lubbock, TX 79424-1196

    • Turn key restaurants
    • 2,398 SF
    • 0.80 lot acres
    OFF-MARKET
    Last Sale
    May 30, 2024
    Value Estimations
    $335,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-9459412
    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

    • HTeaO - Lubbock (Milwaukee) / Tea Store

    Property Details for 6704 Milwaukee Ave

    Year built
    2019
    Lot size
    0.80 lot acres
    Property size
    2,398 SF
    Property type
    Turn key restaurants
    APN
    R325651
    APU
    R325651

    Description

    This exceptional investment opportunity presents a fee-simple, single-tenant, absolute NNN leased property housing an HTeaO franchise in Lubbock, Texas. The 2,398 square foot building, constructed in 2019, sits on a 0.8-acre lot with high visibility on Milwaukee Avenue, a major thoroughfare boasting over 38,400 vehicles daily. The property benefits from its strategic location near US Highway 62 and the Canyon West Shopping Center, surrounded by other national retailers. The 15-year lease, commencing June 1, 2024, and expiring May 31, 2039, includes three, 5-year renewal options with a 1.5% annual rent increase. The current annual net operating income (NOI) is $140,000, yielding a 6.35% cap rate. The property's strong performance is further enhanced by its location within a high-growth area, serving a substantial population base projected to experience continued growth. The location in Texas offers the added benefit of no state income tax. This hands-off investment provides a secure, long-term income stream with built-in rent escalations, making it an attractive opportunity for passive investors. The asking price is $2,205,000, or $919.52 per square foot. The property features 100% occupancy and a strong tenant credit rating as a franchisee.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $385,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $285,000
      Market price range: $145k - $325k

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $240,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Lubbock
    County
    Lubbock
    State
    Texas
    Longitude
    -101.958
    Latitude
    33.5324
    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
    $17,506
    $315,018
    $528,252
    $843,270
    -
    $315,018
    $528,252
    $843,270

    Comparable in this City

    • Value Estimation
      $410,000
      3,926 SF

      7727 Milwaukee Ave

      RESTAURANT • 3,926 SF
      7727 Milwaukee Ave, Lubbock, TX 79424-0612
      View Details
    • Value Estimation
      $385,000
      7,688 SF

      7205 Milwaukee Ave

      RESTAURANT • 7,688 SF
      7205 Milwaukee Ave, Lubbock, TX 79424-1297
      View Details
    • Value Estimation
      $495,000
      6,521 SF

      4805 Loop 289th Ste, Unit 500

      RESTAURANT • 6,521 SF
      4805 Loop 289th Ste, Lubbock, TX 79424-1677
      View Details
    • Value Estimation
      $315,000
      3,218 SF

      5052 Frankford Ave

      RESTAURANT • 3,218 SF
      5052 Frankford Ave, Lubbock, TX 79424-1131
      View Details
    • Value Estimation
      $390,000
      3,594 SF

      11441 Quaker Ave

      RESTAURANT • 3,594 SF
      11441 Quaker Ave, Lubbock, TX 79424-7693
      View Details
    • Value Estimation
      $400,000
      4,785 SF

      6820 Slide Rd

      RESTAURANT • 4,785 SF
      6820 Slide Rd, Lubbock, TX 79424-1506
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      5,625 SF

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    • $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
    • Contact for pricing
      7,000 SF

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      New shopping center in growing area near 114th & Slide.
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    • $3,868,212
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      Fully Leased Alhambra Strip Center

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    Similar Nearby for Lease

    • $3 SF/Yr
      26,600 SF

      Prime Lubbock Retail Pad Site

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      Prime Retail Space, New Construction
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    • Contact for pricing
      77,100 SF

      South Lubbock Mixed-Use Opportunity

      Prime South Lubbock location, flexible spaces available.
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    • $12 SF/Yr
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      Restaurant Space with Enclosed Patio

      Second generation restaurant space with enclosed patio available for lease.
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      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
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    Lubbock, TX 79424-1196
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    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
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