For Sale
$9,767,314

3611 50Th StLubbock, TX 79424

Lubbock, TX: Net-leased medical buildings

Overview

Added:
Dec 11, 2024
Days on market:
116
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.

Highlights

  • Long-term net lease with 2% annual rent increases and two 5-year options with similar increases.
  • Stable medical practice operating in Lubbock since 1998.
  • Acquired by American Vision Partners, a large medical group with 120 locations.
  • Excellent location near major retailers including Walmart, CVS, Home Depot, Starbucks, Chick-fil-A, and H-E-B.
  • High average household incomes ($98,800 to $184,000+) in a dense, growing neighborhood.
  • Prime location on major thoroughfares, less than 5 miles from South Plains Mall and within 7 miles of the Lubbock Medical District.

Property Details for 3611 50Th St

Property type
Office properties, Medical offices
Square Feet
24,052 SF
Buildings
2
Lot Size (sq. ft)
110,207 SF
Units
2

Location Insight

City
Lubbock
County
Lubbock
State
Texas
Latitude
33.5481101
Longitude
-101.8936762
3611 50Th St, Lubbock, Texas

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3611 50Th St
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