1824 Parkway DrLubbock, TX 79403

Property Details for 1824 Parkway Dr

Year built

2009

Lot size

3.81 AC

Property size (Sq ft)

19,416 SF

Property type

Industrial properties

Property subtype

Lifestyle centers

Description

This exceptional Lubbock, Texas shopping center presents a compelling investment opportunity. The property, encompassing 19,416 square feet across two single-story buildings, sits on a 3.81-acre lot with 94 parking spaces. Built in 2009, the Class B property boasts a strong 86% occupancy rate and features a diverse tenant mix including Pizza Hut, Cricket Wireless, Community Health Center of Lubbock, Renal Care, and Health Mart Pharmacy. The center benefits from a prominent location on US Highway 82 (Parkway Drive), providing excellent visibility and high traffic exposure. The property is zoned for retail use and operates under a triple-net lease (NNN) structure with a remaining lease term of 10 years. The asking price is $3,000,000, representing a compelling 6.42% cap rate. This investment opportunity is further enhanced by its designation as an opportunity zone. The property's diverse tenant mix, long-term leases, and prime location make it an attractive addition to any investment portfolio. The 287 feet of frontage on Parkway Drive ensures high visibility for all tenants. This is a rare opportunity to acquire a well-established, high-performing retail center in a thriving Texas market. The property's diverse subtypes include retail, office, medical, mixed-use, flex space, and net-leased properties.

Location Insight

City

Lubbock

County

Lubbock

State

Texas

Latitude

33.5945

Longitude

-101.815

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