2705 50Th StLubbock, TX 79413

Property Details for 2705 50Th St

Lot size

4.52 AC

Property size (Sq ft)

64,286 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This Lubbock, Texas shopping center offers a compelling investment opportunity with two credit-rated tenants, Dollar Tree and CLUB4 Fitness, under long-term NNN leases. The 64,286 square foot property, situated on a 4.52-acre lot, boasts a 7.25% cap rate and a strong NOI of $862,150. Both buildings, totaling 64,286 square feet, underwent renovations in 2005 and 2024, featuring new roofs and interior/exterior upgrades. Dollar Tree, the top-performing store in the Lubbock market and a national top 6% performer, recently signed a 10-year lease extension with a significant rent increase. CLUB4 Fitness also committed to a new 10-year lease in 2024, expanding its presence in a densely populated area near Texas Tech University. The property benefits from a high-traffic location at the intersection of 50th Street and University Avenue, experiencing significant leasing velocity and new development in the surrounding area. This prime location, with 60,000 vehicles passing daily, is within two miles of Texas Tech University, serving a diverse population of students and families. The property features two one-story buildings, 100% occupancy, and a remaining lease term of 10.6 years, with built-in rent bumps of 10% and lease options for 2 and 5 years. The property is offered fee simple, providing a stable and attractive investment in a thriving Texas market. The strong tenant mix, long-term leases, and recent renovations make this a highly desirable asset.

Location Insight

City

Lubbock

County

Lubbock

State

Texas

Latitude

33.5477

Longitude

-101.875

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