Multi-Tenant Investment Opportunity on 50th Street

Retail-Commercial for Sale
Catylist Listing ID: 30580768
Property Subtypes: Street Retail
Building Size (RSF): 7,240 SF
Gross Building Area: See Agent
Gross Land Area: 1.09 Acres
Sale Price: $690,000
Unit Price: $95.30 PSF
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/28/2020

Overview / Comments

This property is currently occupied by Town South Floral and Panache Salon. Town South will execute a three-year lease at closing. Panache is occupied by multiple stylist that pay a weekly booth rent. Many of the stylists are long term tenants with some in place over 20 years. Gross income of $94,818 with flower shop lease back and cap rate of 8.7%

Long Term Tenants in Place
Oversize Parking Lot with Over 60 Spaces
Numerous Recent Updates Including HVAC, Electrical, & Parking Lot Seal Coat
Value Add Opportunity as Vacant Stylist Booths Are Rented
50th Street Frontage

Additional Details

Nearest MSA: Lubbock
County: Lubbock
Tax ID/APN: R25618
Zoning: C-2
Site Description: Located on 50th Street just West of Slide Road
Tenancy: Multiple Tenants
Number of Stories: 1
Year Built: 1973

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 20,193 123,267 215,682
Median Age: 29.95 33.59 32.12
Households: 8,955 48,993 83,975

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