Industrial Location in Opportunity Zone

Industrial for Sale
Sale Pending
Catylist Listing ID: 30361923
Property Subtypes: Free-Standing, Mixed Use, Light Industrial, Self Storage
Status: Pending
Building Size (RSF): 12,948 SF
Gross Land Area: 37,380 SF
Sale Price: $449,000
Unit Price: $34.68 PSF
In Opportunity Zone? Yes
Property Use Type: Vacant/Owner-User
Sale Terms: Cash to Seller, Owner Financing
Cap Rate: Undisclosed
Last Updated: 9/24/2020

Overview / Comments

Sale includes improvements. Five buildings with a total of 12,948 SF and land size with separate lots of 37,370 SF. Current uses as a automobile repair and auto sales lot. Allowed uses in the M-1 zoning district. City alley divides lots. Property is within the 100 year flood zone. Paved city streets surround the property on all sides with TxDot easement on the south.

> NE quad of MSF and Ave. Q. Frontage Hwy 62/82 intersection interchange.
> One mile from Texas Tech University. Population 38,246 students.
> North of the Central Business District, Civic Center and Buddy Holly Arts Center. Surrounding area includes, banks, hotels, restaurants and Super Walmart.
> Student Housing District in Overton North with a rental population of approximately 3,000.

> Lot 1: Subtype - Industrial; 17,700 SF; Two lots separated by alley. Ave Q frontage is 4,950 sf is a vacant lot with asphalt parking. The Paris frontage is 12,750 sf has Office/ auto repair garages.
> Lot 2: Subtype - Retail; 1,980 SF; One lot fronts Ave. Q with improvement. Auto repair garage unit with one office.
> Lot 3: Subtype - Retail; 4,950 SF; One lot fronts Ave. Q with improvements. Two auto repair garage units.
> Lot 4: Subtype - Industrial; 12,750 SF; Property fronts Paris Ave. with visibility on Marsha Sharp Fwy frontage. Current use is 28 storage units with office.


Finance Data Year 2019
Real Estate Taxes - Annual($) $6,414 (Annual)
Lender Name Owner Finance: IR subject to review of buyer's credit
Down Payment $100,000
Amortization Period 15 yr; 5 yr call

Additional Details

Nearest MSA: Lubbock
County: Lubbock
Tax ID/APN: R38232
Zoning: IHC AND M-1
Property Located Between: Avenue Q and Paris Avenue
Highway Access: Marsha Sharp Freeway
Total Number of Buildings: 5
Zoning Description: IHC Intersate Highway Commercial and M-1 Light Manufacturing
In Flood Plain?: Yes
Lot Frontage: 250
Lot Depth: 177
Water Service: Municipal
Sewer Type: Municipal
Easements Description: Alley runs north and south. TxDot property on south frontage road.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,321 75,875 167,468
Median Age: 27.77 28.55 31.1
Households: 4,069 26,481 63,334


Photograph of Listing Agent

Kirk A. Schneider, CCIM

WestMark Commercial | TCN Worldwide West Texas CIE Member
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