SWC N Loop 289 & Memphis - 15 Acres

Vacant Land for Sale
Catylist Listing ID: 30680601
Property Subtypes: Hospitality, Multi-Family, Office, Retail, Other
Gross Land Area: 1 - 15.81 Acres
Sale Price: $5 PSF
In Opportunity Zone? Yes
Sale Terms: Cash to Seller, Purchase Money Mortgage, Other
Cap Rate: Undisclosed
Last Updated: 5/5/2021

Overview / Comments

LOCATION
Property is located along the frontage road of N Loop 289 just east of Quaker Avenue.

DESCRIPTION
15.81 acres of land located in the heart of the rapidly developing North Loop area of Lubbock, TX. The immediate surroundings of the land are teeming with commercial and residential activity. Adjacent to the property to the east is a newly constructed 220-unit independent living center and a 288-unit student housing complex. Additionally, this property is less than one mile from University Medical Center (Texas Tech’s teaching hospital), Texas Tech’s Campus (over 30,000 enrolled students), the Lubbock Heart Hospital, Wayland Baptist University (satelite campus), and a 744-bed student housing complex. This tract may be purchased as a whole or subdivided and is suitable for retail development, multifamily, student housing, office development, or restaurant use.

Property is located within a Qualified Opportunity Zone (QOF). QOF investors can permanently exclude from taxation any capital gains that accrue after their investment in a QOF, if the investment is held for at least 10 years. Opportunity zones increase the basis of any investment held in a QOF for 10 years to 100 percent of its fair market value on the date it is sold or exchanged.

Property is not in the floodplain.

Attachments & Media

Additional Details

Nearest MSA: Lubbock
County: Lubbock
Tax ID/APN: R94885

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,336 76,756 148,468
Median Age: 30.39 27.97 29.67
Households: 3,145 28,515 56,756

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