Multi-Tenant Office Building For Sale

Office for Sale
Catylist Listing ID: 30388413
Property Subtypes: Office Building
Building Size (RSF): 11,905 SF
Gross Building Area: See Agent
Gross Land Area: 37,646 SF
Sale Price: $710,000
Unit Price: $59.64 PSF
Property Use Type: Investment
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: 7.24%
Average Occupancy Rate: 93
Last Updated: 1/18/2022

Overview / Comments

Summit Place also houses, The Fortress, a private underground safe deposit box vault business. The business can be purchased in addition to the real estate. The seller will require a long-term lease back of the Fortress space if the business is retained.

High Occupancy Rate
Diverse Tenant Mix with Many Long-Term Tenants
Recent Renovations Made to Much of the Building
Value-Add Opportunity with Additional Renovations and Rent Increases
Great Location - Easy Access to Loop 289

Additional Details

Nearest MSA: Lubbock
County: Lubbock
Tax ID/APN: R55402
Zoning: C-2
Site Description: Conveniently located just outside Loop 289, only one black west of Indiana Avenue.
Total Number of Buildings: 1
Number of Stories: 1
Year Built: 1979
Year Renovated: 2016
Construction/Siding: Brick
Parking Type: Surface
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 13,961 120,879 195,918
Median Age: 41.44 34.27 32.22
Households: 5,893 49,035 76,243


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