Downtown Office/Retail Investment For Sale

Office for Sale
Catylist Listing ID: 30217603
Property Subtypes: Business Park, Office Building
Building Size (RSF): 8,840 SF
Sale Price: $450,000
Unit Price: $50.90 PSF
Property Use Type: Investment
Building Name: Pan AM
Class of Space: Class C
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 3/8/2019

Overview / Comments

This downtown office park lends itself to a 15.8% CAP investment or an owner/operator 5.5% CAP investment. Lease-to-purchase option will be considered. Flexible square footage offered to accommodate a one-site office or multiple suites. This property is currently generating $4,154.00 monthly in rental income performing at a 5.5% CAP rate. The current owner is an attorney who is retiring soon and currently occupying 3,665 SF of the space. Building fully leased without an owner occupant can perform up to a 15.8% CAP rate. The building is ready for an Attorney, CPA, Bookkeeping, Financial Services, Insurance, and various other agencies. Four HVAC units with one replaced in 2016. New roof 2016, 12 potential office spaces, and 17 parking spaces.

Attachments & Media

Additional Details

Nearest MSA: Lubbock
County: Lubbock
Tax ID/APN: R100142
Site Description: Investor or Owner-Operator investment building, generating lease income, available. A Lease-to-Purchase option will be considered. Flexible square footage offered to accommodate a one site office or multiple suites. The building is currently generating $2,400.00 in rental income. The present Landlord/attorney, utilizes a large amount of space however is retiring soon. The large space is ready for an Attorney, CPA, Bookkeeping, Financial Services, Insurance, and Various Agencies. Owner will lease back for three months to allow investor some time to lease the space. Four HVAC units with one replaced in 2016 and roof in 2016. 12 potential office spaces, 5 current tenants and 30 parking spaces.
Total Parking Spaces: 30

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,313 75,213 162,034
Median Age: 30.22 29.16 31.49
Households: 2,376 26,234 60,497

Contact

Photograph of Listing Agent

David Powell, CCIM

The Powell Group at Keller Williams Commercial
West Texas CIE Member
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