Mac Davis Downtown Development Opportunity OPPORTUNITY ZONED

Retail-Commercial for Sale
Catylist Listing ID: 30338207
Property Subtypes: Free-Standing Building, Mixed Use, Restaurant, Street Retail, Tavern/Bar/Nightclub, Other
Building Size (RSF): 21,395 SF
Gross Land Area: 41,618 SF
Sale Price: $450,000
Unit Price: $21.03 PSF
Ceiling: 12 ft.
In Opportunity Zone? Yes
Property Use Type: Investment, Vacant/Owner-User
Building Name: Mac Davis Lane
Usable Size (USF): 21,395 SF
Sale Terms: Cash to Seller, Build-to-Suit, Other
Cap Rate: Undisclosed
Last Updated: 10/24/2021

Overview / Comments

PROPERTY IS BEING SOLD "WHERE IS AS IS" A prime parcel of land in the entry Corridor of Mac Davis Lane into the Arts and Entertainment Corridor of the Lubbock Downtown Redevelopment project. This property currently has two structures with a center parking area, One building is currently vacant Warehousing with a n Art Gallery in the SE corner space. The West Building is 6,805 designed as an office area. The buildings could be redeveloped into a Retail center with possible Art Gallery and Studios. The East Building can be utilized as a Brewery, Entertainment complex. Or you can clear the lot and build a totally new structure.
Located next door to the newly remodeled Hilton Double Tree - 1/2 Block from the Civic Center, and 1 Block from the $150 Million Dollar Buddy Holly Hall of Arts and Performing Sciences, as well as 1 1/2 Block from the Louise Hopkins Underwood Center of Arts Complex, This is a prime location for Retail or Restaurant or Entertainment Facility.

Current Tenants

Tenant Business Name Social 22 Art Gallery
Year Founded 2020
Suite Number 1614
SF of Space Occupied 2,500 SF
Escalations starting in year 2
Tenant Notes Tenant is an Art Gallery specializing in Veterans art to help with PTSD

Additional Details

Nearest MSA: Lubbock
County: Lubbock
Taxing Authority: LCAD
Tax ID/APN: R58260
Retail Clientele: General, Traveler, Tourist, Recreation, Casino, Other
Property Located Between: Ave Q and Ave L
Property Visibility: Excellent
Largest Nearby Street: Ave Q
Feet of Frontage: 233
Traffic/Vehicle Count: 3,000
Highway Access: Excellent access to Marsha Sharp Freeway, Ave Q and Interstate 27
Airports: Preston Smith International
Site Description: Two Block Buildings totaling 21,395 SF on a 41,618 SF parcel of land
Area Description: In the new Lubbock Downtown Redevelopment Project, East of the area is the recent 325 AC redevelopment of Overton Park which in 2008 had a tax value of 26 million and in 2018 Estimated Tax Value exceeding $525 Million. THIS PROPERTY IS LOCATED IN A TEXAS OPPORTUNITY ZONE, PROVIDING POTENTIAL TAX BENEFITS FOR 1031 EXCHANGE FUNDS.
Tenancy: Multiple Tenants
Total Number of Buildings: 2
Number of Stories: 1
Typical SF / Floor: 21,395 SF
Property Condition: Average
Year Built: 1972
Year Renovated: 2015
Roof Type: Flat
Construction/Siding: Block
Exterior Description: Concrete Block with Stucco
Total Parking Spaces: 40
Parking Type: Surface
Parking Description: Paved and Striped
Sprinklers: None
Heat Type: Electricity, Natural Gas
Heat Source: Central
Air Conditioning: Package Unit
Internet Access: T1/T3, Other
Interior Description: Painted Sheet Rock, Carpet and Tile OPEN WAREHOUSE East Building is Warehouse with office, or strictly warehouse. West building is 4500 sf of Office Space and 2000 SF in Office in north end.
Zoning Description: CB-5 - Central Business District , Civic Center - (See attachment)
Part of Planned Development?: Yes
Lot Frontage: 233
Lot Depth: 179
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Easements Description: Utilities
Land Ownership: FEE SIMPLE
Legal Description: Lot 1-A Block 6 Merritt and Wild Addition to the City of Lubbock

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,321 75,875 167,119
Median Age: 27.77 28.55 31.28
Households: 4,069 26,481 62,808


Photograph of Listing Agent

Jack M. Chapman SIOR CCIM

Westar Commercial Realty West Texas CIE Member
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