Investment Property at 82nd and Indiana

Retail-Commercial for Sale
Catylist Listing ID: 30523309
Property Subtypes: Mixed Use, Street Retail, Other
Building Size (RSF): 5,520 SF
Gross Land Area: 23,190 SF
Sale Price: $695,000
Unit Price: $125.91 PSF
Ceiling: 18 ft.
Property Use Type: Investment
Building Name: Master Cleaners
Usable Size (USF): 5,520 SF
Core Factor: 66%
Sale Terms: Cash to Seller, Sale/Leaseback
Cap Rate: Undisclosed
Last Updated: 1/7/2021

Overview / Comments

Seller will rent approximately 1/3 of the east side of the building. The west 2/3 of the building can be renovated for retail or restaurant facility. The building is two contiguous building separated common concrete block wall. Thirty plus parking spaces are on the west side of the building. Location is fantastic. Estimated CAP rate is 11% with total price and renovation cost of approximately $750,000.00

Additional Details

Nearest MSA: Lubbock
County: Lubbock
Taxing Authority: Lubbock CAD
Tax ID/APN: R55843
Retail Clientele: General, Family, Business
Property Located Between: Indiana Ave and Indiana Drive
Property Visibility: Excellent
Largest Nearby Street: Indiana Avenue
Feet of Frontage: 154
Highway Access: access from 82nd Street with 2 cut on 82nd
Airports: Lubbock (LBB)
Site Description: Building sits on 2 lots 154.6 x 150 equal 23,190 Sq. Ft. Approximately 4,500 Sq. Ft. of parking on the west side of the building
Area Description: The building location is at the intersection of 2 seven lane city streets that are heavily traveled
Tenancy: Multiple Tenants
Total Number of Buildings: 2
Number of Stories: 1
Property Condition: Average
Year Built: 1979
Roof Type: Flat
Construction/Siding: Block
Exterior Description: About half window and half brick
Total Parking Spaces: 43
Parking Ratio: 0.1 (per 1000 SF)
Parking Type: Surface
Parking Description: Paved asphalt
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Package Unit
Interior Description: East 1/3 of building is built to the needs of Dry Cleaning pick-up station with sliding gas door on east side for access to car traffic. Large service counter in front of moving rack hangers to retrieve clothes. West 2/3 of Bldg vacant space needs repair and modification for future Tenant.
Zoning Description: commercial retail C-2A Has tentative approval for restaurant facility
Lot Frontage: 154.6 feet
Lot Depth: 150 feet
Water Service: Municipal
Sewer Type: Municipal
Easements: Pipelines, Electric Lines, Water Rights, Utilities, Environmental
Easements Description: utility and other easments
Land Ownership: Land is owned by the building owner
Legal Description: Melonie Park South, W63.48' of Tr W and E6.' of Tr V and W84.6' of Tr V

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,704 109,584 185,302
Median Age: 41.51 34.85 32.59
Households: 6,493 44,459 71,966


Photograph of Listing Agent

Charles Camp

Exit Realty of Lubbock
West Texas CIE Member
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