1708-1728 Parkway Dr | Lubbock, TX 79403
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1708-1728 Parkway Dr
Lubbock, TX 79403
Retail Property For Sale
Investment Highlights
- Excellent Access to Marsha Sharp Freeway
Executive Summary
• This center is located at the corner of the busy intersection of Parkway Drive & MLK Jr Blvd and serves as a hub to many dense neighborhoods in the area. It has easy access to Marsha Sharp Fwy & I-27, two major transportation arteries in Lubbock.
• The Texas Department of Health & Human Services, a major state agency, leases over 20,000 SF and has been a stable anchor in the center for over 30 years.
• This center is fully leased to 11 tenants, 9 of which have been tenants in the center for 10+ years.
• The parking lot has recently been updated and a TPO roof was added in the past year.
• The property features one center with 9 tenants and an outparcel with 2 additional tenants.
• The Texas Department of Health & Human Services, a major state agency, leases over 20,000 SF and has been a stable anchor in the center for over 30 years.
• This center is fully leased to 11 tenants, 9 of which have been tenants in the center for 10+ years.
• The parking lot has recently been updated and a TPO roof was added in the past year.
• The property features one center with 9 tenants and an outparcel with 2 additional tenants.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
47,670 SF
Building Class
B
Year Built
1961
Price
$2,750,000
Price Per SF
$58
Cap Rate
9.77%
NOI
$268,796
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.34
Lot Size
3.22 AC
Opportunity Zone
Yes
Zoning
C3
Parking
237 Spaces (4.97 Spaces per 1,000 SF Leased)
Frontage
989 FT on Parkway Dr
Amenities
- Signalized Intersection
PROPERTY TAXES
| Parcel Number | R82924 | Improvements Assessment | $881,905 |
| Land Assessment | $28,095 | Total Assessment | $910,000 |
PROPERTY TAXES
Parcel Number
R82924
Land Assessment
$28,095
Improvements Assessment
$881,905
Total Assessment
$910,000
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