411-419 Frankford Ave - Freestanding FOR SALE


Lubbock, TX 79416- Northridge
$3,155,000 USD
512-338-7800
411-419 Frankford Ave, Lubbock, TX for Sale
$3,155,000 USD
Freestanding - FOR SALE
1/53
null | 8% Cap Rate

411-419 Frankford Ave
Lubbock, TX 79416
Northridge


HIGHLIGHTS

  • 100% Occupied Multi-Tenant Retail Center With a Master Lease | All Leases are Triple-Net
  • Property Leased Well Below Market Rents | Rents in Lubbock for Shadow-Anchored Retail up to $25/SF NNN
  • Outparcel to Walmart Supercenter | Top 93% of Walmart Stores In The United States With Over 3 Million Annual Visitors
  • Property Priced at $183/SF, Well Below Replacement Cost
  • Healthy Mix of Service-Oriented Businesses and Retail Establishments

OVERVIEW

Marcus & Millichap is pleased to present the opportunity to acquire a 17,280-square-foot, multi-tenant retail center located in Lubbock, Texas. The center is 100 percent occupied with a master lease, with all triple-net leases. The property provides a complimentary mix of retail tenants including restaurants and service-oriented businesses. Lubbock Plaza is located just off the signalized intersection of 4th Street and Frankford Avenue and just west of Loop 289. The traffic counts around the property are strong and exceed 29,000 vehicles per day on Frankford Avenue and 17,000 on 4th Street. The subject property is an out parcel to one of the top-performing Walmart Supercenters in Texas. It ranks in the 93rd percentile in the United States for annual visitors, which is reported at over 3 million a year (Source: Placer Labs Inc.). Other surrounding retailers include Bahama Buck's, Sonic, AT&T, Wendy's, Taco Bell, Chick-Fil-A, Slim Chickens, Dollar Tree, Spec's, Whataburger, Sonic Drive-In, and many others. Lubbock Plaza is located just 4 miles away from Texas Tech University, Texas Tech University Health Sciences Center, and University Medical Center, the primary teaching hospital for the Health Sciences Center. The University enrolls more than 40,700 undergraduate and graduate students. The sixth-largest college in the state, they are the largest economic driver in the region, providing population and employment stability. The city of Lubbock is the county seat of Lubbock County and nicknamed the "Hub City", derived from it serving as the economic, educational, and healthcare hub of the multicounty region of northern Texas known as the South Plains. Besides being home to Texas Tech University, Lubbock is also home to several other college campuses, including Lubbock Christian University, South Plains College, and Wayland Baptist University. Air service to the city is provided by Lubbock Preston Smith International Airport, serving approximately 520,000 passengers annually.

FOR SALE DETAILS

PRICE

$3,155,000 USD

PRICE/SF

$183 USD /SF

CAP RATE

8%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2001

SPRINKLERS

-

PARKING SPACES

100

LAND DETAILS

LAND ACRES

2.03 AC

LAND SF

88,427 SF

ZONING

C3

APN/PARCEL ID

R148265

ASK ABOUT THIS PROPERTY

Coleman SolomonMarcus & MillichapMore Info
512-338-7800

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Coleman SolomonMarcus & MillichapMore Info
512-338-7800

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.