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230 Avenue Q

Lubbock, TX 79415

$460,000

General Retail For Sale  •  9,265 Sq Ft

Property Details

  • Property Type General Retail
  • Total Building Size 9,265 Sq Ft
  • Lot Size 0.5 ac
  • Building Class C
  • Year Built 1969
  • Cap Rate 10.39 %
  • Tenancy Single
  • Zoning C4
31 Transit Score
63 Walk Score

Description

The building is currently under a Lease Agreement with Victor Baez dba Kings Tire Service. Current lease rate is $4,000/Mo, which escalates to $5,500 in July of 2019 for the remainder of the term. Tenant has Right of First Refusal to purchase the property though 12/31/2018. After that date the Tenant still has a Right of First Refusal based on a firm offer from a purchaser. The Cap Rate is currently 9.1%, but goes up to 12.6% until the expiration of the Lease Agreement.

* Tenant and Landlord both have the right to early termination of the current lease with 60 days notice. The Tenants right to terminate expires 9/31/2019. Landlord has right to terminate throughout the term of the lease.

Property Flyers

Cap Rate: 10.39 %

Major Tenants

Tenant SF Occupied Lease End Date
Kings Tire 9,265 SF 1/31/2024

Amenities

  • Pylon Sign
  • Signage
  • Signalized Intersection

Public Transportation

AirportDriveWalkDistance
Lubbock International Airport 15 min - 8.8 mi

Parking Details

Parking Available: No
Reserved: No
Type: Covered
Included in Rent: Yes
William Young 806-797-3231 Westar Commercial Realty
William Young 806-797-3231 Westar Commercial Realty