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Office

RASC Building

6302 Iola Ave, Lubbock, TX 79424

Listing Price: $13,213,000

Cap Rate
6.25%
Gross SF
95,777
Rentable SF
95,777
Price/Gross SF
$137.96
Lot Size
2.00 acres
Year Built
2009

Investment Overview

Marcus & Millichap is pleased to present the fee simple ownership in at 6302 Iola Avenue, Lubbock, Texas. The property consists of 88,077 square feet and is fully occupied by the State of Texas Facilities Commission housing four government agencies with The State of Texas Department of State Health Services (DSHS), the Health & Human Services Commission, the Office of the Attorney General (OAG) and the Railroad Commission (RRC) as the anchor tenants. The facility was constructed in 2009, and the leases have been in place since 2019, with tenants having five-year renewal options. The current weighted average lease term (WALT) is 6.9 years. This asset allows an investor to own an office building with low maintenance, and leases are backed by a stable “AAA” S&P credit rating. These are strong tenants that serve the community and have a long-term commitment to this site. Located in Lubbock, the property benefits from excellent visibility along Iola Avenue which is the main retail corridor with a host of retailers including Crown Point Health Suites, Country Inn Suites and Residence Inn. There are also a variety of restaurants in the area including Burger Theory, D’Venue, Sonic, China Wok, Rise N Shine Donuts to name a few.

Investment Highlights

  • The State of Texas has AAA Stable S&P Credit Rating
  • Weighted Average Lease Term (WALT) is 6.9 Years
  • The State of Texas "State Income Tax Free State"
  • Financing terms are in place and must be assumed. **Pre-Payment Assumes 6/1/22 (COE) Will vary based on the Treasury Constant Maturity at the time of Assumption. Will need to be recalculated as this information is time sensitive.

Exclusively Listed By

Broker of Record

  • Tim Speck

    Senior Vice President / Division Manager

    (972) 755-5200

    License(s) TX: 9002994

    Texas

Office

RASC Building

Listing Price: $13,213,000

Cap Rate
6.25%
Gross SF
95,777
Rentable SF
95,777
Price/Gross SF
$137.96
Lot Size
2.00 acres
Year Built
2009

Investment Highlights

  • The State of Texas has AAA Stable S&P Credit Rating
  • Weighted Average Lease Term (WALT) is 6.9 Years
  • The State of Texas "State Income Tax Free State"
  • Financing terms are in place and must be assumed. **Pre-Payment Assumes 6/1/22 (COE) Will vary based on the Treasury Constant Maturity at the time of Assumption. Will need to be recalculated as this information is time sensitive.

Investment Overview

Marcus & Millichap is pleased to present the fee simple ownership in at 6302 Iola Avenue, Lubbock, Texas. The property consists of 88,077 square feet and is fully occupied by the State of Texas Facilities Commission housing four government agencies with The State of Texas Department of State Health Services (DSHS), the Health & Human Services Commission, the Office of the Attorney General (OAG) and the Railroad Commission (RRC) as the anchor tenants. The facility was constructed in 2009, and the leases have been in place since 2019, with tenants having five-year renewal options. The current weighted average lease term (WALT) is 6.9 years. This asset allows an investor to own an office building with low maintenance, and leases are backed by a stable “AAA” S&P credit rating. These are strong tenants that serve the community and have a long-term commitment to this site. Located in Lubbock, the property benefits from excellent visibility along Iola Avenue which is the main retail corridor with a host of retailers including Crown Point Health Suites, Country Inn Suites and Residence Inn. There are also a variety of restaurants in the area including Burger Theory, D’Venue, Sonic, China Wok, Rise N Shine Donuts to name a few.

Exclusively Listed By

Broker of Record

  • Tim Speck

    Senior Vice President / Division Manager

    (972) 755-5200

    License(s): TX: 9002994

    Texas

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