Office-Shop Flex
For Sale
$850,000
10904 Hwy 191, Midland, TX 79707
Commercial Sale, Midland, TX
Property Size3,000 SF
Lot Size0.44 Acres
Price / SF$283.33
Days on Market350
Property Features for 10904 Hwy 191
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Industrial Addn
Standard status
Active
Size
3,000 SF
Lot size
0.44 Acres
Taxes and HOA fees
Tax Description
BLK: 001, LOT 020, WEST 191 INDUSTRIAL PARK SEC 9
Tax Annual Amount
9263
Legal Description
BLK: 001, LOT 020, WEST 191 INDUSTRIAL PARK SEC 9
Building Details
Year built
2023
Listing Agency:
The Real Estate Ranch LLC
(432) 688-8200
Listed By:
Shana Curry
(432) 556-7333
Added: Sep 23, 2025
Changed: Sep 3
Last Checked: Sep 7 at 1:06PM
MLS# 50085543
Copyright © 2026 Permian Basin Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,000-square-foot flex property, built in 2023, combines office and shop components in a practical commercial layout. The office area includes a reception space, three private offices, a workroom, storage, kitchen, and a full bathroom with shower. The workshop adds RV hookups, storage, a 14-foot door, and a tool cage. The entire property is fully fenced.
The site is positioned along Hwy 191 between Midland and Odessa, with access to FM 1788 for travel toward Andrews and the Interstate. Its location also supports convenient trips to Midland, Gardendale, Andrews, and Odessa.
The site is positioned along Hwy 191 between Midland and Odessa, with access to FM 1788 for travel toward Andrews and the Interstate. Its location also supports convenient trips to Midland, Gardendale, Andrews, and Odessa.
Key Highlights
- 3,000‑square‑foot flex property built in 2023
- 1,500sf of office space and 1,500 square feet of shop space
- Office includes reception area, 3 offices, workroom, storage, kitchen, and full bathroom with shower
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$36,288
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.27%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$725,760
$725.8K
Cap Rate 7%
$518,400
$518.4K
Cap Rate 9%
$403,200
$403.2K
Market Conditions
NOI Build-Up for 3,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$57.6K $19.20/SF
− Vacancy
−$9.2K −$3.07/SF
EGI
$48.4K $16.13/SF
− OpEx
−$12.1K −$4.03/SF
NOI
$36.3K $12.10/SF
Area
Midland, TX
Vacancy
16.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$725,760
Cap Rate 7%
$518,400
Cap Rate 9%
$403,200
Alternative Uses
Best Use
Office B
$518.4K
$453.6K – $604.8K
NOI $36,288 @ 7.0% cap · market cap 4.27%
Second Best
Warehouse
$466.8K
$408.5K – $544.6K
NOI $32,676 @ 7.0% cap · market cap 3.84%
Theoretical Best
Office A
$707.7K
$619.2K – $825.6K
NOI $49,536 @ 7.0% cap · market cap 5.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
156
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 79707, TX
37,632
Population
16,654
Households
2.3
Avg Household Size
35
Median Age
41%
College-Educated
91%
High-School Grad
71.0 sq mi
ZIP Area
530
Density / Sq Mi
$99,979
Median Household Income
$58,351
Median Earnings
$1,383
Median Rent
$382,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Recently built property combining finished office space with a functional workshop and secure perimeter fencing.
Where is this flex space located?
The property is located at 10904 Hwy 191 Midland, TX.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 3,000‑square‑foot flex property built in 2023; 1,500sf of office space and 1,500 square feet of shop space; Office includes reception area, 3 offices, workroom, storage, kitchen, and full bathroom with shower
