Live-Work Property with Insulated
For Sale
$569,500
1101 E County Rd 120, Midland, TX 79706
SINGLE_FAMILY - Midland, TX
Property Size4,900 SF
Lot Size1.00 Acre
Price / SF$251.88
Days on Market44
Property Features for 1101 E County Rd 120
General Information
Property type
Residential
Property subtype
Retail
Subdivision
Reese Acres
Standard status
Active
Size
2,261 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Description
Legal: Acres: 1.000, Subd: REESE ACRES, TRACT:068,,ADDN: REESE ACRES
Tax Annual Amount
3501
Legal Description
Legal: Acres: 1.000, Subd: REESE ACRES, TRACT:068,,ADDN: REESE ACRES
Building Details
Year built
1955
Listing Agency:
Tracy Farrow Realty, LLC
(432) 218-8844
Listed By:
Tracy Farrow · License #0614851
(432) 413-4412
Added: Jul 24
Changed: Aug 11
Last Checked: Sep 5 at 11:06PM
MLS# 50097000
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.
Versatile live-work property on 1 acre featuring a 35x120 insulated shop with an attached 700 SF heated and cooled office, plus a half bath. The home portion is an updated 4 bed, 2 bath residence with hardwood floors, a cozy living room with a fireplace, and a spacious kitchen open to the dining area. The large primary suite includes dual sinks and a walk-in closet.
Additional property amenities include a fenced backyard with a covered patio, a 24x24 carport, mature landscaping, and a water well with storage tank. There is also a concrete well house on site. The home was built in 1955, and the property totals 2,261 SF.
This combination supports a wide range of business and commercial operations while keeping comfortable, functional living space on the same premises.
Additional property amenities include a fenced backyard with a covered patio, a 24x24 carport, mature landscaping, and a water well with storage tank. There is also a concrete well house on site. The home was built in 1955, and the property totals 2,261 SF.
This combination supports a wide range of business and commercial operations while keeping comfortable, functional living space on the same premises.
Key Highlights
- 1‑acre live‑work property
- 35x120 insulated shop with attached 700 SF heated and cooled office and half bath
- Updated 4 bed, 2 bath home with hardwood floors and fireplace
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
$27,349
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
4.80%
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%
$546,980
$547.0K
Cap Rate 7%
$390,700
$390.7K
Cap Rate 9%
$303,878
$303.9K
Market Conditions
NOI Build-Up for 2,261 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
$43.4K $19.20/SF
− Vacancy
−$6.9K −$3.07/SF
EGI
$36.5K $16.13/SF
− OpEx
−$9.1K −$4.03/SF
NOI
$27.3K $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%
$546,980
Cap Rate 7%
$390,700
Cap Rate 9%
$303,878
Alternative Uses
Best Use
Office B
$390.7K
$341.9K – $455.8K
NOI $27,349 @ 7.0% cap · market cap 4.80%
Second Best
Mixed Use
$385.8K
$337.6K – $450.1K
NOI $27,005 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$533.3K
$466.7K – $622.2K
NOI $37,334 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
60
Businesses Nearby
Explore this area
Business Placement
Demographics for 79706, TX
31,805
Population
12,368
Households
2.6
Avg Household Size
32
Median Age
23%
College-Educated
87%
High-School Grad
689.5 sq mi
ZIP Area
46
Density / Sq Mi
$110,988
Median Household Income
$58,023
Median Earnings
$897
Median Rent
$280,500
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?
Live-work space - Includes an insulated shop with an attached heated and cooled office for business or commercial operations.
Where is this live-work space located?
The property is located at 1101 E County Rd 120 Midland, TX.
What is the asking price?
The asking price for this property is $569,500.
What are key features of this property?
This property features: 1‑acre live‑work property; 35x120 insulated shop with attached 700 SF heated and cooled office and half bath; Updated 4 bed, 2 bath home with hardwood floors and fireplace
