Mixed-Use Historic
201 E Illinois Ave Midland, TX 79701
201 E Illinois Ave, Midland, TX, 79701
$3,800,000
For Sale
$3,800,000
COMMERCIAL - Midland, TX
Property Size30,396 SF
Lot Size1.98 Acres
Price / SF$125.02
Days on Market295
Property Features for 201 E Illinois Ave
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Standard status
- Active
- Size
- 30,396 SF
- Lot size
- 1.98 Acres
Taxes and HOA fees
- Tax Description
- SEE EXHIBITS A & B
Building Details
- Year built
- 1960
Listing Agency
Maven Real Estate Group
(432) 215-8085
2101 W Wadley Ste. 38, Midland, TX
Listed by
Maven Real Estate Group
(432) 215-8085
Added: Sep 26, 2025 Checked: Jul 17 at 4:06 pm
MLS# 50085598
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 property is a former Midland Reporter-Telegram building offering a flexible, open floor plan and substantial industrial-style construction. The building’s layout is presented as adaptable for a range of uses, including creative office space, retail, warehouse conversion, event venue concepts, or mixed-use redevelopment. Set on a 1.98-acre lot, the site includes ample parking to support tenant and visitor access.
Located in Midland, Texas at 201 E Illinois Ave (79701) in Midland County, the property is described as being in the heart of Midland with easy access to major thoroughfares. The offering is positioned as a redevelopment-ready asset where the existing structure can be repurposed to match a buyer’s intended program.
For buyers and operators looking for a larger-format structure with a malleable interior configuration, this building can support multiple end-user strategies. Its open plan and substantial building “bones” may appeal to creative teams seeking flexible office environments, retailers looking for conversion space, and industrial users evaluating warehouse conversion options. The on-site parking and drive-access convenience are practical considerations for tenants planning daily staff operations and customer traffic.
Located in Midland, Texas at 201 E Illinois Ave (79701) in Midland County, the property is described as being in the heart of Midland with easy access to major thoroughfares. The offering is positioned as a redevelopment-ready asset where the existing structure can be repurposed to match a buyer’s intended program.
For buyers and operators looking for a larger-format structure with a malleable interior configuration, this building can support multiple end-user strategies. Its open plan and substantial building “bones” may appeal to creative teams seeking flexible office environments, retailers looking for conversion space, and industrial users evaluating warehouse conversion options. The on-site parking and drive-access convenience are practical considerations for tenants planning daily staff operations and customer traffic.
Key Highlights
- Expansive square footage and open floor plan offer flexible redevelopment or adaptive reuse options.
- Solid industrial construction provides a strong foundation for various uses (office, retail, warehouse, event venue, mixed‑use).
- Prime location in the heart of Midland with easy access to major thoroughfares.
Local Financial Insights For Warehouse
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $412.2k | $13.56 |
| − Vacancy | −$22.7k | −$0.75 |
| EGI | $389.5k | $12.81 |
| − OpEx | −$58.4k | −$1.92 |
| NOI | $331.1k | $10.89 |
30,396 SF · lease $13.56/SF/yr · vacancy 5.50% · expense 15.00%
Alternative Uses
Best Use
Office B
$5.25M
$4.60M – $6.13M
NOI $367,670 @ 7.0% cap · market cap 9.68%
Second Best
Mixed Use
$5.19M
$4.54M – $6.05M
NOI $363,042 @ 7.0% cap · market cap 9.55%
Theoretical Best
Office A
$7.17M
$6.27M – $8.36M
NOI $501,899 @ 7.0% cap · market cap 13.21%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
MRT Media Group
Advertising Agency
Digital Basin
Hunting Area
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Versatile former newsroom building with an open layout and on-site parking for redevelopment or adaptive reuse.
Where is this mixed-use property located?
The property is located at 201 E Illinois Ave Midland, TX.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: Expansive square footage and open floor plan offer flexible redevelopment or adaptive reuse options.; Solid industrial construction provides a strong foundation for various uses (office, retail, warehouse, event venue, mixed‑use).; Prime location in the heart of Midland with easy access to major thoroughfares.
