Two-Story Masonry Office
For Sale
$1,400,000
213 N Main St, Midland, TX 79701
Commercial Sale, Midland, TX
Property Size8,386 SF
Lot Size0.16 Acres
Price / SF$166.94
Days on Market113
Property Features for 213 N Main St
General Information
Property type
Residential
Property subtype
Office
Accessibility
Accessible Approach with Ramp
Subdivision
Original Town
Lot features
Lighted Parking
Standard status
Active
APN
R000035184
Size
8,386 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
318
Building Details
Year built
1949
Floors in Building
2
Building materials
Brick, Glass
Roof type
Built-Up, Metal, Flat
Listing Agency:
Heritage Real Estate
(432) 701-0550
Listed By:
Regginald Moore · License #0845287
(432) 246-7324
Added: May 18
Changed: Sep 5
Last Checked: Sep 7 at 1:06PM
MLS# 174827
Copyright © 2026 Odessa 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 two-story office property contains 8,386 square feet on a 0.161-acre site. Built in 1949, the building features masonry construction with brick and glass elements, a flat built-up metal roof, and an accessible approach with ramp. CB zoning supports its established office classification and professional-service positioning.
The property is located at 213 N Main St in Midland’s downtown revival district. Adjacent public parking is available, and the setting is described as having high foot traffic. The building’s scale and configuration are suited to law firms, professional services, and boutique office users.
The property is located at 213 N Main St in Midland’s downtown revival district. Adjacent public parking is available, and the setting is described as having high foot traffic. The building’s scale and configuration are suited to law firms, professional services, and boutique office users.
Key Highlights
- 8,386 SF two‑story office building
- 0.161‑acre downtown Midland site at 213 N Main St
- Built in 1949 with brick and glass construction
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
$101,437
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
7.25%
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%
$2,028,740
$2.0M
Cap Rate 7%
$1,449,100
$1.4M
Cap Rate 9%
$1,127,078
$1.1M
Market Conditions
NOI Build-Up for 8,386 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
$161.0K $19.20/SF
− Vacancy
−$25.8K −$3.07/SF
EGI
$135.2K $16.13/SF
− OpEx
−$33.8K −$4.03/SF
NOI
$101.4K $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%
$2,028,740
Cap Rate 7%
$1,449,100
Cap Rate 9%
$1,127,078
Alternative Uses
Best Use
Office B
$1.45M
$1.27M – $1.69M
NOI $101,437 @ 7.0% cap · market cap 7.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.98M
$1.73M – $2.31M
NOI $138,470 @ 7.0% cap · market cap 9.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,268
Businesses Nearby
Explore this area
Business Placement
Demographics for 79701, TX
29,748
Population
11,393
Households
2.6
Avg Household Size
33
Median Age
19%
College-Educated
73%
High-School Grad
12.1 sq mi
ZIP Area
2,459
Density / Sq Mi
$57,679
Median Household Income
$36,213
Median Earnings
$1,336
Median Rent
$204,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Brick-and-glass construction with an accessible approach and ramp.
Where is this office building located?
The property is located at 213 N Main St Midland, TX.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 8,386 SF two‑story office building; 0.161‑acre downtown Midland site at 213 N Main St; Built in 1949 with brick and glass construction
