Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    405-407 N Terrell St Midland, TX 79701

    View on Map
    Sponsored
    For Sale
    $675,000

    SINGLE_FAMILY - Midland, TX

    Type:Retail
    Property size:
    4,656 SF
    Lot size:
    0.64 Acres
    Days on Market:
    48
    Last Refresh:
    Mar 11 at 1:06 pm

    Property Features for 405-407 N Terrell St

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Standard status
    Active
    Size
    4,656 SF
    Lot size
    0.64 Acres

    Building Details

    Year built
    1998

    We can help!

    Listing Contact
    Ernesto Calderon
    Ernesto Calderon

    Harvest Realty (432) 413-4347

    Listing agent Ernesto Calderon (432) 413-4347

    Listing date Jan 22, 2026

    MLS# 50084643

    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.

    Learn more

    Property Insight Report

    Overview

    Versatile Building Near Downtown Midland

    This 4,656 square foot building in Midland, TX, presents a multitude of potential uses, including a church, offices, gym, event center, adult assisted living facility, or child day care center. The property is situated on a 0.643-acre lot and features a large parking lot. Its location near the downtown area, Highway 80, and Interstate 20 provides convenient accessibility.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Churches & religious facilities

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Midland
    County
    Midland
    State
    Texas
    Longitude
    -102.0678742
    Latitude
    31.9940727

    Nearby Similar for Sale

    • New
      $799,900
      1,830 SF

      Midland Retail Property For Sale

      Corner lot retail property with high traffic visibility in Midland.
      2800 W Wall St, Midland, TX 79701
      View Details
    • New
      $1,350,000
      5,826 SF

      Downtown Midland Commercial Property

      Commercial property in downtown Midland with office and shop space.
      308 E Louisiana Ave, Midland, TX 79701
      View Details
    • $675,000
      4,656 SF

      Versatile Building Near Downtown Midland

      Adaptable 4,656 SF building suitable for various purposes.
      405-407 N Terrell St, Midland, TX 79701
      View Details
    • New
      $600,000
      14,361 SF

      Midland Property with Shop

      Property featuring a shop on 10.26 acres in Midland.
      3704 County Road 1223 1/2, Midland, TX 79706
      View Details
    • $475,000
      4,200 SF

      Two-Story Office Building in Midland

      4,200 SF office building near Business I-20.
      125 Fort Worth St N, Midland, TX 79701
      View Details
    • New
      $7,498,730
      39,467 SF

      Former Dealership on 5 Acres

      39,467 SF facility suitable for automotive, fleet, or industrial uses.
      3705 W Wall St, Midland, TX 79701
      View Details
    • $750,000
      1,600 SF

      Midland Flex Space For Sale

      Flex space available in Midland, Texas, with ample lot size.
      6615 E County Road 61, Midland, TX 79705
      View Details
    • $2,200,000
      22,000 SF

      Spacious Midland Flex/Industrial Property

      22,000 SF flex/industrial building on 5 acres in Midland.
      11610 W Other, Midland, TX 79707
      View Details
    • New
      $110,000
      981 SF

      Furnished Condo Near Loop 250

      Move-in ready, furnished 2-bedroom condo near shopping and Loop 250.
      4700 Boulder Dr, Midland, TX 79707
      View Details
    • $1,860,000
      Pending

      Midland Industrial Property on 3 Acres

      Versatile industrial property in Midland's energy corridor on 3 acres.
      1814 E County Road 120, Midland, TX 79706
      View Details
    • $4,280,456
      121.90 Acres

      Legendary Ranch in Midland, Texas

      Historical ranch with home, shop, stalls, pens, and pond.
      8300 Fm 307, Midland, TX 79706
      View Details
    • $871,500
      5,000 SF

      Highly Visible Midland Office Building

      Former state office with high visibility and traffic.
      3900 State Highway 158 E, Midland, TX 79706
      View Details

    FAQs

    What type of property is this?
    Church & religious facility - Adaptable building suitable for various uses near downtown Midland.
    Where is this church & religious facility located?
    The property is located at 405-407 N Terrell St Midland, TX.
    What is the asking price?
    The asking price for this property is $675,000.
    What are key features of this property?
    This property features: - Versatile building suitable for church, offices, gym, event center, assisted living, or daycare; - Large parking lot for ample guest parking; - Includes .241 acres of land
    (432) 413-4347
    Request Owner's contact information
    405-407 N Terrell St Midland, TX 79701
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    405-407 N Terrell St
    Midland, TX 79701
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    405-407 N Terrell St Midland, TX 79701
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Ernesto Calderon
    Ernesto Calderon
    (432) 413-4347 (432) 699-7000
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!