Flexible Retail/Office
For Sale
$293,000
1005 N Midkiff Rd, Midland, TX 79701
Versatile showroom with offices, restrooms, and covered patio in a high-traffic Midland corridor.
Property Size2,000 SF
Price / SF$146.50
Days on Market100
Property Features for 1005 N Midkiff Rd
General Information
Standard status
Active
Size
2,000 SF
Zoning
LR-1
Building Details
Year Built
1975
Listing Agency:
Heritage Real Estate
Listed By:
Holly Bishop · License #557434
(432) 272-8069
Source:
Rickerlooney
Added: Jun 7
Changed: Sep 8
Last Checked: Sep 13 at 12:27PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Heritage Real Estate
Investment Insights
Based on property information with market context.
This for-sale storefront offers approximately 2,000 sq ft of flexible indoor space configured with an open showroom/retail area plus two offices and two restrooms. The property includes central heating and air conditioning and features a covered back patio for additional day-to-day usability.
Located on a busy corridor in Midland between W Cuthbert Ave and Hwy 191, the site benefits from strong visibility, with easy access that supports a range of street-facing uses. Zoning is listed as LR-1.
The layout is well suited for an owner-user or business seeking a combination of public-facing sales space and private office areas. The existing mix of open and enclosed rooms also fits retail, office, fitness, or service-based concepts, while the covered patio provides a practical extension of the facility for customer or staff use. As a storefront property with HVAC, restrooms, and defined offices, it presents a straightforward option for businesses looking for an immediately usable commercial interior under LR-1 zoning.
Located on a busy corridor in Midland between W Cuthbert Ave and Hwy 191, the site benefits from strong visibility, with easy access that supports a range of street-facing uses. Zoning is listed as LR-1.
The layout is well suited for an owner-user or business seeking a combination of public-facing sales space and private office areas. The existing mix of open and enclosed rooms also fits retail, office, fitness, or service-based concepts, while the covered patio provides a practical extension of the facility for customer or staff use. As a storefront property with HVAC, restrooms, and defined offices, it presents a straightforward option for businesses looking for an immediately usable commercial interior under LR-1 zoning.
Key Highlights
- Approximately 2,000 SF retail/showroom space with flexible layout
- Open showroom/retail area plus 2 offices
- Includes 2 restrooms
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
$19,530
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
6.67%
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%
$390,600
$390.6K
Cap Rate 7%
$279,000
$279.0K
Cap Rate 9%
$217,000
$217.0K
Market Conditions
NOI Build-Up for 2,000 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
$30.0K $15.00/SF
− Vacancy
−$2.1K −$1.05/SF
EGI
$27.9K $13.95/SF
− OpEx
−$8.4K −$4.19/SF
NOI
$19.5K $9.76/SF
Area
Midland, TX
Vacancy
7.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$390,600
Cap Rate 7%
$279,000
Cap Rate 9%
$217,000
Alternative Uses
Best Use
Retail
$279.0K
$244.1K – $325.5K
NOI $19,530 @ 7.0% cap · market cap 6.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$471.8K
$412.8K – $550.4K
NOI $33,024 @ 7.0% cap · market cap 11.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
783
Businesses Nearby
279k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 41%
Shops & Services 35%
Home Improvements & Furnishings 12%
Groceries 11%
McDonald's
Dining
31,772 visits/mo
0.1 miles
United Supermarkets
Groceries
30,411 visits/mo
0.4 miles
Rosa's Cafe
Dining
28,707 visits/mo
0.4 miles
Murphy USA
Shops & Services
27,456 visits/mo
0.2 miles
Dollar Tree
Shops & Services
20,987 visits/mo
0.0 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Retail space - Versatile showroom with offices, restrooms, and covered patio in a high-traffic Midland corridor.
Where is this retail space located?
The property is located at 1005 N Midkiff Rd Midland, TX.
What is the asking price?
The asking price for this property is $293,000.
What are key features of this property?
This property features: Approximately 2,000 SF retail/showroom space with flexible layout; Open showroom/retail area plus 2 offices; Includes 2 restrooms
