Flex Space with Executive
For Sale
$2,999,000
10804 Hwy 191, Midland, TX 79707
Commercial Sale, Midland, TX
Property Size11,000 SF
Lot Size2.23 Acres
Price / SF$272.64
Days on Market92
Property Features for 10804 Hwy 191
General Information
Property type
Residential
Property subtype
Office
Parking
10
Fencing
Fenced, Chain Link
Appliances
Individual AC Units, Individual Heating Units, Central Hot Water
Lot features
Security, Lighted Parking, Corner Lot
Subdivision
MN6
Standard status
Active
APN
204266419
Size
11,000 SF
Lot size
2.23 Acres
Taxes and HOA fees
Tax Annual Amount
12000
Utilities
Utilities
Cable Available
Amenities
conference
kitchen
media room
show room
upper decked storage
Building Details
Year built
2019
Floors in Building
1
Building materials
Metal Construction, Metal Siding
Roof type
Metal
Listing Agency:
Realty Texas, LLC
(800) 660-1022
Listed By:
Deborah Julian · License #0658250
(432) 934-2295
Added: Jun 10
Changed: Aug 20
Last Checked: Sep 9 at 4:06PM
MLS# 175336
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.
Built in 2019, this 11,000-square-foot flex property combines a 5,500-square-foot executive office component with warehouse and shop space. The office area includes six offices, a conference room, kitchen, media room, primary office with full bath, two half baths, and a 200-square-foot showroom at the entrance. A 513-square-foot mezzanine adds interior space, while the warehouse includes an upper deck for storage and three overhead doors with automatic openers.
The property occupies 2.23 acres at Hwy 191 and FM 1788 in Midland. The site is fully paved, includes 3,000 square feet of covered parking, and has City of Midland utilities. Construction features include metal siding and a metal roof, with fenced chain-link perimeter protection. Individual AC and heating units, central hot water, and cable availability are also reported.
The property occupies 2.23 acres at Hwy 191 and FM 1788 in Midland. The site is fully paved, includes 3,000 square feet of covered parking, and has City of Midland utilities. Construction features include metal siding and a metal roof, with fenced chain-link perimeter protection. Individual AC and heating units, central hot water, and cable availability are also reported.
Key Highlights
- 11,000‑square‑foot flex property on 2.23 acres
- 5,500‑square‑foot executive office component with 6 offices
- Warehouse/shop includes three overhead doors with automatic openers
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
$133,056
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
4.44%
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%
$2,661,120
$2.7M
Cap Rate 7%
$1,900,800
$1.9M
Cap Rate 9%
$1,478,400
$1.5M
Market Conditions
NOI Build-Up for 11,000 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
$211.2K $19.20/SF
− Vacancy
−$33.8K −$3.07/SF
EGI
$177.4K $16.13/SF
− OpEx
−$44.4K −$4.03/SF
NOI
$133.1K $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%
$2,661,120
Cap Rate 7%
$1,900,800
Cap Rate 9%
$1,478,400
Alternative Uses
Best Use
Office B
$1.90M
$1.66M – $2.22M
NOI $133,056 @ 7.0% cap · market cap 4.44%
Second Best
Warehouse
$1.71M
$1.50M – $2.00M
NOI $119,813 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$2.59M
$2.27M – $3.03M
NOI $181,632 @ 7.0% cap · market cap 6.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Drive-in doors
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
156
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 79707, TX
37,632
Population
16,654
Households
2.3
Avg Household Size
35
Median Age
41%
College-Educated
91%
High-School Grad
71.0 sq mi
ZIP Area
530
Density / Sq Mi
$99,979
Median Household Income
$58,351
Median Earnings
$1,383
Median Rent
$382,400
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 Office in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Combined office, showroom, and warehouse improvements support administrative and shop functions in one commercial property.
Where is this flex space located?
The property is located at 10804 Hwy 191 Midland, TX.
What is the asking price?
The asking price for this property is $2,999,000.
What are key features of this property?
This property features: 11,000‑square‑foot flex property on 2.23 acres; 5,500‑square‑foot executive office component with 6 offices; Warehouse/shop includes three overhead doors with automatic openers
