Flex Warehouse with
For Sale
$850,000
10904 Hwy 191, Midland, TX 79707
Newer flex facility offers fenced yard, 1,500 sf office space, and 1,500 sf shop space with a 14' door.
Property Size3,000 SF
Price / SF$283.33
Days on Market49
Property Features for 10904 Hwy 191
General Information
Standard status
Active
Size
3,000 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Building Details
Year Built
2023
Listing Agency:
The Real Estate Ranch LLC
Listed By:
Shana Curry
(432) 556-7333
Source:
Hauspg
Added: Jul 20
Changed: Aug 22
Last Checked: Sep 5 at 10:44AM
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 The Real Estate Ranch LLC
Investment Insights
Based on property information with market context.
This newer flex warehouse includes approximately 1,500 square feet of office space and approximately 1,500 square feet of shop space. The office features a reception area, three offices, a workroom, storage, a kitchen, and a full bathroom with a shower. The workshop includes RV hookups, additional storage, a 14' door, and a tool cage.
The property is located right off Hwy 191 between Midland and Odessa, with access to FM 1788 to Andrews and the Interstate. It offers an easy drive to Midland, Gardendale, Andrews, and Odessa.
The yard is fully fenced, supporting a worksite setup for equipment and ongoing operations.
The property is located right off Hwy 191 between Midland and Odessa, with access to FM 1788 to Andrews and the Interstate. It offers an easy drive to Midland, Gardendale, Andrews, and Odessa.
The yard is fully fenced, supporting a worksite setup for equipment and ongoing operations.
Key Highlights
- Built in 2023: newer flex facility with a fenced yard
- 1,500 SF office space with reception, 3 offices, workroom, storage, kitchen, and a full bathroom with shower
- 1,500 SF shop/workshop area with a 14' door and tool cage
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
$36,288
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
4.27%
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%
$725,760
$725.8K
Cap Rate 7%
$518,400
$518.4K
Cap Rate 9%
$403,200
$403.2K
Market Conditions
NOI Build-Up for 3,000 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
$57.6K $19.20/SF
− Vacancy
−$9.2K −$3.07/SF
EGI
$48.4K $16.13/SF
− OpEx
−$12.1K −$4.03/SF
NOI
$36.3K $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%
$725,760
Cap Rate 7%
$518,400
Cap Rate 9%
$403,200
Alternative Uses
Best Use
Office B
$518.4K
$453.6K – $604.8K
NOI $36,288 @ 7.0% cap · market cap 4.27%
Second Best
Industrial
$384.4K
$336.4K – $448.5K
NOI $26,910 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$707.7K
$619.2K – $825.6K
NOI $49,536 @ 7.0% cap · market cap 5.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
144
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Newer flex facility offers fenced yard, 1,500 sf office space, and 1,500 sf shop space with a 14' door.
Where is this flex space located?
The property is located at 10904 Hwy 191 Midland, TX.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Built in 2023: newer flex facility with a fenced yard; 1,500 SF office space with reception, 3 offices, workroom, storage, kitchen, and a full bathroom with shower; 1,500 SF shop/workshop area with a 14' door and tool cage
