Live-Work Property with
For Sale
$575,000
1101 E County Rd 120, Midland, TX 79706
An insulated commercial shop and office accompany an updated four-bedroom residence with dedicated outdoor improvements.
Property Size2,261 SF
Lot Size1.00 Acre
Price / SF$117.35
Days on Market17
Property Features for 1101 E County Rd 120
General Information
Standard status
Active
Size
2,261 SF
Lot size
1.00 Acre
Property subtype
Commercial
Warehouse & Industrial
Warehouse Space
4,200 SF
Office Build-Out
700 SF
Additional Details
Office Units
1
Taxes and HOA fees
Annual Taxes
$3,501
Building Details
Building Size
2,261 SF
Year Built
1955
Stories
1
Tenancy
Single
Listing Agency:
Tracy Farrow Realty
(432) 413-4412
Listed By:
Tracy Farrow · License #0614851
(432) 413-4412
Source:
Re1midland
Added: Jul 24
Changed: Aug 8
Last Checked: Aug 9 at 1:42PM
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 Tracy Farrow Realty
Investment Insights
Based on property information with market context.
This live-work property combines a substantial insulated shop with an attached office and a residential component. The shop measures 35x120, while the 700-square-foot office is heated and cooled and includes a half bath. The updated home offers 4 bedrooms and 2 bathrooms, with hardwood flooring, a living room fireplace, and a kitchen arranged beside the dining area. The primary suite includes dual sinks and a walk-in closet.
Outdoor improvements include a fenced backyard, covered patio, 24x24 carport, mature landscaping, and a water well with storage tank. A concrete well house is also included. The property encompasses one acre at 1101 E County Rd 120 in Midland, Texas, and was built in 1955.
Outdoor improvements include a fenced backyard, covered patio, 24x24 carport, mature landscaping, and a water well with storage tank. A concrete well house is also included. The property encompasses one acre at 1101 E County Rd 120 in Midland, Texas, and was built in 1955.
Key Highlights
- 35x120 insulated shop with attached 700 SF heated and cooled office
- Updated 4‑bedroom, 2‑bath home with hardwood floors and fireplace
- Primary suite includes dual sinks and a walk‑in closet
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
$43,953
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
7.64%
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%
$879,060
$879.1K
Cap Rate 7%
$627,900
$627.9K
Cap Rate 9%
$488,367
$488.4K
Market Conditions
NOI Build-Up for 4,900 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
$66.4K $13.56/SF
− Vacancy
−$3.7K −$0.75/SF
EGI
$62.8K $12.81/SF
− OpEx
−$18.8K −$3.84/SF
NOI
$44.0K $8.97/SF
Area
Midland, TX
Vacancy
5.50%
Lease Rate
$13.56 /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%
$879,060
Cap Rate 7%
$627,900
Cap Rate 9%
$488,367
Alternative Uses
Best Use
Office B
$846.7K
$740.9K – $987.8K
NOI $59,270 @ 7.0% cap · market cap 10.31%
Second Best
Mixed Use
$836.1K
$731.6K – $975.4K
NOI $58,524 @ 7.0% cap · market cap 10.18%
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $80,909 @ 7.0% cap · market cap 14.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
60
Businesses Nearby
Explore this area
Business Placement
Demographics for 79706, TX
31,805
Population
12,368
Households
2.6
Avg Household Size
32
Median Age
23%
College-Educated
87%
High-School Grad
689.5 sq mi
ZIP Area
46
Density / Sq Mi
$110,988
Median Household Income
$58,023
Median Earnings
$897
Median Rent
$280,500
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?
Live-work space - An insulated commercial shop and office accompany an updated four-bedroom residence with dedicated outdoor improvements.
Where is this live-work space located?
The property is located at 1101 E County Rd 120 Midland, TX.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 35x120 insulated shop with attached 700 SF heated and cooled office; Updated 4‑bedroom, 2‑bath home with hardwood floors and fireplace; Primary suite includes dual sinks and a walk‑in closet
