Renovated Versatile Commercial
For Sale
Contact for pricing
3400 N Big Spring St, Midland, TX
3,200 SF renovated building on 0.63-acre lot for sale.
Property Size3,200 SF
Lot Size0.36 Acres
Price / SF$375
Days on Market485
Property Features for 3400 N Big Spring St
General Information
Standard status
Active
Size
3,200 SF
Lot size
0.36 Acres
Property subtype
RETAIL
Listing Agency:
Moriah Brokerage Services
(432) 682-2510
Listed By:
John Elphick · License #0377074
(432) 553-9253
Source:
Moodyscre
Added: May 12, 2025
Changed: Sep 5
Last Checked: Sep 7 at 8:43AM
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 Moriah Brokerage Services
Investment Insights
Based on property information with market context.
This standalone building offers 3,200 square feet of space under roof and is situated on a 0.63-acre lot. The building has undergone a significant renovation, adding 1,000 square feet to the original layout. Previously operated as an animal hospital, the space is versatile and can be repurposed for office use, an event center, or other commercial purposes. The property features a paved parking lot with ample parking space for both employees and clients. Located in Midland, TX, at 3400 N Big Spring St, the property is suitable for storefront, individual retail, retail, and office use.
Key Highlights
- Standalone building on a .63‑acre lot.
- Recently renovated with a 1,000 SF addition.
- Versatile space** suitable for office, event center, or other commercial purposes.
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
$38,707
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
3.23%
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%
$774,140
$774.1K
Cap Rate 7%
$552,957
$553.0K
Cap Rate 9%
$430,078
$430.1K
Market Conditions
NOI Build-Up for 3,200 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
$61.4K $19.20/SF
− Vacancy
−$9.8K −$3.07/SF
EGI
$51.6K $16.13/SF
− OpEx
−$12.9K −$4.03/SF
NOI
$38.7K $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%
$774,140
Cap Rate 7%
$552,957
Cap Rate 9%
$430,078
Alternative Uses
Best Use
Office B
$553.0K
$483.8K – $645.1K
NOI $38,707 @ 7.0% cap · market cap 3.23%
Second Best
Retail
$446.4K
$390.6K – $520.8K
NOI $31,248 @ 7.0% cap · market cap 2.60%
Theoretical Best
Office A
$754.8K
$660.5K – $880.6K
NOI $52,838 @ 7.0% cap · market cap 4.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
905
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Midland Floral & Gifts — 4400 N Big Spring St Ste C36, Midland, TX 79705
Frequently Asked Questions
What type of property is this?
Storefront property - 3,200 SF renovated building on 0.63-acre lot for sale.
Where is this storefront property located?
The property is located at 3400 N Big Spring St Midland, TX.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Standalone building on a .63‑acre lot.; Recently renovated with a **1,000 SF addition.**; Versatile space** suitable for office, event center, or other commercial purposes.
