Two-Story Masonry Office
For Sale
$1,400,000
213 N Main St, Midland, TX 79701
Two-story masonry office building built in 1949 with 8,386 SF under CB zoning.
Property Size8,386 SF
Price / SF$166.94
Days on Market49
Property Features for 213 N Main St
General Information
Standard status
Active
Size
8,386 SF
Building Details
Year Built
1949
Listing Agency:
Heritage Real Estate
Listed By:
Regginald Moore · License #0845287
(432) 246-7324
Source:
Billlanier
Added: Jul 21
Changed: Aug 8
Last Checked: Sep 6 at 11:55AM
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 two-story masonry office building was built in 1949 and totals 8,386 SF. The property is suitable for professional office use and is positioned as a downtown office asset within CB zoning.
Located on N Main St in downtown Midland, the building benefits from adjacent public parking. The offering is described as being in a downtown revival district with high foot traffic.
The building’s configuration and size support established office operations, including law firm and professional services users, based on the provided remarks.
Located on N Main St in downtown Midland, the building benefits from adjacent public parking. The offering is described as being in a downtown revival district with high foot traffic.
The building’s configuration and size support established office operations, including law firm and professional services users, based on the provided remarks.
Key Highlights
- Two‑story masonry office building built in 1949
- 8,386 SF office building in downtown on N Main St
- CB zoning
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
$101,437
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
7.25%
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%
$2,028,740
$2.0M
Cap Rate 7%
$1,449,100
$1.4M
Cap Rate 9%
$1,127,078
$1.1M
Market Conditions
NOI Build-Up for 8,386 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
$161.0K $19.20/SF
− Vacancy
−$25.8K −$3.07/SF
EGI
$135.2K $16.13/SF
− OpEx
−$33.8K −$4.03/SF
NOI
$101.4K $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%
$2,028,740
Cap Rate 7%
$1,449,100
Cap Rate 9%
$1,127,078
Alternative Uses
Best Use
Office B
$1.45M
$1.27M – $1.69M
NOI $101,437 @ 7.0% cap · market cap 7.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.98M
$1.73M – $2.31M
NOI $138,470 @ 7.0% cap · market cap 9.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,268
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-story masonry office building built in 1949 with 8,386 SF under CB zoning.
Where is this office building located?
The property is located at 213 N Main St Midland, TX.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Two‑story masonry office building built in 1949; 8,386 SF office building in downtown on N Main St; CB zoning
