New Flex Warehouse with Covered
For Sale
$1,470,000
1348 Martha, El Paso, TX 79938
Commercial Sale, El Paso, TX
Property Size10,620 SF
Lot Size0.75 Acres
Price / SF$138.42
Days on Market114
Property Features for 1348 Martha
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R1
Fireplace
1
Subdivision
Hill Crest Center
Standard status
Active
APN
H48700000300600
Lot size
0.75 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
3 HILL CREST CENTER 6 TO 8 (32626.44 SQ FT)
Tax Annual Amount
18245
Legal Description
3 HILL CREST CENTER 6 TO 8 (32626.44 SQ FT)
Utilities
Utilities
Electricity Available
Sewer type
Septic Tank
Building Details
Floors in Building
1
Building materials
Metal Siding
Additional Structures
Residence
Listing Agency:
SITE VISITS, LLC
(915) 731-8821
Listed By:
Octavio Duarte · License #0616335
(915) 731-8821
Added: May 12
Changed: Aug 19
Last Checked: Sep 2 at 12:06AM
MLS# 944112
Copyright © 2026 Greater El Paso Association 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.
This newly constructed flex facility occupies a 177' x 60' footprint and combines functional warehouse space with dedicated office and storage areas. The building includes a 500 square foot storage room, a 500 square foot office configured with three rooms, and a private bathroom. A covered yard of approximately 1,800 square feet extends the usable operating area.
The corner-lot property sits on 0.75 acres and is fully fenced. Access is provided by six 12' x 14' grade-level doors and three additional 12' x 12' grade-level doors, supporting the movement of trucks, equipment, and materials. Electricity is available, and the property includes a septic tank.
The corner-lot property sits on 0.75 acres and is fully fenced. Access is provided by six 12' x 14' grade-level doors and three additional 12' x 12' grade-level doors, supporting the movement of trucks, equipment, and materials. Electricity is available, and the property includes a septic tank.
Key Highlights
- Newly constructed flex warehouse on a 0.75‑acre corner lot
- 177' x 60' building footprint with 500 square foot storage room
- 500 square foot office with three rooms and a private bathroom
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
$61,810
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
4.20%
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%
$1,236,200
$1.2M
Cap Rate 7%
$883,000
$883.0K
Cap Rate 9%
$686,778
$686.8K
Market Conditions
NOI Build-Up for 10,620 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
$105.8K $9.96/SF
− Vacancy
−$10.7K −$1.01/SF
EGI
$95.1K $8.95/SF
− OpEx
−$33.3K −$3.13/SF
NOI
$61.8K $5.82/SF
Area
ZIP 79938
Vacancy
10.10%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
35.00%
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%
$1,236,200
Cap Rate 7%
$883,000
Cap Rate 9%
$686,778
Alternative Uses
Best Use
Flex RnD
$883.0K
$772.6K – $1.03M
NOI $61,810 @ 7.0% cap · market cap 4.20%
Second Best
Warehouse
$876.4K
$766.9K – $1.02M
NOI $61,351 @ 7.0% cap · market cap 4.17%
Theoretical Best
Office A
$2.66M
$2.33M – $3.11M
NOI $186,502 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Drive-in doors
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
200
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 79938, TX
96,353
Population
29,818
Households
3.2
Avg Household Size
29
Median Age
28%
College-Educated
85%
High-School Grad
390.2 sq mi
ZIP Area
247
Density / Sq Mi
$75,801
Median Household Income
$40,528
Median Earnings
$1,433
Median Rent
$199,700
Median Home Value
Market
Vacancy Rate% for Industrial in El Paso, TX
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Newly constructed flex space with fenced yard, office rooms, storage, and grade-level access for trucks and equipment.
Where is this flex space located?
The property is located at 1348 Martha El Paso, TX.
What is the asking price?
The asking price for this property is $1,470,000.
What are key features of this property?
This property features: Newly constructed flex warehouse on a 0.75‑acre corner lot; 177' x 60' building footprint with 500 square foot storage room; 500 square foot office with three rooms and a private bathroom
