Two-Suite Office
For Sale
$639,999
2003 W Wall St Unit A & B, Midland, TX 79701
Professional office property with paved parking and adaptable occupancy options.
Property Size3,411 SF
Price / SF$187.63
Days on Market545
Property Features for 2003 W Wall St Unit A & B
General Information
Standard status
Active
Size
3,411 SF
Property subtype
Office
Occupancy
100%
Additional Details
Highway Access
Yes
Office Units
2
Amenities
Electric, Air Cond. Unit
3
13 Parking Spaces. Paved Driveway.
Landscaped. City Road, Paved Road, Alley.
Building Details
Year Built
1958
Stories
1
Tenancy
Multi
Listing Agency:
(432) 853-5100
Listed By:
The Sales Team Realtors
(432) 853-5100
Source:
Xome
Added: Mar 4, 2025
Changed: Aug 31
Last Checked: Aug 31 at 12:29PM
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 Sales Team Realtors
Investment Insights
Based on property information with market context.
Built in 1958, this 3,411-square-foot office building is configured as two separate suites. Both suites are currently leased, while the layout also supports an owner-occupant using the full property or occupying one side while leasing the other. Interior features include electric service and individual air-conditioning units.
The property includes 13 parking spaces, a paved driveway, landscaped grounds, and access from a paved city road and alley. Its setting near downtown and Andrews Hwy provides an established Midland office location with convenient roadway access.
The property includes 13 parking spaces, a paved driveway, landscaped grounds, and access from a paved city road and alley. Its setting near downtown and Andrews Hwy provides an established Midland office location with convenient roadway access.
Key Highlights
- 3,411‑square‑foot office building constructed in 1958
- Two separate office suites, with both sides currently leased
- Owner can occupy the full property or use one suite and lease the other
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
$41,259
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
6.45%
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%
$825,180
$825.2K
Cap Rate 7%
$589,414
$589.4K
Cap Rate 9%
$458,433
$458.4K
Market Conditions
NOI Build-Up for 3,411 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
$65.5K $19.20/SF
− Vacancy
−$10.5K −$3.07/SF
EGI
$55.0K $16.13/SF
− OpEx
−$13.8K −$4.03/SF
NOI
$41.3K $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%
$825,180
Cap Rate 7%
$589,414
Cap Rate 9%
$458,433
Alternative Uses
Best Use
Office B
$589.4K
$515.7K – $687.7K
NOI $41,259 @ 7.0% cap · market cap 6.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$804.6K
$704.0K – $938.7K
NOI $56,322 @ 7.0% cap · market cap 8.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,417
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Professional office property with paved parking and adaptable occupancy options.
Where is this office building located?
The property is located at 2003 W Wall St Unit A & B Midland, TX.
What is the asking price?
The asking price for this property is $639,999.
What are key features of this property?
This property features: 3,411‑square‑foot office building constructed in 1958; Two separate office suites, with both sides currently leased; Owner can occupy the full property or use one suite and lease the other
