Modernized Flex Space with Three Bay
For Sale
$625,000
6002 S Hwy 349, Midland, TX 79706
Updated workspace includes a kitchenette and a full bathroom with a shower.
Property Size4,800 SF
Price / SF$130.21
Days on Market693
Property Features for 6002 S Hwy 349
General Information
Standard status
Active
Size
4,800 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,722
Amenities
Kitchenette
Full Bathroom with Shower
Building Details
Building Size
4,800 SF
Year Built
1993
Buildings
1
Stories
1
Construction
metal beams and concrete slab
Listing Agency:
Heritage Real Estate
(432) 701-0550
Listed By:
Aleisha Allen · License #0778220
(432) 631-3823
Source:
Gloriarealestate
Added: Dec 7, 2024
Changed: Oct 28
Last Checked: Oct 29 at 10:42PM
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 Heritage Real Estate
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Investment Insights
Based on property information with market context.
This 4,800-square-foot flex space in Midland retains its concrete slab and metal framing beneath a comprehensive update. The interior includes flexible work areas, a kitchenette, and a full bathroom with a shower. Three bay doors support access to the building, and the site spans a little over an acre.
Built in 1993, the property combines its original structural elements with refreshed interior and exterior finishes.
Built in 1993, the property combines its original structural elements with refreshed interior and exterior finishes.
Key Highlights
- 4,800‑square‑foot flex space
- Three bay doors
- Kitchenette and full bathroom with shower
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,282
Cap Rate
8.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,045,640
$1.0M
Cap Rate 7%
$746,886
$746.9K
Cap Rate 9%
$580,911
$580.9K
Market Conditions
NOI Build-Up for 4,800 SF
Gross rent
$65.1K $13.56/SF
− Vacancy
−$3.6K −$0.75/SF
EGI
$61.5K $12.81/SF
− OpEx
−$9.2K −$1.92/SF
NOI
$52.3K $10.89/SF
Area
Midland, TX
Vacancy
5.50%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,045,640
Cap Rate 7%
$746,886
Cap Rate 9%
$580,911
Alternative Uses
Best Use
Warehouse
$746.9K
$653.5K – $871.4K
NOI $52,282 @ 7.0% cap · market cap 8.37%
Second Best
Industrial
$615.1K
$538.2K – $717.6K
NOI $43,056 @ 7.0% cap · market cap 6.89%
Theoretical Best
Office A
$1.13M
$990.7K – $1.32M
NOI $79,258 @ 7.0% cap · market cap 12.68%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
41
Businesses Nearby
Well-served
Demand for This Use
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
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Market
Vacancy Rate% for Industrial in South region
Frequently Asked Questions
What type of property is this?
Flex space - Updated workspace includes a kitchenette and a full bathroom with a shower.
Where is this flex space located?
The property is located at 6002 S Hwy 349 Midland, TX.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 4,800‑square‑foot flex space; Three bay doors; Kitchenette and full bathroom with shower
