Building Details

Year built 1978

Listing Agency: NRG Realty Group, LLC Show Phone

Listed By: Amy Brasher Barnett · License #514276 Show Phone

Added: May 18 Changed: Oct 12 Last Checked: Oct 14 at 1:06AM

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MLS# 50095266

Copyright © 2026 Permian Basin Board 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 flex property includes 20,894 square feet across a main office and shop, plus a tote facility on 3.83 acres. The 13,754-square-foot office area provides an executive suite, 22 private offices, a reception area, two conference rooms, and a break room. Additional improvements include a 1,440-square-foot shop and storage area with a parts office, crew preparation room, men’s and women’s locker rooms, and open storage, along with a 5,700-square-foot tote facility. The property was built in 1978, and the main office, shop, and tote facility were remodeled in 2015.

Located at 1501 N Fairgrounds Rd in Midland, the property offers access to Business 20, I-20, and Loop 250. The configuration can be sectioned to accommodate differing space requirements.

Key Highlights

• 20,894 SF flex property on 3.83 acres
• 13,754 SF office area with 22 private offices
• 1,440 SF shop and storage area

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$252,734

Cap Rate

6.40%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,054,680 $5.1M

Cap Rate 7%

$3,610,486 $3.6M

Cap Rate 9%

$2,808,156 $2.8M

Market Conditions

NOI Build-Up for 20,894 SF

Gross rent

$401.2K $19.20/SF

− Vacancy

−$64.2K −$3.07/SF

EGI

$337.0K $16.13/SF

− OpEx

−$84.2K −$4.03/SF

NOI

$252.7K $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 Rate 5%

$5,054,680

Cap Rate 7%

$3,610,486

Cap Rate 9%

$2,808,156

Alternative Uses

Best Use

Office B

$3.61M

$3.16M – $4.21M (±1% cap)

NOI $252,734 @ 7.0% cap · market cap 6.40%

Second Best

Industrial

$2.68M

$2.34M – $3.12M (±1% cap)

NOI $187,418 @ 7.0% cap · market cap 4.74%

Theoretical Best

Office A

$4.93M

$4.31M – $5.75M (±1% cap)

NOI $345,002 @ 7.0% cap · market cap 8.73%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Endura Products Corp Factory Andrew Bartlett Group ... General Contractor Dayley Landscape Center Landscaping

Suggested Use

Top Pick Real Estate Agency Restaurant Law Firm Building Supply Spa & Massage Center Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

101

Businesses Nearby

Under-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

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Versatile commercial property combining office, shop, storage, and tote facility improvements on a substantial tract.

Where is this flex space located?

The property is located at 1501 N Fairgrounds Rd Midland, TX.

What is the asking price?

The asking price for this property is $3,950,000.

What are key features of this property?

This property features: 20,894 SF flex property on 3.83 acres; 13,754 SF office area with 22 private offices; 1,440 SF shop and storage area