Two-Story Office
218 W Illinois Ave, Midland, TX 79701
For Sale
New
Contact for pricing
Each level has private offices, a breakroom, a conference room, and a restroom.
Property Size10,720 SF
Lot Size0.24 Acres
Price / SF$275.19
Days on Market7
Property Features for 218 W Illinois Ave
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Additional Details
Property Use
Amenities
breakroom
conference room
basement storage
Building Details
Buildings
Stories
Building Size
Listing Agency:
Moriah Real Estate Company, LLC
Listed By:
Trey Dennis · License TX #723150
(432) 236-7500
Source:
Crexi
Added: Nov 4
Changed: Nov 8
Last Checked: Nov 8 at 4:23PM
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 Moriah Real Estate Company, LLC
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Investment Insights
Based on property information with market context.
At 218 W Illinois Ave in Downtown Midland, this 10,720-square-foot office building occupies approximately 0.24 acres. Its two floors each contain a conference room, breakroom, restroom, and multiple private offices: 10 on the ground level and 14 upstairs. A basement adds storage space, and covered parking behind the building accommodates approximately 10–12 vehicles.
The property is directly across from the Omni Hotel, with the Petroleum Club, Centennial Park, the Bush Convention Center, restaurants, and retail shops among the nearby destinations. The interior configuration provides office space across both floors, with shared support areas on each level.
The property is directly across from the Omni Hotel, with the Petroleum Club, Centennial Park, the Bush Convention Center, restaurants, and retail shops among the nearby destinations. The interior configuration provides office space across both floors, with shared support areas on each level.
Key Highlights
- 10,720 SF office building on approximately 0.24 acres
- Two floors with 10 private offices downstairs and 14 upstairs
- Each floor includes a breakroom, conference room, and restroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$129,669
Cap Rate
4.40%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,593,380
$2.6M
Cap Rate 7%
$1,852,414
$1.9M
Cap Rate 9%
$1,440,767
$1.4M
Market Conditions
NOI Build-Up for 10,720 SF
Gross rent
$205.8K $19.20/SF
− Vacancy
−$32.9K −$3.07/SF
EGI
$172.9K $16.13/SF
− OpEx
−$43.2K −$4.03/SF
NOI
$129.7K $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%
$2,593,380
Cap Rate 7%
$1,852,414
Cap Rate 9%
$1,440,767
Alternative Uses
Best Use
Office B
$1.85M
$1.62M – $2.16M
NOI $129,669 @ 7.0% cap · market cap 4.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.53M
$2.21M – $2.95M
NOI $177,009 @ 7.0% cap · market cap 6.00%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,268
Businesses Nearby
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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
$204,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Office buildings in Midland, TX
Properties on Market for Office buildings in Midland
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Each level has private offices, a breakroom, a conference room, and a restroom.
Where is this office building located?
The property is located at 218 W Illinois Ave Midland, TX.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: 10,720 SF office building on approximately 0.24 acres; Two floors with 10 private offices downstairs and 14 upstairs; Each floor includes a breakroom, conference room, and restroom
