Midland Flex Space For
For Sale
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2308 W Front St, Midland, TX 79701
6,720 SF flex space on 0.31 acres.
Property Size6,720 SF
Lot Size0.31 Acres
Price / SF$104.17
Days on Market193
Property Features for 2308 W Front St
General Information
Standard status
Active
Size
6,720 SF
Lot size
0.31 Acres
Property subtype
Industrial
Zoning
C3
Building Details
Year Built
1972
Listing Agency:
Marcus & Millichap - Dallas
(972) 755-5200
Listed By:
Chase Beasley · License #839529
Source:
Crexi
Added: Feb 4
Changed: Aug 14
Last Checked: Aug 14 at 6:05AM
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 Marcus & Millichap - Dallas
Investment Insights
Based on property information with market context.
The property at 2308 West Front Street in Midland, Texas, is a 6,720-square-foot flex space situated on 0.31 acres. The single-tenant asset features tilt-wall construction and one grade-level door. The property has frontage along Front Street and proximity to Interstate 20, the main corridor connecting Midland to Odessa. The tenant, Coco Bananas, specializes in women’s contemporary apparel, accessories, and gifts and has been in business since 2015. Coco Bananas was voted Best in the Basin in 2025 and awarded the Gold Boutique of Midland by the Midland Reporter-Telegram. The tenant is signed to a triple net lease at $11.00 per square foot that expires at the start of September 2029.
Key Highlights
- Triple net lease in place at $11.00 per square foot, expiring September 2029.
- Located on Front Street with proximity to Interstate 20, a major transportation corridor.
- Single‑tenant property leased to Coco Bananas, an established business since 2015.
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
$60,278
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
8.61%
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%
$1,205,560
$1.2M
Cap Rate 7%
$861,114
$861.1K
Cap Rate 9%
$669,756
$669.8K
Market Conditions
NOI Build-Up for 6,720 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
$91.1K $13.56/SF
− Vacancy
−$5.0K −$0.75/SF
EGI
$86.1K $12.81/SF
− OpEx
−$25.8K −$3.84/SF
NOI
$60.3K $8.97/SF
Area
Midland, TX
Vacancy
5.50%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
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%
$1,205,560
Cap Rate 7%
$861,114
Cap Rate 9%
$669,756
Alternative Uses
Best Use
Industrial
$861.1K
$753.5K – $1.00M
NOI $60,278 @ 7.0% cap · market cap 8.61%
Second Best
Flex RnD
$844.6K
$739.1K – $985.4K
NOI $59,125 @ 7.0% cap · market cap 8.45%
Theoretical Best
Office A
$1.59M
$1.39M – $1.85M
NOI $110,961 @ 7.0% cap · market cap 15.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,352
Businesses Nearby
Balanced
Demand for This Use
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 6,720 SF flex space on 0.31 acres.
Where is this flex space located?
The property is located at 2308 W Front St Midland, TX.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Triple net lease in place at $11.00 per square foot, expiring September 2029.; Located on Front Street with proximity to Interstate 20, a major transportation corridor.; Single‑tenant property leased to Coco Bananas, an established business since 2015.
