Retail Building with Three
For Sale
$325,000
2407 W Indiana Ave, Midland, TX 79701
A retail property operating as an antique store, set up as three rental units on one parcel.
Property Size2,049 SF
Price / SF$158.61
Days on Market140
Property Features for 2407 W Indiana Ave
General Information
Standard status
Active
Size
2,049 SF
Zoning
RR
Additional Details
Business Included
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,015
Listing Agency:
Keller Williams
(432) 978-2110
Listed By:
Cynthia Martinez · License #0455282
(432) 978-2110
Source:
Exprealty
Added: Mar 26
Changed: Aug 8
Last Checked: Aug 12 at 10:19AM
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 Keller Williams
Investment Insights
Based on property information with market context.
This retail building is currently operating as an antique store and is configured with three rental units on a single parcel. The property has already been surveyed and platted, which can support future renovation planning. Buyer to verify zoning and restrictions.
The property is located at 2407 W Indiana Ave in Midland, TX. Public remarks note convenient access to downtown and the interstate.
For investors or owner-operators looking for a multi-unit retail setup, the three rental units provide an immediate framework for leasing and potential reconfiguration. The site’s surveyed and platted status may simplify early steps for a renovation scope. Zoning is listed as RR per COM web, and buyers are advised to confirm allowed uses and any restrictions before moving forward. Owner finance is available, subject to buyer verification and transaction terms.
The property is located at 2407 W Indiana Ave in Midland, TX. Public remarks note convenient access to downtown and the interstate.
For investors or owner-operators looking for a multi-unit retail setup, the three rental units provide an immediate framework for leasing and potential reconfiguration. The site’s surveyed and platted status may simplify early steps for a renovation scope. Zoning is listed as RR per COM web, and buyers are advised to confirm allowed uses and any restrictions before moving forward. Owner finance is available, subject to buyer verification and transaction terms.
Key Highlights
- Owner finance available
- Three rental units on one parcel
- Property has been surveyed and platted
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
$20,008
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
6.16%
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%
$400,160
$400.2K
Cap Rate 7%
$285,829
$285.8K
Cap Rate 9%
$222,311
$222.3K
Market Conditions
NOI Build-Up for 2,049 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
$30.7K $15.00/SF
− Vacancy
−$2.2K −$1.05/SF
EGI
$28.6K $13.95/SF
− OpEx
−$8.6K −$4.19/SF
NOI
$20.0K $9.76/SF
Area
Midland, TX
Vacancy
7.00%
Lease Rate
$15.00 /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%
$400,160
Cap Rate 7%
$285,829
Cap Rate 9%
$222,311
Alternative Uses
Best Use
Retail
$285.8K
$250.1K – $333.5K
NOI $20,008 @ 7.0% cap · market cap 6.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$483.3K
$422.9K – $563.9K
NOI $33,833 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,343
Businesses Nearby
93k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 85%
Shops & Services 14%
Electronics 1%
Chick-fil-A
Dining
39,978 visits/mo
0.3 miles
7 Brew Coffee
Dining
15,156 visits/mo
0.4 miles
Taco Villa
Dining
14,167 visits/mo
0.3 miles
Shipley Do-Nuts
Dining
4,953 visits/mo
0.3 miles
Cash America
Shops & Services
3,566 visits/mo
0.1 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - A retail property operating as an antique store, set up as three rental units on one parcel.
Where is this retail space located?
The property is located at 2407 W Indiana Ave Midland, TX.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Owner finance available; Three rental units on one parcel; Property has been surveyed and platted
