Fenced Flex Space with
For Sale
$1,450,000
3119 N County Rd 1108, Midland, TX 79706
Commercial Sale, Midland, TX
Property Size7,500 SF
Lot Size8.02 Acres
Price / SF$193.33
Days on Market97
Property Features for 3119 N County Rd 1108
General Information
Property type
Residential
Property subtype
Office
Fencing
Fenced, Cross Fenced, Chain Link
Appliances
Individual AC Units, Individual Heating Units, Central Hot Water
Lot features
Security, Lighted Parking
Subdivision
MG2
Standard status
Active
APN
463008377
Size
7,500 SF
Lot size
8.02 Acres
Taxes and HOA fees
Tax Annual Amount
1000
Utilities
Utilities
Cable Available
Sewer type
Private Sewer
Water source
Private, Well
Amenities
conference room
kitchen
bathrooms
inventory secured caging
drive thru overhead doors
secured fencing with entry/exit gates
4 RV hook ups
Building Details
Year built
2019
Floors in Building
2
Building materials
Metal Construction, Metal Siding, Metal Studs
Roof type
Metal
Listing Agency:
Realty Texas, LLC
(800) 660-1022
Listed By:
Deborah Julian · License #0658250
(432) 934-2295
Added: Jun 10
Changed: Sep 12
Last Checked: Sep 14 at 7:06PM
MLS# 175339
Copyright © 2026 Odessa 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 7,500-square-foot flex property, built in 2019, occupies 8.02 acres with secured fencing across the entire site. The upper level includes conference space, a kitchen, bathrooms, and offices. Executive offices, a kitchen, and a bathroom are also provided on the lower level, while the warehouse area adds office space, a bathroom, inventory caging, and drive-through overhead doors.
The property includes north and south entry and exit gates, cross fencing, chain-link fencing, four RV hookups, a private well, and private sewer. Building construction includes metal materials, metal siding, metal studs, and a metal roof. Individual AC and heating units, central hot water, and cable availability are also present. The property is scheduled to be available in September 2026.
The property includes north and south entry and exit gates, cross fencing, chain-link fencing, four RV hookups, a private well, and private sewer. Building construction includes metal materials, metal siding, metal studs, and a metal roof. Individual AC and heating units, central hot water, and cable availability are also present. The property is scheduled to be available in September 2026.
Key Highlights
- 7,500 square feet of flex space on 8.02 acres
- Built in 2019 with metal construction, siding, studs, and roofing
- Upper level includes conference space, kitchen, bathrooms, and offices
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
$90,720
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
6.26%
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%
$1,814,400
$1.8M
Cap Rate 7%
$1,296,000
$1.3M
Cap Rate 9%
$1,008,000
$1.0M
Market Conditions
NOI Build-Up for 7,500 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
$144.0K $19.20/SF
− Vacancy
−$23.0K −$3.07/SF
EGI
$121.0K $16.13/SF
− OpEx
−$30.2K −$4.03/SF
NOI
$90.7K $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 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%
$1,814,400
Cap Rate 7%
$1,296,000
Cap Rate 9%
$1,008,000
Alternative Uses
Best Use
Office B
$1.30M
$1.13M – $1.51M
NOI $90,720 @ 7.0% cap · market cap 6.26%
Second Best
Warehouse
$1.17M
$1.02M – $1.36M
NOI $81,691 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$1.77M
$1.55M – $2.06M
NOI $123,840 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
35
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Two-level commercial improvements combine executive offices, warehouse space, secured storage, and drive-through overhead doors.
Where is this flex space located?
The property is located at 3119 N County Rd 1108 Midland, TX.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 7,500 square feet of flex space on 8.02 acres; Built in 2019 with metal construction, siding, studs, and roofing; Upper level includes conference space, kitchen, bathrooms, and offices
