Office Building with Outdoor
New
For Sale
$659,000
3315 Andrews Hwy, Midland, TX 79703
Configured with a reception area, private offices, employee breakroom, and paved parking for visitors and staff.
Property Size2,132 SF
Price / SF$309.10
Days on Market4
Property Features for 3315 Andrews Hwy
General Information
Standard status
Active
Size
2,132 SF
Property subtype
Office
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$4,917
Amenities
OUTDOOR SPA AREA
Electric
3
Paved Driveway.
City Road, Paved Road.
Building Details
Year Built
1957
Stories
1
Listing Agency:
The Agency KPJ Real Estate Te
(432) 683-1000
Listed By:
Krista Maddox · License #TREC 0614961
(432) 312-7585
Source:
Xome
Added: Aug 31
Changed: Sep 2
Last Checked: Sep 2 at 1:17PM
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 The Agency KPJ Real Estate Te
Investment Insights
Based on property information with market context.
This office building, constructed in 1957, offers a practical interior arrangement with a large reception and sitting area, 6 offices, a breakroom, and 2 bathrooms. An outdoor spa area adds a distinct amenity to the property’s commercial configuration.
The property is located on Andrews Highway and includes a large paved parking lot with access from a city road and paved road. The layout and site features support office-oriented operations with designated areas for reception, workspaces, employee use, and customer or client arrival.
The property is located on Andrews Highway and includes a large paved parking lot with access from a city road and paved road. The layout and site features support office-oriented operations with designated areas for reception, workspaces, employee use, and customer or client arrival.
Key Highlights
- 6 offices plus a large reception and sitting area
- Breakroom and 2 bathrooms
- Outdoor spa area
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
$25,789
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
3.91%
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%
$515,780
$515.8K
Cap Rate 7%
$368,414
$368.4K
Cap Rate 9%
$286,544
$286.5K
Market Conditions
NOI Build-Up for 2,132 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
$40.9K $19.20/SF
− Vacancy
−$6.5K −$3.07/SF
EGI
$34.4K $16.13/SF
− OpEx
−$8.6K −$4.03/SF
NOI
$25.8K $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%
$515,780
Cap Rate 7%
$368,414
Cap Rate 9%
$286,544
Alternative Uses
Best Use
Office B
$368.4K
$322.4K – $429.8K
NOI $25,789 @ 7.0% cap · market cap 3.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$502.9K
$440.1K – $586.7K
NOI $35,204 @ 7.0% cap · market cap 5.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
703
Businesses Nearby
Explore this area
Business Placement
Demographics for 79703, TX
21,205
Population
8,110
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
83%
High-School Grad
6.5 sq mi
ZIP Area
3,262
Density / Sq Mi
$80,281
Median Household Income
$44,977
Median Earnings
$1,466
Median Rent
$220,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Configured with a reception area, private offices, employee breakroom, and paved parking for visitors and staff.
Where is this office building located?
The property is located at 3315 Andrews Hwy Midland, TX.
What is the asking price?
The asking price for this property is $659,000.
What are key features of this property?
This property features: 6 offices plus a large reception and sitting area; Breakroom and 2 bathrooms; Outdoor spa area
