Former Dealership with Extensive
For Sale
$6,900,000
3705 W Wall St, Midland, TX 79701
39,467 SF property with 32 bays and 24 lifts.
Property Size39,467 SF
Lot Size5.00 Acres
Price / SF$174.83
Days on Market183
Property Features for 3705 W Wall St
General Information
Standard status
Active
Size
39,467 SF
Lot size
5.00 Acres
Building Details
Year Built
2002
Listing Agency:
NRG Realty Group, LLC
Listed By:
Amy Brasher Barnett · License #514276
(432) 352-6714
Source:
Billlanier
Added: Mar 26
Changed: Sep 10
Last Checked: Sep 22 at 11:06PM
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 NRG Realty Group, LLC
Investment Insights
Based on property information with market context.
This property, formerly a Honda dealership, features approximately 39,467 square feet of improvements on approximately 5.003 acres of land. It includes 32 bays with 24 lifts, providing substantial shop space suitable for a dealership operation. All office bathrooms are ADA compliant. The shop is heated, pre-wired for HVAC, and includes an insulated warehouse. The property is equipped with two showrooms and a paint booth with a separate bay. Internet infrastructure has been upgraded to fiber via AT&T. Recent updates include the roof and HVAC systems. The property is located on a highly trafficked street with frontage on Wall Street. Additional features include a tire changer, balancer, screw compressors and lifts.
Key Highlights
- Approximately 39,467 sq ft of improvements on 5.003 acres.
- 32 bays with 24 lifts, ideal for automotive use.**
- Located on a highly trafficked street with frontage on Wall Street.
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
$429,877
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
6.23%
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%
$8,597,540
$8.6M
Cap Rate 7%
$6,141,100
$6.1M
Cap Rate 9%
$4,776,411
$4.8M
Market Conditions
NOI Build-Up for 39,467 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
$535.2K $13.56/SF
− Vacancy
−$29.4K −$0.75/SF
EGI
$505.7K $12.81/SF
− OpEx
−$75.9K −$1.92/SF
NOI
$429.9K $10.89/SF
Area
Midland, TX
Vacancy
5.50%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
15.00%
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%
$8,597,540
Cap Rate 7%
$6,141,100
Cap Rate 9%
$4,776,411
Alternative Uses
Best Use
Warehouse
$6.14M
$5.37M – $7.16M
NOI $429,877 @ 7.0% cap · market cap 6.23%
Second Best
Retail
$5.51M
$4.82M – $6.42M
NOI $385,395 @ 7.0% cap · market cap 5.59%
Theoretical Best
Office A
$9.31M
$8.15M – $10.86M
NOI $651,679 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
530
Businesses Nearby
Well-served
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Auto shop - 39,467 SF property with 32 bays and 24 lifts.
Where is this auto shop located?
The property is located at 3705 W Wall St Midland, TX.
What is the asking price?
The asking price for this property is $6,900,000.
What are key features of this property?
This property features: Approximately 39,467 sq ft of improvements on 5.003 acres.; 32 bays with 24 lifts, ideal for automotive use.**; Located on a highly trafficked street with frontage on Wall Street.
