Multi-Use Commercial
405-407 N Terrell St Midland, TX 79701
For Sale
$675,000
Versatile building with ample on-site parking and flexible space that can support office, gym, church, or day care uses.
Property Size4,656 SF
Lot Size0.24 Acres
Price / SF$144.97
Days on Market200
Property Features for 405-407 N Terrell St
General Information
- Standard status
- Active
- Size
- 4,656 SF
- Lot size
- 0.24 Acres
- Property subtype
- Office
Building Details
- Year Built
- 1998
Listing Agency:
Calrose, LLC Harvest Realty
(432) 413-4347
Listed By:
Ernesto Calderon
(432) 413-4347
Source:
Xome
Added: Jan 5
Changed: Jul 23
Last Checked: Jul 23 at 1:34PM
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 Calrose, LLC Harvest Realty
Investment Insights
Based on property information with market context.
This multi-use commercial property at 405–407 N Terrell St offers a versatile interior that can be used as offices, a gym, a church, an event center, adult assisted living, or a child day care. The offering also includes a substantial parking lot for guests.
The property sits near the downtown area with easy access to I-20, and it is described as near Hwy 80 for convenient regional connectivity. The parcel includes 0.241 acres to pass, and the building size is listed at 4,656 square feet.
Overall, it presents a flexible option for buyers seeking a single building that can accommodate a range of community- and service-oriented uses, supported by on-site parking.
The property sits near the downtown area with easy access to I-20, and it is described as near Hwy 80 for convenient regional connectivity. The parcel includes 0.241 acres to pass, and the building size is listed at 4,656 square feet.
Overall, it presents a flexible option for buyers seeking a single building that can accommodate a range of community- and service-oriented uses, supported by on-site parking.
Key Highlights
- Versatile building with flexible use options including church, office, gym, event center, adult assisted living, or child day care
- Corner lot on a paved city road with corner access
- 2 on‑site parking spaces plus a huge parking lot for guests
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $89.4k | $19.20 |
| − Vacancy | −$14.3k | −$3.07 |
| EGI | $75.1k | $16.13 |
| − OpEx | −$18.8k | −$4.03 |
| NOI | $56.3k | $12.10 |
4,656 SF · lease $19.20/SF/yr · vacancy 16.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$804.6K
$704.0K – $938.7K
NOI $56,319 @ 7.0% cap · market cap 8.34%
Second Best
Apartment 5plus
$554.1K
$484.9K – $646.5K
NOI $38,788 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$1.10M
$961.0K – $1.28M
NOI $76,880 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Office buildings
FAQs
What type of property is this?
Office building - Versatile building with ample on-site parking and flexible space that can support office, gym, church, or day care uses.
Where is this office building located?
The property is located at 405-407 N Terrell St Midland, TX.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Versatile building with flexible use options including church, office, gym, event center, adult assisted living, or child day care; Corner lot on a paved city road with corner access; 2 on‑site parking spaces plus a huge parking lot for guests
