Commercial Land with
5908 FM 307 Midland, TX 79706
For Sale
$530,000
A redevelopment-ready site with a workshop and utilities including a water well and septic tanks.
Property Size2,200 SF
Lot Size5.30 Acres
Price / SF$240.91
Days on Market9
Property Features for 5908 FM 307
General Information
- Standard status
- Active
- Size
- 2,200 SF
- Lot size
- 5.30 Acres
- Property subtype
- General Commercial
Building Details
- Year Built
- 1967
Listing Agency:
Kelvie Cleverdon
(432) 770-3073
Listed By:
Real Estate One
(432) 770-3073
Source:
Xome
Added: Jul 19
Changed: Jul 25
Last Checked: Jul 26 at 3:46AM
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 Kelvie Cleverdon
Investment Insights
Based on property information with market context.
This property is a commercial land site with several structures, anchored by a 1,400 SF workshop described as fully functional and equipped with an overhead door and a walk-through entry. It is presented as ready for redevelopment and includes onsite utilities noted as a water well and septic tanks.
The property is centrally located at the hub of Greenwood and is positioned in a high-traffic, desirable area, with the address at 5908 FM 307, Midland, TX 79706.
Buyers and builders considering this site will have an existing workshop building on the parcel alongside the utilities already in place, supporting a range of redevelopment concepts consistent with the property’s current configuration.
The property is centrally located at the hub of Greenwood and is positioned in a high-traffic, desirable area, with the address at 5908 FM 307, Midland, TX 79706.
Buyers and builders considering this site will have an existing workshop building on the parcel alongside the utilities already in place, supporting a range of redevelopment concepts consistent with the property’s current configuration.
Key Highlights
- 5.3‑acre redevelopment‑ready site in the hub of Greenwood on County Road with paved road access
- 1400 SF fully functional workshop with overhead and a walk‑through door
- Property equipped with a water well and septic tanks
Financial Insights For Warehouse
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 | $29.8k | $13.56 |
| − Vacancy | −$1.6k | −$0.75 |
| EGI | $28.2k | $12.81 |
| − OpEx | −$4.2k | −$1.92 |
| NOI | $24.0k | $10.89 |
2,200 SF · lease $13.56/SF/yr · vacancy 5.50% · expense 15.00%
Alternative Uses
Best Use
Warehouse
$342.3K
$299.5K – $399.4K
NOI $23,963 @ 7.0% cap · market cap 4.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$518.9K
$454.1K – $605.4K
NOI $36,326 @ 7.0% cap · market cap 6.85%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Commercial land
FAQs
What type of property is this?
Commercial land - A redevelopment-ready site with a workshop and utilities including a water well and septic tanks.
Where is this commercial land located?
The property is located at 5908 FM 307 Midland, TX.
What is the asking price?
The asking price for this property is $530,000.
What are key features of this property?
This property features: 5.3‑acre redevelopment‑ready site in the hub of Greenwood on County Road with paved road access; 1400 SF fully functional workshop with overhead and a walk‑through door; Property equipped with a water well and septic tanks
