Redevelopment Land with
5908 FM 307 Midland, TX 79706
New
For Sale
$530,000
COMMERCIAL - Midland, TX
Property Size2,200 SF
Lot Size5.30 Acres
Price / SF$240.91
Days on Market3
Property Features for 5908 FM 307
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Standard status
- Active
- Size
- 2,200 SF
- Lot size
- 5.30 Acres
Taxes and HOA fees
- Tax Description
- Approx 5.3 Acres, NE/4, SEC 3, BLK: 38-T2S
- Tax Annual Amount
- 3000
Building Details
- Year built
- 1967
Listing Agency:
Real Estate One - Kelvie Cleverdon
(432) 682-1111
Listed By:
Patti Hollums. ABR. SRS
(432) 770-3073
Added: Jul 22
Last Checked: Jul 24 at 8:06AM
MLS# 50096935
Copyright © 2026 Permian Basin 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 5.3-acre commercial property in Midland includes multiple structures, highlighted by a fully functional 1,400 SF workshop featuring an overhead door and a walk-through door. The site is equipped with a water well and septic tanks, supporting on-site utility needs for a variety of work and storage uses.
The property is centrally located at the hub of Greenwood, offering space for redevelopment or continued improvement based on an owner’s plans. With acreage and an operational workshop already in place, it can serve as a practical foundation for an investor, builder, or end user seeking an adaptable site configuration.
Please note that all information provided is based on the listing remarks and available property data.
The property is centrally located at the hub of Greenwood, offering space for redevelopment or continued improvement based on an owner’s plans. With acreage and an operational workshop already in place, it can serve as a practical foundation for an investor, builder, or end user seeking an adaptable site configuration.
Please note that all information provided is based on the listing remarks and available property data.
Key Highlights
- 5.3‑acre property centrally located at the hub of Greenwood
- Includes a 1,400 SF fully functional workshop with overhead and walk‑through door
- 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
Property Profile
Location Intelligence
Current Use by Public Records
Commercial land
FAQs
What type of property is this?
Commercial land - 5.3-acre Midland site includes a 1,400 SF workshop with overhead and walk-through doors, plus well water and septic.
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 property centrally located at the hub of Greenwood; Includes a 1,400 SF fully functional workshop with overhead and walk‑through door; Equipped with a water well and septic tanks
