Flex Space with
New
For Sale
Contact for pricing
6501 S FM 1788, Midland, TX 79706
Office, warehouse, and yard areas support varied industrial operations.
Property Size7,400 SF
Price / SF$140
Days on Market3
Property Features for 6501 S FM 1788
General Information
Standard status
Active
Size
7,400 SF
Property subtype
INDUSTRIAL
Site & Location
Road Access
Yes
Outdoor Storage
Yes
Building Details
Buildings
1
Building Size
7,400 SF
Listing Agency:
Moriah Brokerage Services
(432) 682-2510
Listed By:
Wes Gotcher · License #723150
Source:
Moodyscre
Added: Aug 10
Changed: Aug 12
Last Checked: Aug 12 at 3:35AM
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 Moriah Brokerage Services
Investment Insights
Based on property information with market context.
This flex property at 6501 S FM 1788 includes a 7,400-square-foot building arranged for office functions, warehouse use, and distribution activity. The overall property measures 23,720 square feet and includes yard area, providing a combination of enclosed workspace and outdoor operating area.
Frontage extends 570 feet along FM 1788 and 798 feet along CR 150. Access from both roadways creates multiple points of entry for industrial operations and supports the property's office, warehouse, distribution, and yard components. The property is located in Midland, Texas.
Frontage extends 570 feet along FM 1788 and 798 feet along CR 150. Access from both roadways creates multiple points of entry for industrial operations and supports the property's office, warehouse, distribution, and yard components. The property is located in Midland, Texas.
Key Highlights
- 7,400‑square‑foot building with office and warehouse areas
- 23,720‑square‑foot property with yard area
- 570 feet of frontage along FM 1788
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
$286,917
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
8.64%
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%
$5,738,340
$5.7M
Cap Rate 7%
$4,098,814
$4.1M
Cap Rate 9%
$3,187,967
$3.2M
Market Conditions
NOI Build-Up for 23,720 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
$455.4K $19.20/SF
− Vacancy
−$72.9K −$3.07/SF
EGI
$382.6K $16.13/SF
− OpEx
−$95.6K −$4.03/SF
NOI
$286.9K $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%
$5,738,340
Cap Rate 7%
$4,098,814
Cap Rate 9%
$3,187,967
Alternative Uses
Best Use
Office B
$4.10M
$3.59M – $4.78M
NOI $286,917 @ 7.0% cap · market cap 8.64%
Second Best
Warehouse
$3.69M
$3.23M – $4.31M
NOI $258,360 @ 7.0% cap · market cap 7.78%
Theoretical Best
Office A
$5.60M
$4.90M – $6.53M
NOI $391,665 @ 7.0% cap · market cap 11.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 79706, TX
31,805
Population
12,368
Households
2.6
Avg Household Size
32
Median Age
23%
College-Educated
87%
High-School Grad
689.5 sq mi
ZIP Area
46
Density / Sq Mi
$110,988
Median Household Income
$58,023
Median Earnings
$897
Median Rent
$280,500
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?
Flex space - Office, warehouse, and yard areas support varied industrial operations.
Where is this flex space located?
The property is located at 6501 S FM 1788 Midland, TX.
What is the asking price?
The asking price for this property is $3,320,800.
What are key features of this property?
This property features: 7,400‑square‑foot building with office and warehouse areas; 23,720‑square‑foot property with yard area; 570 feet of frontage along FM 1788
