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Versatile Mixed-Use Property in Midland

1501 N Fairgrounds Rd Midland, TX 79706

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20,894 SF mixed-use property with office, shop, and tote facility.

Type:Industrial, Mixed Use, Office
Property size:
20,894 SF
Lot size:
3.83 Acres
Price / SF:
$189/SF
Added:
Jul 31, 2024
Days on Market:
710
Last Refresh:
Jul 5 at 7:04 am

Property Features for 1501 N Fairgrounds Rd

General Information

Standard status
Active
Size
20,894 SF
Lot size
3.83 Acres
Property subtype
Industrial, Mixed Use, Office

Building Details

Year Built
1978

Listing office NRG Realty Group

Listing date Jul 31, 2024

Source Crexi

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


Investment Insights

Based on property information with market context.

This mixed-use property offers a total of 20,894 square feet on 3.83 acres, featuring executive office space, shop space, and a tote facility. The main building encompasses 13,754 square feet of office space and a 1,440-square-foot shop, both remodeled in 2015. The office area includes a reception area, an executive office suite with a private shower, 22 private offices, multiple restrooms, and an open office area suitable for cubicles. There are also two conference rooms, one smaller and one larger training/conference room. The west side of the building contains a parts office, crew space, men's and women's locker rooms, and an open storage area with one 8-foot garage door. A 5,700-square-foot tote facility is located behind the main building, providing a large outdoor work area. This property is suitable for a professional workspace, storage, or specialized work areas.

Key Highlights

  • 20,894 SF of total space including office, shop, and tote facility on 3.83 acres.
  • 13,754 SF of remodeled (2015) office space with 22 private offices and open office area.
  • Includes executive office suite with private shower.

Local 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 $401.2k $19.20
− Vacancy −$64.2k −$3.07
EGI $337.0k $16.13
− OpEx −$84.2k −$4.03
NOI $252.7k $12.10
20,894 SF · lease $19.20/SF/yr · vacancy 16.00% · expense 25.00%

Alternative Uses

Best Use
Office B
$3.61M
$3.16M – $4.21M (±1% cap)
NOI $252,734 @ 7.0% cap · market cap 6.40%
Second Best
Mixed Use
$3.57M
$3.12M – $4.16M (±1% cap)
NOI $249,553 @ 7.0% cap · market cap 6.32%
Theoretical Best
Office A
$4.93M
$4.31M – $5.75M (±1% cap)
NOI $345,002 @ 7.0% cap · market cap 8.73%
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Endura Products Corp Factory Andrew Bartlett Group ... General Contractor Dayley Landscape Center Landscaping

Suggested Use

Real Estate Agency Restaurant Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Nail Salon Auto Parts Store HVAC Service Kitchen & Bath Showroom

Zoning and permitted uses should be independently verified with local authorities.

FAQs

What type of property is this?
Mixed-use property - 20,894 SF mixed-use property with office, shop, and tote facility.
Where is this mixed-use property located?
The property is located at 1501 N Fairgrounds Rd Midland, TX.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: 20,894 SF of total space including office, shop, and tote facility on 3.83 acres.; **13,754 SF of remodeled (2015) office space with 22 private offices and open office area.**; **Includes executive office suite with private shower.**
Contact an agent
(432) 363-4777 Call to check price and availability
More about this property
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