Building Details

Year built 2006

Building materials Metal Construction

Roof type Metal

Listing Agency: The Real Estate Ranch LLC Show Phone

Listed By: Thomas Johnston · License #542176 Show Phone

Added: May 31 Changed: Oct 10 Last Checked: Oct 15 at 8:06PM

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MLS# 175091

Copyright © 2026 Odessa 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.

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Investment Insights

Based on property information with market context.

This 18-acre flex property includes a 17,805-square-foot metal building completed in 2006. Approximately 12,000 square feet has heat and air conditioning, while the remaining improvements include a carbarn, garage, shop, porches, and awnings. The property also contains a home/office with interior finishes, appliances, and fixtures, along with a solid concrete-cased safe room, man cave, and gun room.

The tract provides 900 feet of frontage along I-20 and overlooks a 2/3-acre lake. A 1,500-square-foot safe room is incorporated into the improvements, and cable service is available. The metal roof and construction provide consistent physical characteristics across the primary building.

Key Highlights

• 18 acres with 900' of I‑20 Frontage
• 17,805 sqft metal building built in 2006
• 12,000 sqft with Heat & AC

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$215,369

Cap Rate

5.18%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,307,380 $4.3M

Cap Rate 7%

$3,076,700 $3.1M

Cap Rate 9%

$2,392,989 $2.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 17,805 SF

Gross rent

$341.9K $19.20/SF

− Vacancy

−$54.7K −$3.07/SF

EGI

$287.2K $16.13/SF

− OpEx

−$71.8K −$4.03/SF

NOI

$215.4K $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 Rate 5%

$4,307,380

Cap Rate 7%

$3,076,700

Cap Rate 9%

$2,392,989

Alternative Uses

Best Use

Office B

$3.08M

$2.69M – $3.59M (±1% cap)

NOI $215,369 @ 7.0% cap · market cap 5.18%

Second Best

Warehouse

$2.77M

$2.42M – $3.23M (±1% cap)

NOI $193,933 @ 7.0% cap · market cap 4.66%

Theoretical Best

Office A

$4.20M

$3.67M – $4.90M (±1% cap)

NOI $293,996 @ 7.0% cap · market cap 7.07%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Electrical Service Bakery Auto Parts Store Catering Service Parking Lot & Garage Cafe & Coffee Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

99

Businesses Nearby

Well-served

Demand for This Use

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

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - The property combines conditioned space with a garage, shop, carbarn, and attached porches or awnings.

Where is this flex space located?

The property is located at Tract 1 E I-20 Midland, TX.

What is the asking price?

The asking price for this property is $4,160,000.

What are key features of this property?

This property features: 18 acres with 900' of I‑20 Frontage; 17,805 sqft metal building built in 2006; 12,000 sqft with Heat & AC