Flex Space with Crane-Ready
For Sale
Contact for pricing
N County Rd 1120, Midland, TX 79706
Flex property combining finished office space with a high-clear industrial shop and substantial electrical capacity.
Property Size10,500 SF
Price / SF$166.57
Days on Market14
Property Features for N County Rd 1120
General Information
Standard status
Active
Size
10,500 SF
Property subtype
INDUSTRIAL
Listing Agency:
NRG Realty Group - Dallas/Fort Worth
(214) 325-4851
Listed By:
John W. B. McDaniel · License #405514
(214) 325-4851
Source:
Moodyscre
Added: Aug 20
Changed: Aug 31
Last Checked: Aug 31 at 8:21PM
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 - Dallas/Fort Worth
Investment Insights
Based on property information with market context.
This flex space contains 10,500 square feet on 4.34 acres, including 2,400 square feet of office area and an 8,100-square-foot shop. The office component features a two-story glass entry reaching 21 feet, a chandelier, vaulted ceilings, 8-foot solid-core doors, and granite countertops. Industrial improvements include a 24-foot eave height, six 14-foot by 16-foot overhead doors, 400-amp 480V 3-phase power, and preparation for a 15-ton crane.
Located at 1401 N County Rd 1120 in Midland, the property is part of Dunn Ranch, a master-planned industrial park. The development includes private roads maintained through a private road maintenance agreement, and all lots have water service up to 30 gallons per minute.
Future additions identified for the property include a 1,500-square-foot wash bay, covered parking, three additional bay doors, and conversion of a 1,500-square-foot mezzanine into additional office or living space.
Located at 1401 N County Rd 1120 in Midland, the property is part of Dunn Ranch, a master-planned industrial park. The development includes private roads maintained through a private road maintenance agreement, and all lots have water service up to 30 gallons per minute.
Future additions identified for the property include a 1,500-square-foot wash bay, covered parking, three additional bay doors, and conversion of a 1,500-square-foot mezzanine into additional office or living space.
Key Highlights
- 10,500 SF flex property on 4.34 acres
- 2,400 SF office and 8,100 SF shop configuration
- 24' eave height with six 14'x16' overhead doors
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
$114,367
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
6.54%
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%
$2,287,340
$2.3M
Cap Rate 7%
$1,633,814
$1.6M
Cap Rate 9%
$1,270,744
$1.3M
Market Conditions
NOI Build-Up for 10,500 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
$142.4K $13.56/SF
− Vacancy
−$7.8K −$0.75/SF
EGI
$134.5K $12.81/SF
− OpEx
−$20.2K −$1.92/SF
NOI
$114.4K $10.89/SF
Area
Midland, TX
Vacancy
5.50%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
15.00%
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%
$2,287,340
Cap Rate 7%
$1,633,814
Cap Rate 9%
$1,270,744
Alternative Uses
Best Use
Warehouse
$1.63M
$1.43M – $1.91M
NOI $114,367 @ 7.0% cap · market cap 6.54%
Second Best
Industrial
$1.35M
$1.18M – $1.57M
NOI $94,184 @ 7.0% cap · market cap 5.39%
Theoretical Best
Office A
$2.48M
$2.17M – $2.89M
NOI $173,376 @ 7.0% cap · market cap 9.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
9
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex property combining finished office space with a high-clear industrial shop and substantial electrical capacity.
Where is this flex space located?
The property is located at N County Rd 1120 Midland, TX.
What is the asking price?
The asking price for this property is $1,749,000.
What are key features of this property?
This property features: 10,500 SF flex property on 4.34 acres; 2,400 SF office and 8,100 SF shop configuration; 24' eave height with six 14'x16' overhead doors
