300 Marienfeld St Midland, TX 79701
- Land
- 1.38 lot acres
Current Use by Public Records
- Canyon Energy Inc / Government
- Shelltrading US Co / Gas Company
- Colgate Energy LLC / Oil & Natural Gas Company
- Reliance Energy Inc / Oil & Natural Gas Company
- Merrill Lynch Wealth Management Advisor Francisco Escalera / Financial Consultant / Financial Planner
Property Details for 300 Marienfeld St
- Lot size
- 1.38 lot acres
- Property type
- Land
Description
This exceptional 1.38-acre commercial land parcel in Midland, Texas, presents a compelling investment opportunity. Situated in the heart of downtown, this Class A property is located at 300 N Marienfeld St, 79701, and sits beneath a substantial 149,000 square foot, 12-story office building and a 7-story parking garage. The property benefits from a 97-year remaining absolute NNN ground lease with Permian Resources Operating LLC, a subsidiary of Permian Resources (market cap: $13.6B). The lease includes annual rent bumps of 2.5% until year 55, ensuring consistent income growth. This zero-cash-flow asset offers an assumable, fixed-rate, high-leverage, non-recourse loan with 33 years remaining, making it particularly attractive for 1031 exchange buyers. The low equity requirement (16% over the debt) facilitates exchanges from high LTV properties. A pay-down/re-advance feature allows precise matching of debt and equity, and up to $3 million in additional mezzanine debt is available. Midland's robust economy, boasting the fastest growth among the top 100 midsize cities, further enhances the investment potential. The asking price is $20,686,114. This is a rare opportunity to acquire a stable, high-value asset with significant long-term growth prospects.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Midland
- County
- Midland
- State
- Texas
- Longitude
- -102.079
- Latitude
- 31.9998
