Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1407 Illinois Ave Midland, TX 79701
    Back to Search
    Property profile & analytics

    1407 Illinois Ave, Midland, TX 79701

    View on Map
    • Office Units
    Off-Market
    Property ID
    US82-2662251
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Vogel Robert A MD / Physician
    • Robert Allen Vogel / Physician
    • The Spot Gallery and Studios / Art Gallery
    • Jeffrey Hunter Atkins / Physician

    Property Details for 1407 Illinois Ave

    Property type
    Office Units

    Description

    This exceptional 1,708-square-foot creative office space is available for lease in Midland, Texas. Located at 1407 West Illinois Avenue, this single-tenant building offers a highly desirable location just minutes from downtown, situated between North H and North G Streets. The property has been thoughtfully renovated for modern use and features a welcoming reception area, five private offices providing ample space for individual work or team collaboration, a convenient breakroom for employee relaxation, and two restrooms. Its adaptable layout makes it ideal for a variety of professional uses, including law firms, medical practices, or small oil and gas companies. The building's standalone design provides privacy and convenience, while its prime location ensures excellent accessibility and visibility. This lock-and-leave office building offers a blend of functionality and a desirable location in Midland County, Texas, making it an attractive opportunity for businesses seeking a modern and efficient workspace. The property's zip code is 79701. This is a fantastic opportunity to secure a well-appointed office space in a thriving Texas city.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Midland
    County
    Midland
    State
    Texas
    Longitude
    -102.0902652
    Latitude
    31.9973841

    Comparable in this City

    • Contact for pricing

      Retail Space Available For Rent

      Retail space available, offering 1,200 SqFt in Midland, TX.
      3205 W Cuthbert Ave, Midland, TX 79701
      View Details
    • Contact for pricing
      2,716 SF

      Modern Executive Office Space

      Executive office space in Midland with sleek finishes and expansive parking.
      2903 W Wall St, Midland, TX 79701
      View Details
    • Contact for pricing
      7,478 SF

      Downtown Midland Office Space Available

      Two office towers in downtown Midland available for lease.
      201-203 W Wall St, Midland, TX 79701
      View Details
    • Contact for pricing

      Downtown Midland Office Space Available

      Class B office tower in downtown Midland for lease.
      306 W Wall St, Midland, TX 79701
      View Details
    • Contact for pricing
      500 SF

      Quiet Office Space with Parking

      Office space with three rooms and convenient parking.
      3416 W Wall St, Midland, TX 79701
      View Details
    • Contact for pricing
      3,650 SF

      Downtown Midland Office Space Available

      Professionally designed office space with ample parking in downtown Midland.
      1509 W Wall St, Midland, TX 79701
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      39,467 SF

      Former Dealership on W Wall

      39,467 SF facility on 5.003 Acres for sale.
      3705 W Wall St, Midland, TX 79701
      View Details
    • Contact for pricing

      Office Space Near Downtown

      Office unit with easy access to downtown and extra parking.
      1605 N Big Spring St, Midland, TX 79701
      View Details
    • $450,000
      3,200 SF

      Midland Commercial Property For Sale

      3,200 SF commercial building with office and gated yard.
      1609 E Taylor Ave, Midland, TX 79701
      View Details
    • $1,499,999
      17,678 SF

      Midland Commercial Property on 2.81 Acres

      17,678 SF commercial property on 2.81 acres in Midland, TX.
      1506 E New Jersey Ave, Midland, TX 79701
      View Details
    • $325,000
      2,000 SF

      Midland Retail Space For Sale

      2,000 SF retail space in prime Midland location.
      1005 N Midkiff Rd, Midland, TX 79701
      View Details
    • $7,498,730
      39,467 SF

      Former Dealership on 5 Acres

      39,467 SF facility suitable for automotive, fleet, or industrial uses.
      3705 W Wall St, Midland, TX 79701
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space Available For Rent

      Retail space available, offering 1,200 SqFt in Midland, TX.
      3205 W Cuthbert Ave, Midland, TX 79701
      View Details
    • Contact for pricing
      2,716 SF

      Modern Executive Office Space

      Executive office space in Midland with sleek finishes and expansive parking.
      2903 W Wall St, Midland, TX 79701
      View Details
    • Contact for pricing
      7,478 SF

      Downtown Midland Office Space Available

      Two office towers in downtown Midland available for lease.
      201-203 W Wall St, Midland, TX 79701
      View Details
    • Contact for pricing

      Downtown Midland Office Space Available

      Class B office tower in downtown Midland for lease.
      306 W Wall St, Midland, TX 79701
      View Details
    • Contact for pricing
      500 SF

      Quiet Office Space with Parking

      Office space with three rooms and convenient parking.
      3416 W Wall St, Midland, TX 79701
      View Details
    • Contact for pricing
      3,650 SF

      Downtown Midland Office Space Available

      Professionally designed office space with ample parking in downtown Midland.
      1509 W Wall St, Midland, TX 79701
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1407 Illinois Ave
    Midland, TX 79701
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1407 Illinois Ave, Midland, TX, 79701
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!