3710 County Road 1148 Midland, TX 79705
- Distribution centers
- 12,000 SF
- 5.26 lot acres
Current Use by Public Records
- VersaTech Automation Services, LLC. / Engineering Consultant
- DHI Energy Service - Drilling Fluid Solutions / Oil Field Equipment Supplier
Property Details for 3710 County Road 1148
- Year built
- 2015
- Lot size
- 5.26 lot acres
- Property size
- 12,000 SF
- Property type
- Distribution centers
Description
This exceptional investment opportunity presents a 12,000-square-foot industrial warehouse in Midland, Texas, situated on a substantial 5.26-acre lot. The property boasts 100% occupancy with two tenants under net-lease agreements, minimizing landlord responsibilities (limited to roof and structure). Built in 2015, the property features two buildings with a 20-foot ceiling height. The asking price is $2,443,000, representing a compelling cap rate of 8.75% and a price per square foot of $203.58. The current Net Operating Income (NOI) stands at $213,812. One tenant, Power Rig Rental Tool, Inc., recently renewed their lease with a significant 28% rent increase, extending their term to January 31, 2030. This demonstrates strong tenant commitment and future income growth potential. The property benefits from a prime location with easy access to Texas State Highway Loop 250, serving a robust demographic area with a population of 50,000 and an average household income of $98,000 within a five-mile radius. The VersaTech tenant lease includes a 3% annual rent increase. The property also offers multiple connections suitable for housing trailers on-site. This is a fee-simple ownership with no ground lease. This is a rare opportunity to acquire a stable, high-performing industrial asset in a thriving market.
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
- -102.021534
- Latitude
- 32.0472895
