1010 West County Road 126
- 1010 West County Road 126, Midland, TX 79706
- Property Type:
- Single Tenant
- Cap Rate:
- 10.00% cap
- Square Feet:
- 7,400 sqft
- Lot Size:
- 3 Acres
- Price Per Square Foot:
- Year Built:
• 7,400-Square-Foot Industrial Asset Situated on Three Acres
• 2,400-Square-Foot Freestanding Office Space with Six Offices and Kitchenette
• 5,000-Square-Foot Shop Built in 2018 with Seven Grade-Level Doors
• Recently Leased Property at Replaceable Rental Rate
• Fully Fenced Yard with Ample Tenant Outside Storage Space
• Frontage Along State Highway 346 with Easy Access to Interstate 20
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1010 West County Road 126 in Midland, Texas. The subject property consists of approximately 7,400 square feet of warehouse space and is situated on 3 acres of land. The two-building asset features a 2,400-square-foot freestanding office space with six offices and a kitchenette, in addition to the 5,000-square-foot shop built in 2018 with seven grade-level doors. The property is fully fenced-in with ample outside storage space for tenant use. Recently leased on a short-term, the asset allows for a replaceable rental rate. With frontage along State Highway 346, the property has easy access to Interstate 20.
The subject property is located in the heart of the Midland Market where industrial rents are rising at a 2.8 percent annual rate. Over the past three years, 1.9 million square feet have been delivered in the market, representing an inventory expansion of 15.5 percent. However, with only 7,500 square feet currently under construction, there is minimum supply pressure on vacancy and rental rates (CoStar). With oil prices rebounding 108 percent year-over-year, total employment in the Midland Market is regaining momentum (Federal Reserve). As of March, the local economy is up 4,792 jobs from its 2020 lows (BLS). As oil prices continue to rise in an inflationary environment, current conditions offer investors an optimum entry point into the Midland Market.
Located in West Texas, the Midland-Odessa metro is considered to be an energy capital as the Permian Basin is one of the biggest oil fields in the world and is home to some of the largest petroleum-producing companies. The metro consists of Martin, Midland, and Ector counties. The public sector is a top job provider, but the private sector is driving the economic growth. The two largest cities are Midland with nearly 140,000 residents and Odessa with roughly 120,000 residents. Midland is the center of America’s oil and gas production. Petroleum production and all things in between are prevalent in the area, but Midland is making great efforts and success in diversifying into additional industries such as aerospace. Interstate 20 runs through Midland, making it easy to transport goods and raw materials throughout the country. Rated the No. 1 state for business by U.S. corporate executives, this is an excellent place to start or grow a business in Texas (midlandtxedc.com). Major employers include: Halliburton, Hilliard, Legacy Reserves, Midland College, Midland Health, Patterson-UTI, Pioneer Natural Resources, Schlumberger, Weatherford, Baker Hughes, Chevron, ConocoPhillips, Bloomberg, and more.
As the largest single source of oil and gas deposits in the United States, Odessa has long been known for its rich resources. New businesses have come to the city that have helped diversify the economy as well as reinforce the quality-of-life standards. Odessa proudly boasts world-class cultural and recreational facilities, in addition to healthcare and transportation often associated with larger cities. It also serves as the crucial midpoint between Fort Worth and El Paso. Lucrative financial incentives, site selection, logistics, qualified workforce, easy access to foreign markets, and low cost-of-living make it easy to do business (odessatex.com). Major industries include: medical, energy, distribution, manufacturing, and technology.