Honolulu Building 200 W Illinois Ave 24,775 SF 82% Leased Office Building Midland, TX 79701 $4,500,000 ($181.63/SF)

Discover a distinctive opportunity to acquire the Honolulu Building, a historic three-story office property prominently located at 200 W. Illinois Avenue in Downtown Midland. Originally constructed in 1948 and thoughtfully renovated, the property offers approximately 24,775 square feet of professional office space designed to accommodate a diverse mix of businesses, from individual professionals and growing companies to creative and service-oriented users.
The building features welcoming common areas, an elevator, kitchenettes and restrooms on each floor, and office suites in a variety of sizes and configurations. Large windows provide abundant natural light, while select spaces offer impressive views of Downtown Midland. One of the property’s most memorable features is its spacious, covered upper-level patio, an uncommon amenity that adds character and creates opportunities for tenant gatherings, private events, or collaborative outdoor space.
Major capital improvements include the replacement of the roof and HVAC systems in 2023. The building’s durable, hurricane resistant construction, 25 covered parking spaces, prominent exterior signage opportunities, and central downtown location further enhance its long-term appeal. The property also benefits from oil revenue that will transfer with the sale, providing an additional income stream beyond tenant rents.
Located in the heart of Midland’s central business district, the Honolulu Building offers convenient access to local government offices, financial institutions, restaurants, professional services, and the broader Permian Basin business community. With established rental income, additional leasing potential, and opportunities to continue increasing the property’s performance, 200 W. Illinois Avenue presents an attractive value-add investment in one of the country’s most important energy markets.
-Historic three-story Downtown Midland office building
-Approximately 24,775 square feet on 0.48 acres
-Renovated in 2013
-Roof and HVAC systems replaced in 2023
-Established tenant base with additional lease-up potential
-Variety of office sizes and flexible floor plans
-Elevator, kitchenettes, and restrooms on each floor
-Spacious covered upper-level patio
-26 covered parking spaces
-Prominent signage opportunities
-Durable hurricane-resistant construction
-Transferable oil revenue included with the sale
-Value-add opportunity through continued leasing and income growth
-Centrally located within Midland’s downtown business district