2407 W Louisiana Ave
Midland, TX 79701
Oak Tree Plaza · Office Property For Sale

Great multi-tenant medical/general office complex with an excellent location near Midland Memorial Hospital. The property includes two single-story office buildings constructed in 1980 of steel frame construction with brick veneer and composition shingle roofs. There are a total of nine suites, all with individual storefront entrances as well as individual men and women's restrooms. The buildings are centrally heated and air conditioned. Parking includes grade-level paved lots at the front and rear of the complex. Lease rates are modified gross, with the tenants paying utilities and janitorial. Underwritten with the current scheduled gross income, an 8.0% vacancy reserve and ample projected expenses of $4.50/rsf/year, the capitalization rate is 10.71% The owner has elected to allow some tenants with expired leases to remain on a month-to-month basis to allow flexibility for a buyer/user or an investor who wishes to increase lease rates. The property has 290' of frontage on and access from West Louisiana Avenue, near Midland Memorial Hospital, considered by many as the major health care center in the region. This property is in a location with an excellent short-term and long-term growth potential.