A prime industrial investment opportunity is available at 3710 N County Rd 1148 in Midland, TX. This 12,000 SF two-tenant NNN-leased industrial property is situated on 5.26 acres and is fully leased to VersaTech Automation Services & Power Rig Rental Tool, Inc. The 8.75% cap rate and $213,812 NOI make this an attractive asset in the Permian Basin, a key hub for the oil and gas industry.
The property was built-to-suit for VersaTech in 2015, and the lease contains 3% annual rent increases. PRRT recently renewed their lease early with a 28% rate increase, signaling a strong commitment to the site through January 31, 2030.
The NNN lease structure ensures minimal landlord responsibilities, covering only roof and structural maintenance. The site also includes multiple connections for housing trailers and offers immediate access to Texas State Highway Loop 250.
Lot Size: 5.26 acres
Building Size: 12,000 SF
Price: $2,443,000 ($203.58/SF)
Cap Rate: 8.75%
Contact
David Vaughan
License: FL SL3294062
Ray Turchi
License: FL BK3015549
View more details here.