Residential Income Property with
5108 FM 307 Midland, TX 79706
For Sale
$989,000
COMMERCIAL - Midland, TX
Property Size8,840 SF
Lot Size2.93 Acres
Price / SF$111.88
Days on Market8
Property Features for 5108 FM 307
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Standard status
- Active
- APN
- R000212437
- Size
- 8,840 SF
- Lot size
- 2.93 Acres
Taxes and HOA fees
- Tax Annual Amount
- 0
Utilities
- Sewer type
- Private Sewer
- Water source
- Well
Listing Agency:
The Real Estate Ranch LLC
(432) 688-8200
Listed By:
Thomas Johnston · License #542176
(432) 688-8200
Added: Jul 17
Last Checked: Jul 24 at 10:06PM
MLS# 160744
Copyright © 2026 Odessa Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This residential income property consists of four leased units on 2.93 acres with 195 feet of frontage to FM 307. Public remarks indicate that three of the units were newly completed or updated within the past two years, supporting current rental occupancy.
The site is located in Greenwood ISD and positioned near local business parks. The property’s FM 307 frontage provides prominent roadway exposure for the existing use.
The offering is structured around the existing leased units, and the parcel size supports an owner looking to maintain and manage rental income on a substantial tract in the Greenwood ISD area.
The site is located in Greenwood ISD and positioned near local business parks. The property’s FM 307 frontage provides prominent roadway exposure for the existing use.
The offering is structured around the existing leased units, and the parcel size supports an owner looking to maintain and manage rental income on a substantial tract in the Greenwood ISD area.
Key Highlights
- Four leased units provide immediate rental income.
- Located in Greenwood ISD on 2.93 acres with 195' frontage on FM 307.
- Three units have new 2‑year leases.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $143.2k | $16.20 |
| − Vacancy | −$9.3k | −$1.05 |
| EGI | $133.9k | $15.15 |
| − OpEx | −$60.3k | −$6.82 |
| NOI | $73.6k | $8.33 |
8,840 SF · lease $16.20/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$920.6K – $1.23M
NOI $73,645 @ 7.0% cap · market cap 7.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.09M
$1.82M – $2.43M
NOI $145,966 @ 7.0% cap · market cap 14.76%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Mobile home & RV ...
FAQs
What type of property is this?
Mobile home & RV park - Four leased units on 2.93 acres in Greenwood ISD, with 195 feet of frontage to FM 307.
Where is this mobile home & rv park located?
The property is located at 5108 FM 307 Midland, TX.
What is the asking price?
The asking price for this property is $989,000.
What are key features of this property?
This property features: Four leased units provide immediate rental income.; Located in Greenwood ISD on 2.93 acres with 195' frontage on FM 307.; Three units have new 2‑year leases.
