Quadplex with Road
For Sale
$989,000
5108 FM 307, Midland, TX 79706
COMMERCIAL - Midland, TX
Property Size8,840 SF
Lot Size2.93 Acres
Price / SF$111.88
Days on Market421
Property Features for 5108 FM 307
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
38-T2S
Standard status
Active
Size
8,840 SF
Lot size
2.93 Acres
Taxes and HOA fees
Tax Description
2.93 acres out of , NW/4NW/4, SEC: 3, BLK: 38-T2S
Legal Description
2.93 acres out of , NW/4NW/4, SEC: 3, BLK: 38-T2S
Listing Agency:
The Real Estate Ranch LLC
(432) 688-8200
Listed By:
Thomas Johnston ABR /CNHS · License #542176
(512) 970-1610
Added: Jun 6, 2025
Changed: Jul 22
Last Checked: Jul 31 at 12:06AM
MLS# 50082714
Copyright © 2026 Permian Basin 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 quadplex is situated on 2.93 acres and currently offers four leased units. Public remarks indicate that three of the units were upgraded within the last two years, reflecting relatively recent work.
The property is located at 5108 FM 307 in Midland, Texas 79706 and is described as being in Greenwood ISD. The site has approximately 195 feet of frontage to FM 307.
Additional public remarks suggest RV spots could be considered, though no further details are provided. Prospective tenants, buyers, and partners should verify any expansion or value-add plans and confirm feasibility with relevant local requirements.
The property is located at 5108 FM 307 in Midland, Texas 79706 and is described as being in Greenwood ISD. The site has approximately 195 feet of frontage to FM 307.
Additional public remarks suggest RV spots could be considered, though no further details are provided. Prospective tenants, buyers, and partners should verify any expansion or value-add plans and confirm feasibility with relevant local requirements.
Key Highlights
- Four leased units providing immediate rental income.
- Located in Greenwood ISD with 2.93 acres and 195' frontage on FM 307.
- Three units have new 2‑year leases.
Financial Insights For Multifamily LT 5
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 | $122.0k | $13.80 |
| − Vacancy | −$9.1k | −$1.04 |
| EGI | $112.8k | $12.77 |
| − OpEx | −$33.9k | −$3.83 |
| NOI | $79.0k | $8.94 |
8,840 SF · lease $13.80/SF/yr · vacancy 7.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.13M
$987.4K – $1.32M
NOI $78,990 @ 7.0% cap · market cap 7.99%
Second Best
Apartment 5plus
$1.05M
$920.6K – $1.23M
NOI $73,645 @ 7.0% cap · market cap 7.45%
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
42
Businesses Nearby
Explore this area
Business Placement
Demographics for 79706, TX
31,805
Population
12,368
Households
2.6
Avg Household Size
32
Median Age
23%
College-Educated
87%
High-School Grad
689.5 sq mi
ZIP Area
46
Density / Sq Mi
$110,988
Median Household Income
$58,023
Median Earnings
$897
Median Rent
$280,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four leased units on 2.93 acres in Greenwood ISD with approximately 195 feet of frontage to FM 307.
Where is this quadplex 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 providing immediate rental income.; Located in Greenwood ISD with **2.93 acres** and **195' frontage on FM 307**.; Three units have new 2‑year leases.
