Residential Income Property with
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For Sale
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1202 E NOBLES AVE, Midland, TX 79701
Vacant duplex unit with an open living area, fenced yard, and central electric heating and cooling.
Property Size1,490 SF
Price / SF$153.69
Days on Market7
Property Features for 1202 E NOBLES AVE
General Information
Standard status
Active
Size
1,490 SF
Property subtype
Land
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Amenities
covered patio
wood-fenced yard
walk-in pantry
laundry closet
Building Details
Year Built
2016
Construction
brick
Listing Agency:
The Real Estate Ranch
Listed By:
Thomas Johnston · License #TX 542176
(512) 970-1610
Source:
Crexi
Added: Sep 2
Changed: Sep 7
Last Checked: Sep 7 at 5:59AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of The Real Estate Ranch
Investment Insights
Based on property information with market context.
This 1,490-square-foot residential income property is one side of a 2016 brick duplex, with the adjoining unit separately parceled and excluded from the sale. The home includes three bedrooms, two baths, an open living, dining, and kitchen arrangement, tile flooring, and a kitchen equipped with dark-stained cabinetry, a walk-in pantry, electric range, refrigerator, dishwasher, and disposal. A laundry closet provides washer and dryer connections. Central electric heat and air serve the unit, while the roof is new.
Outdoor features include a covered patio and wood-fenced yard. The property has public water and sewer, paved streets with curbs and gutters, and no HOA listed. It is located in Westwood Village near downtown Midland and is assigned to Crockett Elementary, Alamo Jr. High, and Lee High School. The unit is vacant and easy to show.
Outdoor features include a covered patio and wood-fenced yard. The property has public water and sewer, paved streets with curbs and gutters, and no HOA listed. It is located in Westwood Village near downtown Midland and is assigned to Crockett Elementary, Alamo Jr. High, and Lee High School. The unit is vacant and easy to show.
Key Highlights
- 3‑bedroom, 2‑bath unit with 1,490 square feet (MCAD)
- One side of a 2016 brick duplex; adjoining 1202 B is a separate parcel and excluded
- Open living, dining and kitchen area with tile floors
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$12,413
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.42%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$248,260
$248.3K
Cap Rate 7%
$177,329
$177.3K
Cap Rate 9%
$137,922
$137.9K
Market Conditions
NOI Build-Up for 1,490 SF
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.
Gross rent
$24.1K $16.20/SF
− Vacancy
−$1.6K −$1.05/SF
EGI
$22.6K $15.15/SF
− OpEx
−$10.2K −$6.82/SF
NOI
$12.4K $8.33/SF
Area
Midland, TX
Vacancy
6.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$248,260
Cap Rate 7%
$177,329
Cap Rate 9%
$137,922
Alternative Uses
Best Use
Apartment 5plus
$177.3K
$155.2K – $206.9K
NOI $12,413 @ 7.0% cap · market cap 5.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$351.5K
$307.5K – $410.1K
NOI $24,603 @ 7.0% cap · market cap 10.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
248
Businesses Nearby
Explore this area
Business Placement
Demographics for 79701, TX
29,748
Population
11,393
Households
2.6
Avg Household Size
33
Median Age
19%
College-Educated
73%
High-School Grad
12.1 sq mi
ZIP Area
2,459
Density / Sq Mi
$57,679
Median Household Income
$36,213
Median Earnings
$1,336
Median Rent
$204,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Vacant duplex unit with an open living area, fenced yard, and central electric heating and cooling.
Where is this residential income property located?
The property is located at 1202 E NOBLES AVE Midland, TX.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: 3‑bedroom, 2‑bath unit with 1,490 square feet (MCAD); One side of a 2016 brick duplex; adjoining 1202 B is a separate parcel and excluded; Open living, dining and kitchen area with tile floors
