Value-Add Multifamily
For Sale
Contact for pricing
Pending
3321 Neely Ave, Midland, TX 79707
Seven-property multifamily portfolio totaling 896 units across Midland and Odessa, with approximately 70% of units pending upgrades.
Property SizeContact for details
Days on Market144
Property Features for 3321 Neely Ave
General Information
Standard status
Pending
Property subtype
Multifamily
Additional Details
Business Included
Yes
Multifamily Units
896
Building Details
Tenancy
Multi
Listing Agency:
Marcus & Millichap - San Antonio
Listed By:
Drew Garza · License #TX
Source:
Crexi
Added: Apr 12
Changed: Aug 16
Last Checked: Sep 2 at 4:11AM
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 Marcus & Millichap - San Antonio
Investment Insights
Based on property information with market context.
IPA Texas presents The Permian Value-Add Portfolio, a seven-property multifamily offering totaling 896 units across Midland and Odessa, Texas. The portfolio includes an opportunity for a comprehensive value-add program, with current ownership having completed upgrades on select units.
According to RealPage Data cited in the remarks, the Midland/Odessa market posted 15.6% annual rent growth in 3Q2023, and is described as the top rent-growth submarket in the United States. Midland and Odessa are located within the Permian Basin, where major petroleum producing companies support a large labor force and high-income jobs, per the provided materials.
Per the remarks, current rents across the portfolio are well below the submarket average, and approximately 70% of the units remain to be upgraded by a new investor. The offering is presented for sale, with the listed address of 3321 Neely Ave, Midland, TX 79707.
According to RealPage Data cited in the remarks, the Midland/Odessa market posted 15.6% annual rent growth in 3Q2023, and is described as the top rent-growth submarket in the United States. Midland and Odessa are located within the Permian Basin, where major petroleum producing companies support a large labor force and high-income jobs, per the provided materials.
Per the remarks, current rents across the portfolio are well below the submarket average, and approximately 70% of the units remain to be upgraded by a new investor. The offering is presented for sale, with the listed address of 3321 Neely Ave, Midland, TX 79707.
Key Highlights
- Seven‑property multifamily portfolio totaling 896 units in Midland and Odessa, TX.
- Approximately 70% of units remain to be upgraded, with some upgrades already completed on select units.
- Current rents across the portfolio are well below the Midland/Odessa submarket average, supporting organic rent growth potential.
Property Analytics
Property Profile
Current Use
Lease Details
896
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
457
Businesses Nearby
Explore this area
Business Placement
Demographics for 79707, TX
37,632
Population
16,654
Households
2.3
Avg Household Size
35
Median Age
41%
College-Educated
91%
High-School Grad
71.0 sq mi
ZIP Area
530
Density / Sq Mi
$99,979
Median Household Income
$58,351
Median Earnings
$1,383
Median Rent
$382,400
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?
Apartment building - Seven-property multifamily portfolio totaling 896 units across Midland and Odessa, with approximately 70% of units pending upgrades.
Where is this apartment building located?
The property is located at 3321 Neely Ave Midland, TX.
What are key features of this property?
This property features: Seven‑property multifamily portfolio totaling 896 units in Midland and Odessa, TX.; Approximately 70% of units remain to be upgraded, with some upgrades already completed on select units.; Current rents across the portfolio are well below the Midland/Odessa submarket average, supporting organic rent growth potential.
