4-Unit Quadplex
2400 College Ave Midland, TX 79701
New
2400 College Ave, Midland, TX, 79701
$400,000
For Sale
$400,000
Four 1-bed/1-bath units totaling about 2,499 SF, listed for sale with current property management in place.
Property Size2,499 SF
Price / SF$160.06
Days on Market2
Property Features for 2400 College Ave
General Information
- Standard status
- Active
- Size
- 2,499 SF
Building Details
- Year Built
- 1948
Listing agency
ENERGY REAL ESTATE SOLUTIONS
(432) 425-9692
Listed by
Alonso Hernandez · License #TX:775636
Source
Billlanier
Added: Jul 21 Updated: Jul 22 at 7:07AM Checked: Jul 22 at 7:07AM
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 ENERGY REAL ESTATE SOLUTIONS
Investment Insights
Based on property information with market context.
This 4-unit quadplex totals approximately 2,499 SF and offers four separate 1-bedroom, 1-bath layouts, at roughly 625 SF each. The property is listed for sale and is positioned for use as long-term rentals or for conversion to Airbnb/short-term rental use. Existing property management is in place, and the seller may assist with up to 6% of closing costs. The stated pro forma cap rate is 8%, and zoning is SF2.
The property is located in Midland, Texas, in the heart of the Permian Basin.
Inspections are to be completed by the buyer, and adequate will be given.
The property is located in Midland, Texas, in the heart of the Permian Basin.
Inspections are to be completed by the buyer, and adequate will be given.
Key Highlights
- 1948‑built 4‑unit quadplex totaling about 2,499 SF
- All units are 1 bed / 1 bath, about 625 SF each
- Listed for $400,000 with stated pro forma cap rate of 8%
Local 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 | $34.5k | $13.80 |
| − Vacancy | −$2.6k | −$1.04 |
| EGI | $31.9k | $12.77 |
| − OpEx | −$9.6k | −$3.83 |
| NOI | $22.3k | $8.94 |
2,499 SF · lease $13.80/SF/yr · vacancy 7.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$319.0K
$279.1K – $372.2K
NOI $22,330 @ 7.0% cap · market cap 5.58%
Second Best
Apartment 5plus
$297.4K
$260.2K – $347.0K
NOI $20,819 @ 7.0% cap · market cap 5.20%
Theoretical Best
Office A
$589.5K
$515.8K – $687.7K
NOI $41,263 @ 7.0% cap · market cap 10.32%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
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FAQs
What type of property is this?
Quadplex - Four 1-bed/1-bath units totaling about 2,499 SF, listed for sale with current property management in place.
Where is this quadplex located?
The property is located at 2400 College Ave Midland, TX.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 1948‑built 4‑unit quadplex totaling about 2,499 SF; All units are 1 bed / 1 bath, about 625 SF each; Listed for $400,000 with stated pro forma cap rate of 8%
